Luxury Headlines – 13/06/2023
Luxury Headlines – 13/06/2023
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Armani Experiments with Sustainable Cotton Production
Armani Group has embarked on an experimental agroforestry plantation in southern Italy to test new ways to produce cotton sustainably. Agroforestry is a land-use system that plants trees in and around crop and pastureland. Executed with the Sustainable Markets Initiative’s Fashion Task Force and the Circular Bioeconomy Alliance, Armani expects this farm to become one of the first field experiments in Europe testing agroforestry cotton with alternative tree species, and regenerative practices, over the next five years. Armani is one of many luxury labels that previously pledged to cut its greenhouse gas emissions.
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Chloé Partners with Angelina Jolie for New Capsule Collection
Chloé announced a partnership with Angelina Jolie’s new fashion brand, Atelier Jolie, to launch a womenswear capsule collection, which will consist of mostly evening wear. Co-designed by the actress and Chloé’s creative director Gabriela Hearst, it aims to be more sustainable than previous collections from the brand by incorporating lower-impact materials. The fact that Chloé has B Corp status, rare among fashion companies at this point, was a draw for Jolie. Chloé earned the B Corp status in October 2021, a certification which entails evaluating the company’s impact on workers, customers, the community, and the environment through its operations.
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Louis Vuitton to Release NFTs priced at €39,000
Louis Vuitton is releasing a new phygital (physical plus digital) NFT collection called 'Treasure Trunks’. Only a few hundred of these will be made available by invitation only, following registration on a waitlist. The NFT will be granted first, followed by the physical twin. At a price of €39,000, the NTFs will grant owners access to future products and experiences. This launch is part of a new project at LV called ‘Via’ to offer hard-to-acquire and expensive NFTs acting as keys to other products and experiences, both physical and digital. ‘Via’ will also allow LV to enforce the traceability of its products and organize NFT-focused events. These NFTs are not transferable, sellable, or returnable which also helps to guard access to the exclusive ‘Via’ collection. The mindset of the ‘Treasure Trunks’ collection’s high entry-price, long-term road map and limited number available is very much in keeping with the philosophy of traditional luxury rather than speculation.
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Prada & Zegna Invest in Knitwear Company Fedeli
Prada and Ermenegildo Zegna announced their minority stake acquisition in Luigi Fedeli e Figlio. This investment highlights the importance of maintaining the production of high-quality knitwear in luxury. Each investor will acquire a 15% stake, respectively, in Fedeli. Luigi Fedeli, the current Chief Executive, will keep majority ownership at 70%, and continue in his current role. Established in 1934, Fedeli gained recognition for its knitwear and premium yarns. Prada sees this agreement as a strategic investment to preserve the know-how and tradition of Italian excellence in fine yarn. This is another example of the ongoing trend of luxury brands vertically integrating by acquiring manufacturers and critical suppliers.
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Dior Launches New Pop-Up Stores Globally
Dior will be opening several pop-up stores this summer called ‘Dioriviera,' inspired by the region of Provence in the French Rivera and Christian Dior’s childhood. With these openings, Dior aims to test this new trending retail concept of offering unique experiences to its clients. A summertime capsule collection will be launched simultaneously, designed and curated by the Maison's creative director, Maria Grazia Chiuri. Pop-ups have been announced to launch in many cities worldwide, including Los Angeles, Kyoto, Saint-Tropez, Bali, Seoul, Phuket, and Capri.
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