Luxury Headlines – 02/09/2024
Luxury Headlines – 02/09/2024
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Cucinelli Reports 19% Increase for 2024 First Half
Italian luxury brand Brunello Cucinelli has announced a 19.3% increase in 2024 first-half operating profit, reaching €104.6 million. The company has also confirmed its guidance of 10% sales growth in 2024. Executive Chairman Brunello Cucinelli expressed satisfaction with the strong performance, particularly the successful summer sales season. Looking ahead, he remains confident in the company's ability to maintain 10% growth in sales in 2025. During the first half of the year, Brunello Cucinelli experienced a 14.7% increase in revenues at constant exchange rates. This growth was driven by strong performances in both Asia and the Americas.
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Saks Fifth Avenue Introduces Exclusive High Jewelry Collection
Following its successful retail concept journey through shop-in-shops with brands like Boucheron and Repossi, Saks Fifth Avenue is launching its own high-end jewelry collection. At its New York flagship, Saks will offer customers a curated selection of over 200 rare and precious diamond designs. The collection will be available online, and customers can work with expert jewelers to create custom pieces. They will have private appointments at their disposal with options for personalization. Saks’ new jewelry collection will be available soon in Beverly Hills and Naples, Florida.
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Porsche Lifestyle Group Enters Asia with a Branded Luxury Residence
After Miami and Stuttgart, Porsche Design Tower is set to make its Asian debut in Bangkok's prestigious Sukhumvit Soi 38. Developed in partnership with Ananda Development, this exclusive project offers a taste of Porsche-inspired luxury living. Prices will start at 1 million baht per square meter ($29,446.41), ranging from $15 to $40 million per unit, available to only 22 select buyers, thus making Porsche Design Tower Bangkok the most expensive property in Thailand. Construction is scheduled to begin next year, with completion expected in 2028. The building will feature luxurious duplex and quadplex units ranging from 525 to 1,135 square meters.
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Balmain Launches First Fragrance Collection with Estée Lauder
French Luxury Fashion House Balmain has launched Les Éternels de Balmain, a new fragrance line that marks the debut of their 2-year licensing agreement with Estée Lauder Companies. Inspired by Creative Director Olivier Rousteing's modern vision, this collection is underpinned by his vision of respect, love, and unity. It features eight unique scents from four different categories of musk, amber, floral, and wood, encapsulating the brand's modernity but also rich heritage. Balmain plans to expand into new beauty categories as part of their ongoing collaboration with Estée Lauder.
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Victoria Beckham Announces Improved Financial Performance
Victoria Beckham's fashion label has shown resilience despite a challenging year for the luxury industry. The brand achieved a significant 50% increase in revenue, reaching £89.1 million in 2023 for the third consecutive year of double-digit growth. Despite operating at a loss since its launch in 2008, the brand narrowed its pre-tax losses from £3.1 million to £2.9 million. The company credits its success to a strategic restructuring led by CEO Marie Leblanc, which merged product lines and cut costs. This has positioned the brand for further growth, to reach £100 million in revenue within the next three years by expanding its beauty line, exploring partnerships, and growing its leather goods offerings.
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