Luxury Headlines – 05/12/2023
Luxury Headlines – 05/12/2023
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Dior to Present Next Men’s Collection in Hong Kong
In the footsteps of the men's Louis Vuitton show on November 30th in Hong Kong, Dior will also be presenting its men’s pre-fall collection in Hong Kong during first quarter of 2024. Despite a challenging period, due to the combined impact on tourism of the political situation and the pandemic, the brand has witnessed double-digit growth in retail sales every month since February. According to HSBC, Hong Kong, Macau, Korea, and Japan will drive 20% growth in luxury sales in the APAC region.
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Shiseido Remains Committed to Investing in China
Chinese consumers have been reluctant to buy Japanese-owned brands following the release of treated radioactive water from Fukushima into the sea and the ensuing social media calls to boycott the brand. Consequently, Shiseido’s sales were down 10% in the third quarter of 2023, and the company reduced its forecast for operating profit by 42% to ¥35 Bn. Despite this trend, Shiseido has great confidence in the Chinese market and will double down in this region, continuing to invest in the country as the Chinese beauty market is set to reach $96 Bn by 2027, according to a McKinsey report.
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Audemars Piguet Collaborates with Travis Scott
Audemars Piguet is set to release a collaborative collection featuring the Royal Oak watch and clothing with the signature of rapper Travis Scott and record label Cactus Jack. The proceeds from this collection will be donated to the Cactus Jack Foundation, which offers educational opportunities to disadvantaged individuals. This move will also allow Audemars Piguet to expand its target audience and reach younger customers.
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PVH Reports Very Moderate Sales Growth
PVH reported 4% year-over-year sales growth to $2.36 Bn due to stronger demand in North America. The US luxury market has been suffering from an inflation-related pullback in spending, especially among aspirational customers. By brand, Tommy Hilfiger was up 4%, while Calvin Klein came in at 6%. Despite revenue just shy of analysts' forecasts, the stock was up on the announcement, signaling slight positive momentum in recovery. Full-year 2023 revenues are expected to grow by 1% compared to 2022, but the company raised its full–year EPS forecast to $9.75. To reach its revenue goals by 2025, the company has introduced and is executing a five-component strategy focused on developing new markets, digital channels, and DTC (direct-to-consumer).
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Tod’s Appoints Matteo Tamburini as Creative Director
Matteo Tamburini will be succeeding Walter Chiapponi as the new Creative Director for Tod’s. He was previously with Kering’s Bottega Veneta, where he joined in 2017. In his new role at Tod’s, he will oversee the men’s and women’s collections, with the first women’s collection slated to be shown in February at Women’s Week in Milan. This is yet another one of many new creative designer appointments we have witnessed in the world of luxury.
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