Luxury Headlines – 06/02/2024
Luxury Headlines – 06/02/2024
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Hermès Expands Hong Kong Store
In the wake of many luxury brands renewing their focus on Hong Kong, Hermès is expanding its footprint in one of Hong Kong's most prestigious shopping mall destinations, Causeway Bay’s Lee Gardens, thus signaling renewed confidence in the strength of consumer demand in this location. The expanded store’s assortment will include handbags and furniture. Hermès currently has seven store locations across Hong Kong.
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Canada Goose Predicts Robust Earnings
Canada Goose is forecasting exceptionally strong revenues for the fourth business quarter on the back of a strong demand bounce back from China to counteract the slowing demand in the US. In APAC, Canada Goose’s revenues surged 63% in the third business quarter due to an uptick in tourism and strong sales in Greater China. Following the announcement, Canada Goose shares jumped 11% in pre-market trading.
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Ferrari Posts Record Year
Ferrari just finished a record year of profits exceeding analysts' earnings forecasts for top and bottom-line results. Revenue for FY 2023 increased by 17% to € 5.97 billion, the equivalent of $6.46 billion, representing an 11% increase in the fourth quarter. Net profit for the full year 2023 came in at $1.36 billion. For the full year 2024, the company is forecasting revenue of $6.9 billion. The strong order book, as well as the ambitious company plans underway, underlie the confident forecasts.
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Hugo Boss Features Gisele Bündchen Hologram at London’s Tower Bridge
On the evening of January 31, Hugo Boss featured a 10-meter-tall hologram of Gisele Bündchen in front of the 130-year-old Tower Bridge, and she was joined by South Korean actor Lee Min-ho. This was a high-tech promotional campaign for Hugo Boss’ SS24 collection and a first of its kind. This hologram is one of the latest tools in Hugo Boss’ revamp campaign and a bold and disruptive symbol of Boss’ new direction. Since holograms are familiar but driven by complicated tech, they are an exciting innovation to leverage in this context.
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Moschino Names Adrian Appiolaza as Creative Director
Adrian Appiolaza has been named new Creative Director of Moschino, and will be in charge of Women’s, Men’s and Accessories collections. Appiolaza was previously with Loewe, where he spent a decade reporting and working for Jonathan Anderson as Women’s RTW head of design and held the same position prior to that at Chloé. He is taking over the role from Davide Renne and will present his first collection on February 22 at Milan Fashion Week.
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