Luxury Headlines – 06/06/2023
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Ferragamo Appoints K-Pop Star Jeno as New Global Male Ambassador
Ferragamo appointed South Korean rapper, Jeno of K-pop group NCT, as the brand’s first global male ambassador. The announcement was shared via social media displaying Jeno in a curated selection the label’s pre-fall 2023 collection. It marks the latest in a long time of appointments of K-pop stars as ambassadors for luxury brands. Luxury brands have been riding the global tide of popularity of Korean culture and this popularity is showing itself in continuously growing sales of luxury products in Korea.
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Porsche Collaborates with Puma
Porsche’s Asia Pacific arm is partnering with Puma to release a limited-edition sneaker collection to celebrate their 30 years in Thailand. The two companies previously collaborated in 2019. The limited-edition sneakers come in 7 colors, representing a day in the week according to Thai culture, and are panel-matched to the Carrera GTS. Porsche will also be working with the music label 88Rising to help new artists get discovered through a competition.
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Capri Reduces 2023 Forecast Following Slowdown in the US
Due to weakening demand for Michael Kors handbags and shoes in the US, stemming from rising living costs, Capri has reduced its 2023 annual sales forecast to $5.7 billion from its earlier outlook of $5.8 billion. Revenues for its biggest brand, Michael Kors, fell by 11% to $910 million in the 2022 fourth business quarter. Its forecast for the first 2023 business quarter in the US fell short as the company warned of a significant decline in its wholesale business following a cut back on orders from US department stores. Asia has been growing following a rebound in China demand as Covid-19 restrictions are lifted.
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Guerlain Expands to Hair Care
For the first time since 1970, Guerlain is launching a premium hair care line. Following the success of last year’s launch of an oil-in-serum for hair and scalp based on the same technology as its best-selling skin care line Abeille Royale, Guerlain decided to expand the line with a shampoo, conditioner and mask. The company plans to seize new opportunities in this market as consumers are increasingly investing in premium hair products following the adoption of more sophisticated routines during the Covid crisis.
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PVH Posts Strong Revenues in 2023 First Business Quarter Due to China Boost
PVH, owner of Tommy Hilfiger and Calvin Klein, reported a sales increase of 2% in the 2023 first business quarter, to $2.16 billion, due to a pronounced rebound in China and despite a softening in North America. Tommy Hilfiger saw a 5% increase year-over-year in revenue, while Calvin Klein remained flat, and Heritage brands decreased by 12% year-over-year. China grew by 44% following the lifting of Covid restrictions, but also due to many China-focused investment efforts. These included the positioning on channels such as Douyin and collaborations with Tmall Innovation Centre. The company also noted continued strength in Japan, Korea and Australia. PVH projects revenues to increase between 3 to 4% year-over-year for 2023. Despite the uncertain macroeconomic environment, PVH CEO Stefan Larsson stated, there is much untapped growth potential, especially for its brands Calvin and Tommy.
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