Luxury Headlines – 19/06/2023
Luxury Headlines – 19/06/2023
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Chanel Continues Retail Expansion in Hong Kong
Chanel recently signed a six-figure monthly lease for a centrally located retail space in Hong Kong. While some luxury companies, including LVMH, have reduced their presence in Hong Kong over the last few years, Chanel is taking the opposite approach. This signals Chanel’s renewed interest in Hong Kong as consumer sentiment and retail sales are rebounding following the reopening of its borders with Mainland China and the world. The city welcomed over 10 million visitors in the first five months of 2023 and retail sales increased by 15% year-over-year.
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LVMH Strengthens Partnership with Epic Games
LVMH announced a partnership with Epic Games to create new virtual experiences across its brands, including virtual fitting rooms, fashion shows, metaverse spaces and digital twins. At Viva Technology, Louis Vuitton is hosting a digital show experience using the technology from this strategic partnership. Previously, LVMH worked with Epic Games when Bulgari staged a virtual presentation called ‘Virtual Rome’, using the 3D-creation tool ‘Unreal Engine 5’. LVMH also announced it would introduce contactless payments (Apple Pay and other digital wallets using iPhones) at select stores in the U.S.
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LVMH is Negotiating a Potential Olympics Sponsorship Deal
LVMH is currently negotiating a €150 million sponsorship deal with the Paris 2024 Olympics for its two biggest fashion labels, Louis Vuitton and Dior, and champagne. While this agreement is not yet finalized, it would allow LVMH to convey its role as a purveyor of craftsmanship and French heritage while setting itself apart from the rest of its competitors. LVMH will likely do high-profile social media and poster campaigns for its leading labels while largely benefitting from the number of viewers watching the games.
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Hugo Boss Raises 2025 Sales Guidance
Expecting strong demand across its markets as it remained immune to weaker US consumer sentiment, Hugo Boss increases its forecast for 2025 annual sales to €5 billion from the previous €4 billion, which the company expects to reach this year. Following its revamp investing in marketing to boost sales and expand market share, the brand has been gaining traction among younger consumers and will maintain its marketing spend at 7-8% of group sales until 2025. Hugo Boss expects low double-digit growth in Asia between 2022 and 2025 as demand in China recovers and sees the US as a very promising market.
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Maserati Unveils First Custom Model with Ambassador David Beckham
Maserati will be launching a new model in the Fuoriserie Essentials collection in partnership with the brand’s global ambassador, former football star David Beckham. The Fuoriserie Essentials collection focuses on offering personalization and customization options to customers to create singular experiences. This marks the second partnership between Maserati and David Beckham, which could gain additional traction on the occasion of his 10-year career anniversary when he announced he would be stepping down from soccer. This partnership is an excellent example of luxury marketing via celebrity-endorsed hyper-customized products.
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