Luxury Headlines – 26/09/2023
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L Catterton Invests in Luxury Skin Care Label ‘Eighth Day’
Cult brand Eighth Day received a minority investment from LVMH-backed private equity firm L Catterton to grow its executive team, expand its product assortment, and widen its global presence. L Catterton’s capital and expertise in the luxury beauty space will help to grow and scale the brand to reach larger audiences worldwide. This move follows another recent investment by L Catterton in the beauty space, namely its investment in Swedish hair care brand Mira Nila.
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Pandora Sees Significant Growth Thanks to Lab-Grown Diamond Demand
Pandora has capitalized on the rising demand for lab-grown diamonds in the US and other markets, positioning itself for long-term growth. The brand has successfully communicated the value proposition around lab-grown diamonds as accessible luxury purchases to many mass-market consumers, with a typical 1-carat diamond ring priced around $1,750. The company launched lab-grown diamonds in the UK, the US, and Australia, with plans to expand into the Brazilian and Mexican markets and expects a robust performance over the holiday period.
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Tiffany Collaborates with Rimowa to Launch Limited-Edition Travel Collection
Tiffany & Co. has partnered with luggage brand Rimowa to release a limited-edition travel collection consisting of one suitcase and two jewelry holders, thus merging two luxury icons. The collection will be launched at the Tiffany flagship in New York City at the end of September. It will be evocative of a diamond’s facets, thus paying homage to Tiffany. The collection will be available throughout Rimowa’s store network and online in China via WeChat.
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Coty Raises Revenue Forecast on Strong Fragrance Demand
Coty raised its sales forecast for 2023 to an 8 - 10% prediction for comparable growth due to continued robust demand for higher-end fragrances. This is up from the previous 6-8% forecast for comparable sales. During the pandemic, sales of perfumes, candles, and fragrances experienced a boom as consumers turned to smaller luxury purchases to treat themselves. This momentum has continued and remains strong. While none of Coty’s major licenses are up for renewal in the next five years, the fact that both Kering and Richemont have recently launched their own beauty businesses could represent a competitive threat to Coty.
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Gucci Brings De Sarno’s Debut To The Metaverse
For the first show under new creative director Sabato De Sarno, Gucci’s “Dream Big” team created three simultaneous virtual experiences to provide access to a global audience. They recreated streets, buildings, and neighborhoods in Milan for audiences to view on Roblox, Zepeto, and China’s QQ platforms, presenting the outdoor fashion show “Ancora” and the different Gucci runway looks. Gucci, one of the first luxury brands to embrace the metaverse, continues its commitment to experimentation in Web3, the metaverse, and gaming under its new creative leadership. Due to the rain forecast in Milan, the actual physical fashion show had to be moved indoors to the Gucci Hub.
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