Luxury Headlines – 14/11/2023
Luxury Headlines – 14/11/2023
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Boucheron Acquires Parisian Jewelry Workshop
As part of its strategy to increase its production capacity, Boucheron has acquired a high jewelry workshop in Paris comprised of four companies with a total of 60 artisans including, Blondeau, Belter, Chanson, and FG Développement. Boucheron has been working with the company since 2017. This strategic vertical acquisition is in line with Boucheron’s heightened focus on high jewelry to satisfy the increasing demand of its customers. This will allow the brand to grow and become more competitive in this category due to the embedded gains in expertise and craftsmanship.
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Thélios Acquires LA-Based Eyewear Label Barton Perreira
Thélios is buying Los Angeles-based eyewear label, Barton Perreira. Founded in 2007, Barton Perreira has developed a loyal customer base in California with its appealing design and craftsmanship. This purchase expands Thélios’ portfolio and will simultaneously allow Barton Perreira's label to grow globally by gaining access to the company’s selective distribution network and focusing on establishing a presence in Europe and Asia. Thélios previously acquired the eyewear brand Vuarnet in September.
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Gucci Launches New Immersive Exhibition In the Metaverse
As part of its Gucci Cosmos exhibit currently open in London, Gucci has launched a simultaneous immersive digital experience mirroring the physical experience, via The Sandbox, a decentralized gaming platform. Like the physical exhibits, these metaverse experiences offer users a journey through the brand’s 101-year-old history. Set in a digital London, users will be able to explore various themed worlds from the beginning of the Gucci brand to the present with its new aesthetic led by creative director Sabato de Sarno. Being an early adopter of gaming and the metaverse, Gucci’s “Dream Big Team” launched the Gucci Vault Land as a landing space to group all its Web3 efforts. This year alone, the company offered three metaverse experiences during De Sarno’s runway debut.
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De Beers Sees Massive Slump in Sales
As the industry struggles with weak demand and too much inventory, De Beers reported selling just $80 million of rough diamonds at the end of October compared to $454 million last year. In addition to headwinds from the economic slowdown in China and the US, consumers are spending more on travel and experiences rather than material luxury goods post-pandemic, all of which has impacted demand for diamonds. Competitors like Russia’s Alrosa PJSC, have halted sales since September to re-calibrate the supply-demand relationship and to support slumping price levels.
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Coty Expands Into Luxury Beauty
Coty reported strong sales momentum for 2024's first quarter to $1.64 Bn, up 18% growth YoY. In addition to very healthy performances in the Americas and APAC (Asia Pacific) as well as robust travel retail sales, Coty is strengthening its focus on the prestige segment as this category was responsible for 65% of Coty sales this quarter, amounting to $1.06 Bn, up 23% YoY. These strong results are allowing the company to raise its FY2024 guidance for the second time this year. Three of its franchises reached the top 10 female fragrances in the US, including Burberry Goddess, which became the biggest women fragrance launch in key markets for the company.
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