Luxury Headlines – 08/05/2023
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Louis Vuitton Hosts Fashion Show In Korea
Louis Vuitton unveiled its pre-fall women’s collection in Seoul with the brand’s second fashion show featuring Korean pop stars and Squid Games director. Koreans are estimated to be the world’s biggest luxury goods consumers on a per-capita basis, making this region extremely important for luxury brands. Last year, Louis Vuitton sales in Korea exceeded the $1 billion mark. With the appointment of actors and K-pop stars, most notably from BTS, Louis Vuitton has been tapping into the growing popularity of Korean culture globally.
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Ferrari Invests In Renewable Energy-Sharing Venture
Ferrari has plans to build a solar farm in collaboration with energy technology company Enel X to form a new renewable energy community in two towns in Italy. Solar panels will be built on vacant land owned by the automaker allowing the community to decrease its energy footprint, while helping Ferrari’s sustainability and social responsibility goals. This project will accelerate the decarbonization process while reducing the energy cost of citizens and businesses. Ferrari’s goal is to become carbon neutral by 2030.
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Pandora Postpones Relaunch In China
As customer demand has yet to recover to pre-pandemic levels, Pandora is delaying its planned re-launch in China. While China is still regarded as a potential driver of future growth, the country, which represents the largest jewelry market globally is experiencing a slow rebound. Currently, China accounts for only 3% of Pandora’s revenues but the company hopes to grow its business through a brand relaunch in the third quarter of this year.
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Hugo Boss Increases 2023 Full Year Profit Outlook
Hugo Boss has raised its 2023 profit guidance for operating profit from 5-12% growth to 10-20% growth. Earnings before interest and taxes is expected to be between €370-400 million in 2023. Sales are forecast to grow by approx. 10% to €4 billion for the year, a figure originally expected for 2025. For the first 2023 business quarter, sales surged 25% to €968 million beating the €893 million forecast. Growth took place across all regions and channels, with a significant pick-up in positive consumer sentiment in China.
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Stone Island Appoints Former Gucci Executive Robert Triefus As CEO
Robert Triefus has been appointed as CEO of the Moncler Group-owned label Stone Island. In 2008, Triefus joined Gucci's marketing team. In his latest role as CEO of Gucci’s Vault and Metaverse Ventures, he focused on expanding the label’s Web3 and gaming efforts. Stone Island was acquired by Moncler Group in February 2021. In the first 2023 business quarter, Stone Island’s revenues grew by 5% to €121.6 million with direct-to-consumer, showing the highest growth at 40%. Moncler plans to expand the store network to 100 locations by the end of 2024, while rationalizing wholesale distribution and diversifying the product assortment.
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