Luxury Headlines – 22/05/2023
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Chanel Appoints Timothée Chalamet as Fragrance Ambassador
Chanel announced the signing of actor Timothée Chalamet as its new ambassador for the Bleu De Chanel fragrance. This appointment marks the actor's first fashion/beauty partnership. This fall, the company will release a short film with the actor directed by Martin Scorcese. The appointment of Chalamet could help to drive growth in a competitive market as the global men's fragrance market is expected to grow to $19.6 billion by 2025 from $14.2 billion in 2020. His appointment also speaks to the growing importance of Gen Z as a significant driver of future growth for the luxury beauty business.
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Gucci Stages First Major Show in Korea
After 25 years in the country, Gucci staged its first show in Korea, mixing the brand's heritage and Korean culture at Seoul's Gyeongbokgung Palace. Gucci collaborated with local designers and invited 600 guests, including local ambassadors like Hanni from the K-pop group NewJeans. According to Morgan Stanley, Koreans account for 10% or more of total luxury retail sales. Gucci opened its flagship in Seoul, Gucci Gaok, in May 2021. Gucci has invested in the country's distinctive identity and heritage through various projects, including restoring the Gyeongbokgung Palace.
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Angelina Jolie Launches New Fashion Business Venture
Angelina Jolie has announced the launch of Atelier Jolie, a new fashion-focused business venture. The business model lets consumers step into the designer role, allowing them to partner with a global network of tailors, pattern makers, and artisans to produce garments. The aim is to democratize the fashion industry by allowing consumers access to emerging designers and artisans. Atelier Jolie aims to create sustainable products by relying on vintage and deadstock materials for designs. This venture taps into the fashion industry's growing trend for personalization and sustainability.
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Burberry Releases Mixed Results for 2022 Full Business Year
Burberry reported a 10% increase on a reported basis and a 7% increase on a comparable basis to £3.09 billion due to a market recovery in China in Q4 and strong demand for its core leather and outerwear categories. Sales in China accounted for 30% of revenues, making it the company's largest market. Sales in Asia Pacific grew by 2% for the full year after a solid 19% recovery in Q4, while EMEA grew by 27% due to increased tourism. Amid Burberry's attempt to right-size and reduce its exposure to wholesale and off-price, the US continued to drop, with comparable sales decreasing by 7% in Q4 2022 and 3% for the full year. Shares fell 6% in Thursday's trading on news of the US slowdown. CEO Jonathan Akeroyd indicated that alongside the continuous elevation of Burberry's prestigiousness, he intends to boost revenues by selling more accessories and handbags in the long term.
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Giorgio Armani To Stage Couture Show During Venice Film Festival
Armani Privé, the haute couture line of the Italian designer, is slated to present its new collection at the Venetian Arsenal before hosting an event to celebrate cinema and pay tribute to Venice. This show marks the latest of the brand's 'one night only' series events, previously hosted in key global cities such as London, Beijing, Dubai, and Paris and attended by A-list stars. Giorgio Armani first participated at the Venice Film Festival in 1990 for the premiere of a documentary about the designer directed by Martin Scorcese. Armani Beauty has been a long-time sponsor of the event.
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