Luxury Headlines – 03/07/2023
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Kering Beauté Set To Acquire Fragrance House Creed
Kering Beauté, the newly created beauty division of Kering, recently acquired high-end heritage fragrance house Creed, its first major acquisition. Founded in 1760, Creed was one of the largest remaining global independent players in the high-end fragrance market. This acquisition signals the conglomerate's strategic move to grow its beauty presence. Kering aims to establish a strong position in the luxury beauty segment as the high-end luxury fragrance segment is expected to grow double-digit with high profitability. Currently sold in 1,400 points of sales globally, Kering Beauté plans to expand Creed across new geographical markets, channels, and categories, most notably in China and in travel retail while developing its feminine fragrance portfolio.
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Louis Vuitton Appoints Tennis Star Carlos Alcaraz as New Ambassador
Louis Vuitton has appointed Carlos Alcaraz, the world’s top ranked men’s tennis player, as its newest ambassador. Alcaraz joins the growing list of young athletes signed by luxury brands to help broaden their appeal among new audiences. Louis Vuitton has worked with athletes on multiple occasions, including appointing tennis player Naomi Osaka as house ambassador and casting Cristiano Ronaldo and Lionel Messi in the viral campaign ahead of last year’s World Cup.
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Moët Hennessy Opens First Cocktail Bar
Moët Hennessy is opening its first cocktail bar called Cravan on Boulevard Saint-Germain in Paris. The venue will encompass five floors, including three bars and a specialty Rizzoli bookstore. This new venture stands as an immersive show of identity by celebrating French culture through LVMH drink products. There has been a growing trend for luxury brands to invest in hospitality to offer unique experiences to their customers.
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LVMH Emerges as ESG Magnet
LVMH has become a favorite for ESG fund managers who have amassed a combined stake in the company worth in excess of $17 billion. More than 1,200 ESG funds hold shares of the company which puts the company ahead of traditional green names including Tesla on the list of preferred ESG stocks. LVMH has made significant investments to reduce its environmental impact, most notably in its supply chain through circularity and material sourcing. On the social front, LVMH has announced a stronger commitment to gender equality with the aim to achieve salary equity and have 50% of women in group key positions by 2025.
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Lacoste Bets on Blockchain-Based Loyalty
Lacoste is releasing a new NFT card called Undw3 (Underwater) which will reward consumer brand engagement via the blockchain. This card will connect holders’ digital wallets to a dedicated, token-gated website where they can access various experiences and earn rewards. They will also have access to exclusive Discord channels and events with the brand, creative studio, and sports ambassadors, to provide insights and co-create Lacoste products and participation in games. This will allow Lacoste to provide loyalty rewards through NFTs for non-transactional forms of engagement. Undw3 will become the basis for the brand’s future Web3 and digital efforts.
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