Luxury Headlines – 21/11/2023
Luxury Headlines – 21/11/2023
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Tiffany & Co. Collaborates With Pokémon
Tiffany & Co. and American artist Daniel Arsham have partnered with the Pokémon Company to release special edition items in December at the Tiffany stores in New York and Tokyo. The launch includes nine jewelry designs that represent different Pokémon characters. The Pikachu pendants, made from gold, are packaged in a Tiffany Blue Poké Ball. Baccarat and Balmain have previously partnered with Pokémon.
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Natura to Sell The Body Shop for $254 Million
Natura is selling The Body Shop to private investor Aurelius Group for $254 million. It is the second major divestment by Natura this year, as it previously sold Aesop to L’Oréal for $2.53 Bn. Natura aims to fully focus on its core relationship-selling expertise in Latin America while simultaneously developing Avon International.
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Nicolas Ghesquière Renews Contract with Louis Vuitton
Appointed as artistic director of women’s collection in 2013, Louis Vuitton has renewed Nicolas Ghesquière’s contract for another five years. Following his tenure as creative director of Balenciaga, he has been a key driver behind Louis Vuitton’s growth thanks to his visionary spirit and extraordinary shows that mix fashion and architecture. Revenues reached €20 Bn in 2022, making it the world’s largest luxury brand.
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Valentino Releases Digital Clothing
Valentino has partnered with Snap to release a digital version of five pieces from its collection Valentino Resort 2024 for Bitmoji avatars. Earlier this year, after announcing it will further develop Metaverse projects to target Gen Z, Valentino launched designs for Meta avatars and partnered with Web3 fashion platform UNXD. Following in the footsteps of its other collaboration with Adidas, digital fashion is a new revenue stream for Snap as 74% of users dress their avatars in their favorite real-life brands.
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Burberry Lowers Full-Year Forecast Due to Global Slowdown
Burberry shares dropped 10% in the wake of the company’s announcement that it would be unable to meet its full-year revenue forecast due to weak demand in the global luxury market. Revenue grew by only 1% in Q2 2024 compared to 18% in the previous quarter. The slow recovery in China is heavily impacting results as sales dropped by 8% in the country. Revenues in the US have been impacted by inflationary pressures and moderated spending. As Burberry is in the midst of a product shake-up and image refresher with the appointment of designer Daniel Lee, this is a particularly critical time in the company’s future growth plans.
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