Luxury Headlines – 12/03/2024
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Louis Vuitton Signs French Rugby Player Antoine Dupont as New Ambassador
Louis Vuitton has announced the appointment of rugby union player Antoine Dupont as its new ambassador. This is in keeping with LVMH’s strategy to align with sports marketing, including its unique partnership with the Olympics and the brand’s growing roster of athlete ambassadors. The addition of Dupont comes after similar announcements related to rookie NBA basketball player Victor Wembanyama, fencer Enzo Lefort, and swimmer Léon Marchand.
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Luxury Shopping at Sea: Cunard Cruises to Launch Retail Aboard Queen Anne
British cruise liner Cunard will offer luxury retail at an unprecedented level for its customers on its new ship, the Queen Anne. The boutiques will sell fashion, jewelry, and even pre-loved items from various luxury brands. A “Cabinet of Curiosities” will feature travel-themed luxury goods where art, jewelry, and fashion collectibles will be available next to archival pieces from Cunard that have never been seen before. The stores will offer products from 115 brands, including British watchmaker Bremont, French fashion brand Chanel’s beauty division, and German fashion house Hugo Boss. Of these brands, 37 are entirely new to the Cunard venture.
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Puig Posts Robust Revenue Growth of 19% for FY 2023
Puig Group posted excellent results for the full year 2023, with sales growth of 19% to €4.3 billion, thus exceeding expectations and well on its way to reaching the €4.5 billion sales target set for 2025. Puig’s fragrance and fashion division did exceptionally well, posting a 17% increase in sales, with Rabanne becoming the first ever Puig brand to reach the €1 billion mark. Makeup sales were up 23%, driven by the success of Charlotte Tilbury, a brand Puig acquired in 2020. Puig also saw strong growth in the Asia-Pacific region, thanks to the popularity of Charlotte Tilbury and Byredo. It recently acquired the skincare brand Dr. Barbara Sturm and is said to be considering an IPO in the very near future.
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Prada to Embark on €1 Billion Investment in Retail
Prada has announced an investment of €1 billion over the next five years to reboot its retail strategy in response to the changing needs of high-end consumers. This entails offering more immersive shopping experiences, including retail, restaurants, art, and entertainment, to leverage the idea around experiential luxury. Prada will focus on significant flagships worldwide, as exemplified by its recent acquisition of the building housing its 5th Avenue flagship in New York. These investments will round out the brand’s offering through culinary experiences and cultural exhibitions, all aimed at fostering a sense of community and brand immersion.
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Tapestry Seeking Approval for Coach Deal From European Regulators
Tapestry is seeking approval from European antitrust regulators for Tapestry’s $ 8.5 billion acquisition of Capri Holding, owner of Jimmy Choo, Versace, and American stalwart brand Michael Kors. European regulators will decide by April 15th on the clearance of the acquisition. Tapestry owns Coach, Kate Spade, and Stuart Weitzman. The combination of Tapestry and Capri Holding would create an American fashion conglomerate similar to its European equivalent, LVMH. Regulators can approve the deal with or without conditions, or alternatively, open a four-month investigation should there be any concerns.
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