Luxury Headlines – 19/03/2024
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Bernard Arnault Receives Highest French Honor
French businessman Bernard Arnault, founder of luxury conglomerate LVMH, has been granted the honor of receiving the Grand-Croix de la Légion d’Honneur at the Élysée Palace, according to a spokesman from President Macron’s office. This is the highest rank in a system of government recognition that dates back to Napoleon.
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Four Seasons and Red Sea Global Announce Partnership in Saudi Arabia
Four Seasons Hotels and Resorts and Red Sea Global, a developer-funded by Saudi Arabia’s Public Investment Fund, are furthering their existing partnership by opening a new resort called Amaala at Triple Bay in Saudi Arabia. This resort will be dedicated to wellness, including advanced skin therapies, cryotherapy, and halotherapy, and will span 220 rooms, rentable villas, and 26 branded residences. It marks the second collaboration between the developer and Four Seasons Hotels and Resorts in the Saudi Arabia region.
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Porsche to Collaborate with Blizzard Entertainment in Metaverse
Porsche is collaborating with American gaming developer Blizzard Entertainment to bring its Macan model to the multi-player gaming universe in “Overwatch 2”. Players of “Overwatch 2” will be able to dress their avatars with in-game cosmetics inspired by Porsche’s vehicles, including the newly introduced Macan EV model.
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Chinese Premium Sportswear Brand Li Ning Considers Going Private
Li Ning, the founder and namesake of the Chinese sportswear brand, is considering taking the company private via a private consortium, which he would lead. According to some sources, several global and regional private equity firms, including TPG, PAG, and Hillhouse Investment, are considered potential investors. Li Ning is based in Hong Kong and trades on the Hang Seng Index. During the last year, the stock price has fallen significantly, as stock markets in Hong Kong and mainland China have underperformed. Li Ning believes the company is undervalued, and he would aim for a sizeable premium over its current stock price in a potential buyout. Li Ning also repurchased some of the company's shares in December 2023 as a sign of his belief that the stock is undervalued.
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Luxury Resale Platform Fashionphile Acquires Pre-Owned Luxury Wholesaler Two Authenticators
Fashionphile has purchased Two Authenticators Inc (also known as 2a), a Montréal-based wholesale distributor of authenticated, pre-owned luxury vintage; the terms of the deal remain undisclosed. This is part of a larger strategy to expand Fashionphile’s secondhand market presence by scaling wholesale and omnichannel operations.
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