Luxury Headlines – 05/03/2024
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Moncler’s Revenues Rise 15% on Excellent Sales Results in China
Moncler Group's revenue increased 15% year-over-year to €2.98 billion in 2023. These robust results were primarily driven by impressive growth in Asia for Moncler (up 25% year-over-year) and Stone Island (up 12% year-over-year), particularly mainland China. At the same time, the Americas and wholesale channels underperformed in 2023, while the company’s DTC channels (up 22% for Moncler and 16% for Stone Island), by contrast, performed well. Stone Island, a brand owned by the group, is in the early stages of a turnaround effort. The company expressed optimism for its future outlook.
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Birkenstock Posts Robust Q4 Earnings
Birkenstock announced robust earnings for the fourth business quarter of 2023, with revenue reaching €303 million and exceeding the €285 million average estimate. Sales grew at double-digit rates in the Americas, Europe and Asia. Birkenstock has been expanding its product offerings and building its brand image. The company is also investing in its manufacturing capabilities and expanding in target markets like India and China. While the stock price initially fell after the company went public, it has since rebounded. Birkenstock is well-known for its high-end collaborations with luxury brands like Dior, Manolo, and Rick Owens. The company affirmed its 2024 guidance and mid-term goals of booking a greater than 60% gross profit margin and adjusted EBITDA margin percentage in the low 30s.
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Estée Lauder and Indian Couture Brand Sabyasachi Announce Beauty Collab
Estée Lauder has announced a collaboration with Sabyasachi, a renowned Indian couturier. Sabyasachi is known for dressing stars like Priyanka Chopra and Deepika Padukone. The partnership is focused on the launch of a new lipstick collection designed for darker skin tones. The lipsticks are encased in gold-plated tubes and are Sabyasachi's first foray into beauty. This is a strategic move for Estée Lauder, with the goal of capturing the Indian beauty market.
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Accor Group Announces a Successful FY2023 Aided by Its Luxury Segment
With close to 300 hotel openings in 2023 alone, Accor Group announced an increase in revenues of €2.2 billion or 22% in the luxury division, which includes Raffles and Fairmont brands, and 17% for the premium, midscale, and economy division. Key performance figures exceeding guidance include revenues of €5.06 billion, a record €1,003 million EBITDA for full-year 2023, and network growth of 2.4%. In total, Accor Group now encompasses a network exceeding 5,580 hotels with 821,000 plus rooms at the end of 2023. Due to continued pricing power, RevPAR (revenue per available room) increased by 23% vis-à-vis 2023. For full-year 2023 to full-year 2027, the group plans to grow its network by 3% to 5%.
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The RealReal Reaches Profitability in Q4 2023
The US-based second-hand luxury platform The RealReal has achieved profitability in the 2023 fourth business quarter by optimizing consignment margins and prioritizing focus on high-margin products like jewelry and handbags. The company has also invested in automation, including AI power pricing, and is implementing other sales efficiency measures. While full-year 2023 revenue declined by 9% to $549 million, the resale platform achieved EBITDA profitability during the 2023 fourth business quarter for the first time since its IPO in 2019. Investors feel optimistic about the future of the company.
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