Luxury Headlines – 13/05/2024
Luxury Headlines – 13/05/2024
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L Catterton Secures Enough Shares to Take Tod’s Private
L Catterton, backed by LVMH, secured enough shares to take Tod’s private once the deal formally closes in a few days. The price came in at €43 per share, valuing the company at just over €1.4 billion ($1.5 billion). L Catterton is banking on the demand from wealthy Americans for quiet luxury. Tod's has been underperforming compared to its competitors and has postponed making marketing investments to increase the operating profit. However, under the stewardship of private equity, Tod’s plans to invest more in marketing to capture and grow US sales.
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Richemont Adds Vhernier to its Portfolio
Richemont has acquired the Italian jewelry brand Vhernier from the Traglio family for an undisclosed sum. Vhernier is known for its sculptural designs and use of unconventional materials. Richemont will report Vhernier’s financial performance under its core jewelry division together with Cartier, Van Cleef & Arpels, and Buccellati. Vhernier operates 16 stores and is stocked by multi-brand retailers.
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Stefano Rosso Appointed New Marni CEO
Stefano Rosso has been appointed the new CEO of Marni. Rosso brings extensive experience in tech and innovation, which could signal a shift in Marni’s future. Marni is part of the OTB group, which includes brands like Diesel, Maison Margiela, and Jil Sander. With an 8.6% sales growth, Marni’s performance in 2023 lagged well behind the other brands in the portfolio, which posted double-digit growth. Rosso has experience in the metaverse and blockchain technology and sits on the board of Aura Blockchain Consortium, of which OTB, along with LVMH, Prada, and Richemont, are also members.
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Warby Parker’s Profits Soar in 2024
Warby Parker's revenue rose 16%, year-over-year to $200 million in the first business quarter. The eyewear seller expects full-year sales to climb as much as 13 % to $761 million in 2024. Warby Parker reduced net losses by 75% to $2.7 million in the first quarter. The main growth driver was continued store openings, with eight new locations opening during the quarter and 40 planned for 2024. Following the earnings release, the company’s stock jumped 18%.
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