Luxury Headlines – 29/04/2024
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Prada Sales Up 16% in Q1 2024, on Wings of Miu Miu Momentum
Prada Group's sales grew at +16% year-over-year to €1.187 billion (at constant exchange rates) in the first quarter of 2024. Prada’s sales growth is outpacing rivals, bolstered by Miu Miu’s enormous success. Miu Miu sales grew +89% year-over-year for the first quarter, continuing the very strong growth trajectory the brand has been experiencing over the last few quarters. According to management, this comes as a result of Prada Group’s journey towards retail excellence, rich product range and desirability, continuous improvement and creativity, and strong customer engagement. All regions demonstrated stable growth, with APAC up +16% as the region recovers. Japan saw the highest growth at +46%, driven by domestic and tourist consumption, like Europe, which was up +18%. The Americas were up +5%, representing a slight improvement on the last quarter, while the Middle East increased by an impressive +15%.
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Moncler Sales Up 16% Supported by China Bounceback
Moncler sales in the first quarter of 2024 rose 16% globally to €818 million, with China being an exceptionally bright spot with lots of growth potential and Japan and Korea also performing well, leading to an aggregate 26% revenue growth in Asia. Other regions also witnessed double-digit growth, including EMEA at +15% and the Americas at +14 %. While the business continued to be strong in the US, it is still volatile. While the Moncler brand revenue rose 20% to €705 million, Stone Island revenue dropped -5% to €113, primarily due to weakness in the wholesale channel. Both brands saw revenue expansion driven by the strong development of the DTC channel. Moncler Group plans to open six stores in China in 2024 out of 15 store openings.
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Ganni Hires Former Balenciaga CEO
The Danish fashion brand is bringing on Laura du Rusquec, formerly of Balenciaga, to replace Andrea Baldo. Baldo oversaw Ganni’s international expansion shortly after L Catterton’s majority stake investment, growing to just over €165 million in revenue in 2022. However, a sale of the company stalled, as it was hampered by macroeconomic and market jitters. Du Rusquec is expected to elevate Ganni’s image in the luxury market. L Catterton, the private equity firm that owns Ganni, is looking for an exit strategy.
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Rolls Royce Debuts Bespoke Commissions at Auto China 2024
Rolls-Royce will be showcasing bespoke commissions at Auto China 2024 involving three one-of-a-kind models, including a custom Rolls-Royce Spectre. The cars will be displayed at the Beijing International Automotive Exhibition starting April 25. The Phantom Extended “Magnetism,” Spectre “Escapism,” and Ghost Extended “Expressionism” feature hand-painted exteriors while inside, personal motifs and top-notch materials demonstrate an expression of the brand’s craftsmanship. This is part of Rolls Royce’s plan to expand its customization efforts worldwide.
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Tapestry/Capri Responds to FTC’s Attempt to Block Merger
Tapestry, owners of Coach, Kate Spade, Stuart Weitzman, and Capri Holdings, as well as owners of Michael Kors and Versace, have plans to merge but are facing regulatory hurdles. The U.S. Federal Trade Commission (FTC) is trying to block the merger by unanimous vote, on grounds that the deal could negatively impact nearly 33,000 combined employees and American consumers, citing factors including lowered wages and product quality. According to the FTC, which remains the only regulatory body to block this merger, the merged company would command “a dominant share of the ‘accessible luxury’ handbag market, thus gaining undue pricing power, among other issues. Both companies plan to defend the case in court to complete the acquisition.
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