Luxury Headlines – 15/05/2023
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Italian Brands Dolce & Gabbana and Prada Appoint New Ambassadors
Dolce & Gabbana has appointed Doyoung, member of the K-Pop group NCT, as brand ambassador for Korea and Japan. Meanwhile, Prada has appointed Chinese basketball player Shuyu Yang as ambassador. Shuyu Yang has a following of 3 million fans on Weibo. Previously, table tennis player and Olympic champion Ma Long held this role for Prada. These appointments highlight luxury's laser-sharp focus on Asia, as China and Korea are expected to be massive drivers of growth for the luxury industry. While K-pop is growing into a global trend with members of Gen Z, the appointment of sports stars shows that brands are aligning with this generations' interests, broadening their reach from music and film, to sports..
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Loewe Launches ReCraft Concept Store In Japan
Loewe launched a store in Osaka, Japan dedicated to the repair and maintenance of its leather goods. This store is an investment in circularity but also a commitment to the advancement of craftsmanship. Clients can take advantage of a range of services such as cleanings and repairs. The store also sells repurposed items such as leather baskets and pockets manufactured from, surplus materials of previous collections
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Tod’s Intensifies Focus On U.S. Amid Excellent Results from China
Tod’s reported 23% revenue growth for Q1 2023 due to robust performance in China and despite only moderate growth in the Americas. Revenues beat expectations reaching €270.5 million compared to the lower guidance of €252 million. Sales in China rose by 29% due to strong domestic demand. Sales in the U.S. however rose by a moderate 6.6%. The company plans to open new stores and expand its distribution network as well as boost brand awareness to increase its market share in the US.
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Hermès Opens New Leather Goods Workshop
Hermès has been accelerating the opening of new workshops and training centers to meet the strong demand for its leather goods which has long exceeded supply. It opened its 22nd leather goods workshop in the Ardennes region in France, which will employ 250 artisans, trained at the brand’s leather working school. Last month, Hermès opened another new workshop in Normandy and is planning to open 4 more by 2027. The brand is on track to hit sales of €13.7 billion for 2023.
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Richemont Realizes Record Sales
Richemont reported record sales and beat forecasts for the year to 31 March 2023, boosted by a surge in sales in the fourth quarter, a rebound in China and strong demand for jewelry. For FY2022, which ended March 31 2023, sales were up 19% at actual exchange rates (14% at constant) to €19.95 billion, with jewelry up 21%, specialist watchmakers up 13% and other segments (fashion & accessories) up 19%. Every region reported double-digit growth, with Japan and Asia Pacific leading the way. Richemont Chairman Johann Rupert once again reiterated that the company was not for sale, as had been rumored before. Richemont joins LVMH and Hermès in reporting very robust earnings on the back of resilient Chinese demand, with only Kering lagging behind at this point.
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