Luxury Headlines – 02/04/2024
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L Catterton Asia Invests in India
L Catterton, a private equity firm backed by LVMH (Moet, Hennessy, and Louis Vuitton), is launching a new investment unit in India, focusing on the consumer sector. India’s economic growth and political stability are attracting increasing investment across many segments, including retail and luxury. Sanjiv Mehta, a former Unilever chairman, will be placed as chairman. L Catterton has so far invested about $600 million in the Indian market, which is becoming its major focus, along with China and Japan, in the Asian market. Blackstone Inc. is another firm that is expected to invest heavily in the Indian market, along with other investors, including Canadian pension funds and sovereign investment funds from the Middle East.
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Valentino Appoints Alessandro Michele to Creative Design Post
Alessandro Michele, former Creative Director at Gucci, has been appointed as the new creative director of Valentino in the hopes of revitalizing the brand. Michele is known for his maximalist aesthetic and his success at Gucci. Valentino is a more classic brand, and the appointment of Michele is seen as a way to bridge this gap.
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Saks Flagship Valued at $3.6 Billion Amid Continued Talks with Neiman Marcus
Saks Fifth Avenue and Neiman Marcus are continuing their merger talks. The Saks Fifth Avenue flagship store was recently appraised at $3.6 billion, as part of a potential collateral to bolster the cash portion of the purchase offer of Neiman Marcus. The deal between Saks and Neiman Marcus could potentially revitalize both companies, which have been struggling due to declining sales. The recent surge in acquisitions of high-end properties on Fifth Avenue in New York City is a welcome change for the city’s commercial real estate market. This resurgence is attributed to Kering and Prada's recent purchases of properties on Fifth Avenue, near LVMH's revamped Tiffany & Co. store.
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Jaeger-LeCoultre Reopens Madison Avenue Flagship
Richemont-owned watch brand Jaeger-LeCoultre is reopening its store on Madison Avenue. The new store spans two floors and is designed to evoke the "serenity and beauty" of the watchmaker's home in Switzerland's Vallée de Joux. The renovated store features natural colors and organic materials, such as limestone and oak, with black brushed metal accents.
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Chanel Campaign Features Brad Pitt and Penélope Cruz
The new "Iconic Handbag" Chanel Campaign features Brad Pitt and Penélope Cruz. Based on director Claude Lelouch’s 1966 movie "Un Homme et une Femme", “A Man and a Woman,” the slot captures the romance of heritage luxury items, all the while continuing this season’s slew of homages to Hollywood and in an original attempt to capture the Frenchness of Chanel in a sophisticated way.
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