Luxury Headlines – 07/11/2023
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Tom Ford Beauty Launches Immersive Experience at Galeries Lafayette
Tom Ford Beauty launched its new unisex fragrance “Myrrhe Mystère” with an installation of a large-scale activation in Paris’ department store Galeries Lafayette. This installation included an immersive experience mixing digital and physical elements to build on the heritage of the formulation and give shoppers a hands-on experience of the product.
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McLaren Implements Experiential Retail in the US
Partnering with luxury automotive retailer O’Gara, McLaren launched a temporary retail space at Wynn Las Vegas at the end of October with a new showroom concept to display rare supercar models and limited-edition merchandise. Aimed to be an inclusive experience for fans and enthusiasts to engage with the brand, the venue has welcomed over 17,000 visitors so far. Consumers can order custom units by using the largest McLaren showroom vehicle configurator in the world.
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Estée Lauder Lowers Its Annual Forecast
Due to a slow recovery in China and a deficient performance in travel retail, Estée Lauder reported that sales decreased by 10% to $3.52 Bn in its first quarter of 2023. As a result, the company has lowered its outlook for 2024 expecting a decrease of 1% to 2% in full-year sales. EMEA (Europe, Middle East and Africa) witnessed the most pronounced decline, as net sales fell by 27% due to global travel retail being down by double digits, while sales in Asia decreased by 3% due to a general slowdown in the beauty segment. On a more positive note, the Americas rose by 6% (with gains both in North and South America), while the fragrance category grew by 5% owing to stronger performances at Le Labo and Tom Ford.
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Rolex-Seller Plans US Expansion
WatchBox is planning to expand in the US in an effort to become one of the biggest sellers of new and used Rolex watches. Backed by Ackman and Michael Jordan, the retailer will acquire two American watch and jewelry companies and rename itself the 1916 Company. This deal will add five Rolex authorized dealerships in the US to the existing store in Philadelphia, creating a business that currently generates sales of $500 million in total. 1916 Company retail stores will also be official Rolex Certified Pre-Owned dealers.
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Hugo Boss Reports Strong Growth for 2023 Third Business Quarter
Hugo Boss reported a 15% growth in revenues for Q3 2023 to €1.027 Bn and increased its outlook for full year sales from €4.1 - 4.2 Bn to €4.3 - 4.5 Bn. By revitalizing its Hugo and Boss brands with an attractive price-value proposition, the company was able to gain market share and gain more traction with younger consumers. Shares rose 5.2% in trading on the announcement.
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