Luxury Headlines – 29/09/2025
Luxury Headlines – 29/09/2025
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LVMH and Dior to Expand in South Korea
LVMH is accelerating its expansion in South Korea to diversify its global presence amid geopolitical and economic uncertainties affecting consumer spending in the US and China. Louis Vuitton and Christian Dior are planning to expand their flagship maison-style stores in Seoul's Cheongdam district within the next few years, with Dior's revamp potentially including a permanent restaurant as early as 2027. Bulgari is also considering its first flagship location in South Korea, while Tiffany & Co. is set to launch a new flagship in Cheongdam in 2027. South Korea has become a bright spot for luxury brands, driven by domestic consumers and a surge in tourists from China and Japan.
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L’Oréal USA Appoints New Chairman, CEO
L'Oréal appointed Alexis Perakis-Valat as CEO of L'Oréal USA and President of North America, replacing David Greenberg who will assume the newly created role of Chairman of L'Oréal USA. Perakis-Valat, a 30-year company veteran who currently serves as president of the Consumer Products division, helped grow that division's sales from €12 billion to €16 billion during his tenure since 2016. The newly created chairman role underscores the strategic importance of the US market for L'Oréal's future growth, with Greenberg having led the US operations to become the group's number one growth driver for three consecutive years. Fabrice Megarbane, currently chief global growth officer, will replace Perakis-Valat as president of the consumer products division, with all appointments becoming effective January 1, 2026.
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Saks Global to Sell Stake to Bergdorf Goodman
Saks Global is exploring the sale of a 49% stake in luxury department store Bergdorf Goodman for approximately $1 billion, less than a year after acquiring Neiman Marcus Group. The potential sale, which has attracted at least four bidders, including Middle Eastern sovereign wealth funds, is intended to help reduce the heavy debt load from the $2.7 billion Neiman Marcus acquisition. The company has been grappling with mounting liquidity pressures, including $2.2 billion in bonds that have plunged in value to just 17 cents on the dollar since January.
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Galeries Lafayette Makes Three Key Appointments
Galeries Lafayette announced two senior appointments to its executive committee, effective immediately. Guillaume Houzé is stepping in as chief image and innovation officer, Emmanuelle Greth will act as chief human resources and CSR officer, and Matthieu Caloni is taking over as CFO. Each of the new appointees will report directly to executive chairman Nicolas Houzé. The moves come as Galeries Lafayette seeks to enter a new phase of growth while modernizing operations and expanding globally, including planned openings in Mumbai and New Delhi.
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MyTheresa Continues Profitability in Q4 2025
MyTheresa reported continued profitable growth in its fourth quarter of fiscal 2025, with net sales growing 12% year-over-year to €249 million and adjusted EBITDA increasing 52% to €16 million. The German e-tailer's success was driven by its strategy of offering exclusive capsule collections with brands like Dolce & Gabbana and Alaïa, combined with premium experiences for top customers. However, the company now faces the challenge of turning around its newly acquired Yoox-Net-a-Porter business, where Net-a-Porter and Mr Porter saw sales decline 9% to €255 million due to insufficient marketing spend and merchandise investment. LuxExperience, MyTheresa's parent company, aims to reach €4 billion in annual revenue by 2030, though management warned that 2026 will be a "transition year" amid integration challenges.
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Aston Martin Opens Showroom in Rome
British automaker Aston Martin is set to open its first boutique showroom in Italy's capital city of Rome later this year, marking the company's expansion into the Eternal City. This represents Aston Martin's continued efforts to grow its retail network in key luxury markets globally. The new Rome location will provide Italian customers with direct access to Aston Martin's luxury vehicle lineup and brand experience. The opening aligns with the brand's strategy to establish a stronger presence in premium European markets.
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