Chloé Appoints New CEO
Laurent Malecaze will replace Riccardo Bellini as CEO of Chloé. Malecaze was the CEO of Dunhill for the past two years and was responsible for its turnaround. Previous creative director Gabriela Hearst and Bellini worked on elevating the brand with a focus on sustainability, resulting in the company achieving B Corp status in October 2021. Chloe has also launched a resale program using digital IDs in 2023. Compared to other divisions, which grew by 19%, Richemont’s fashion business has suffered from the luxury slowdown, with barely any comparable growth to last year.
Breitling Acquires Swiss Watchmaker Universal Genève
Breitling is acquiring Swiss watchmaker Universal Genève, worth around $68.5 million. Founded in 1894, the brand has maintained control over the production of its watches end-to-end, continuing with a history of crafting luxury timepieces with in-house movements. Breitling aims to restore the brand’s prestige and regain its reputation for innovation and technical know-how.
Saint Laurent Opens Its Largest Flagship in Paris
Saint Laurent unveiled its largest flagship in the world on the Avenue des Champs-Élysées in Paris. Designed by creative director Anthony Vaccarello, the space encompasses four floors: one dedicated to menswear, two dedicated to womenswear, accessories, and jewelry, and one exclusive to VIP clients. All retail spaces will adopt Vaccarello’s design, which captures the raw and refined codes of quiet luxury, with current retail spaces set to be renovated.
Shiseido Launches Venture Investment Fund
Shiseido is launching a new venture investment fund called LIFT Ventures aimed at early-stage companies in the beauty and wellness industry in the Western hemisphere. Shiseido is following in the footsteps of Estée Lauder Companies and L’Oréal, which have venture capital divisions. The fund's initial investments are the American probiotic skincare startup Phyla and the Australian male grooming brand Patrick’s. Previously, Shiseido acquired French probiotic skincare business Gallinée, American brand Drunk Elephant, and created Ulé, a holistic line, in 2022.
Farfetch Is Being Acquired by South Korean E-Tailer Coupang
Farfetch is being acquired by Coupang for a price of $500 million. Coupang is South Korea’s most prominent e-commerce retailer and is touted to be the country’s answer to Amazon. This transaction will inject the luxury e-tailer with much-needed cash to keep its operations going. Global investment firm Greenoaks is Coupang’s investment partner in this deal. This acquisition effectively means that Farfetch is going private and its shares will be delisted, thus wiping out existing shareholders.
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