Luxury Headlines – 14/07/2025
Luxury Headlines – 14/07/2025
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LVMH Names Michael Burke to Lead Americas Division
LVMH has appointed Michael Burke, a long-serving executive from Louis Vuitton, as chairman and CEO of its Americas division and non-executive chairman of Tiffany & Co.'s board, effective Monday. This move underscores LVMH's commitment to expanding its presence in the Americas, a region generating a quarter of its 2024 revenue with further potential. Bernard Arnault expressed strong confidence in Burke, acknowledging his instrumental leadership that elevated Louis Vuitton. His extensive experience includes leadership roles at Dior, Fendi, and Bulgari, where he demonstrated a dynamic and results-oriented approach.
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Cucinelli Reports Double Digit Growth for H1 2025
Brunello Cucinelli reported preliminary H1 2025 revenues of €684.0 million, a +10.2% increase year over year. Regionally, the Americas provided the largest revenue contribution at €245.2 million (+8.7%), followed by Europe at €243.1 million (+10%) and Asia with €195.7 million (+12.5%), showing double-digit growth in China and strong performance in the Middle East. Both retail and wholesale channels experienced solid growth, at +10.3% and +10.1% respectively. The company expects continued growth at +10% for 2025 and 2026.
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Net-A-Porter and Mr. Porter Debut Pop-up in the Hamptons
E-tailers Net-A-Porter and Mr. Porter are organizing their first public, stand-alone pop-up event in the Hamptons at Wyeth in Sagaponack from July 16th to 20th. The event will feature ready-to-wear, shoes, accessories, handbags, and fine jewelry from prominent designers, such as Alaïa, Tom Ford, and Brunello Cucinelli. Exclusive brand activations are planned, including skincare treatments by Dr. Barbara Sturm and custom jewelry creations with Jia-Jia Zhu. Notably, 15% of the first day's earnings will support Glam4Good.
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Meta Takes Minority Share in EssilorLuxottica
Meta Platforms Inc. has acquired a minority stake of 3%, valued at approximately €3 billion ($3.5 billion), in EssilorLuxottica. This investment signifies Meta's growing commitment to the smart glasses industry, deepening the existing partnership between the two companies for AI-powered eyewear, including Ray-Ban and Oakley branded glasses. Meta aims to establish its own hardware and control its distribution, leveraging EssilorLuxottica's manufacturing expertise. For EssilorLuxottica, this deal provides stronger ties within the tech sector.
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Ulta Beauty Enters UK Market through Space NK Acquisition
Ulta Beauty has acquired British beauty retailer Space NK from Manzanita capital for an undisclosed amount. Prior reports indicated that Manzanita was seeking a transaction valued between 300 million and 400 million pounds. Through this acquisition, the US company is provided with significant entry points into the UK market through Space NK's 83 stores. The British beauty retailer will operate as a stand-alone subsidiary under its existing management. Ulta Beauty's CEO highlighted this operation as a key step in their international expansion, along with plans for Mexico and the Middle East later this year.
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