Luxury Headlines – 17/10/2023
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Chloé Appoints Chemena Kamali as New Creative Director
Pursuant to her roles at Chloé and Saint Laurent, including as design director for women’s ready-to-wear for Saint Laurent, German designer Chemena Kamali has been appointed as the new creative director for Chloé following the departure of Gabriela Hearst. Her first pre-collection will be shown in January 2024 followed by her Fall/Winter 2024 collection shown at the Paris Fashion Week in February.
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LVMH Reports Slower Growth for 2023 Third Business Quarter
With consumers reducing their spending on luxury goods, LVMH’s sales growth has moderated, with Fashion and Leather Goods growing by 9% to €9.75 billion in Q3 2023, contrasted with a higher analyst consensus. Group sales were up 9% for Q3 2023 to €19.96 billion, with the most significant drop coming from the Wines and Spirits division, which decreased 14% on a comparable basis. Selective Retailing remained steady with robust results and comparable organic growth at 26% for Q3. For the first 9 months of 2023, both Fashion and Leather Goods, as well as Perfumes and Cosmetics, remained at double-digit growth, with Selective Retailing growing at 26%. These results are a consequence of moderation in spending stemming from a muted recovery in China and much slower demand in the US due to macroeconomic factors.
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Gucci Brings Cosmos Exhibition to London
Gucci is staging the Cosmos exhibition in London, which was first on display in Shanghai in April. Visitors will be able to learn more about Gucci’s history by discovering items from its archives while also enjoying experiential elements. With this event, Gucci aims to entertain and educate consumers about its history, the evolution of its designs, and the re-interpretation of its codes through its different creative directors over the years, including Tom Ford, Frida Giannini, Alessandro Michele, and Sabato De Sarno.
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Shiseido Appoints Indian Actress Tamannaah Bhatia as New Brand Ambassador
Shiseido has appointed Bollywood star Tamannaah Bhatia as its brand ambassador, as the brand’s first-ever Indian spokesperson. This appointment comes as Shiseido opens its first store in Mumbai and aims to expand in the market. With India representing a market with vast growth potential, Gucci made a similar move this year, appointing its first global ambassador from India, Alia Bhatt.
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Birkenstock (BIRK:NYSE) Raises $1.48 Bn in IPO
On its first day on the NYSE (New York Stock Exchange), with shares initially priced at $46/share and opening at $41/share, Birkenstock raised $1.48 billion in its IPO (Initial Public Offering). The company ended the day at a market cap of around $7.5 billion. Despite Birkenstock's remarkable sales momentum, solid financials, and brand cache, shares dropped more than 12% before market close due to the macroeconomic environment and consumer sentiment, as foreshadowed in the week’s earlier earnings announcement by LVMH. L Catterton, the private equity firm backed by LVMH, which led the IPO, acquired the brand for $4.35 billion in 2021.
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