Luxury Headlines -10/10/2023
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Stella McCartney Showcases Sustainability at Paris Fashion Week
At the end of her show at Paris Fashion Week, Stella McCartney hosted an outdoor “Stella Sustainable Market” which featured 22 stalls of vintage clothes and material innovation startups under the motto of “plant-based, nature-positive, solution-based" fashion and apparel. As the first luxury label to use leather alternatives and with 95% of its new collection made from sustainable materials, McCartney continues to be a pioneer in sustainable fashion. The start-ups included LVMH-owned deadstock platform Nona Source and Keel Labs, whose collections are made from seaweed, a highly sustainable raw material. Each of these brands has previously collaborated with Stella McCartney in some capacity.
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Birkenstock IPO (Initial Public Offering) Valuation Estimated at $9.2 Bn
Backed by private equity firm L Catterton, Birkenstock is set to launch its IPO on the NYSE (New York Stock Exchange) with a valuation per share of around $44 to $49, amounting to proceeds estimated at $9.2 billion. Financière Agache, a company controlled by the Arnault family, intends to buy $325 million of ordinary shares in the IPO. Birkenstock, which has straddled the line between fashion and comfort footwear, has also been involved in numerous collaborations with high-end brands, leading to its massive popularity. As a result, the brand reported a 21% growth in revenues for the 9 months ending June 30, 2023, despite a difficult environment for luxury goods as consumers reduce their spending due to economic pressures.
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Alexander McQueen Appoints Séan McGirr as Creative Director
Séan McGirr, Former head of ready-to-wear at JW Anderson, has been appointed as creative director for Alexander McQueen following the departure of Sarah Burton after 26 years working for the brand and 13 years in her capacity as creative director. Before this, McGirr was a women’s designer for Dries Van Noten and part of Uniqlo’s creative offices under Christophe Lemaire. Kering has been shaking up the leadership at its main portfolio brands, appointing Gianfilippo Testa as CEO of McQueen in 2022 and Sabato de Sarno as creative director for Gucci.
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DFS To Open Mega Mall in Hainan
As wealthy consumers in China increasingly remain at home to purchase luxury goods, DFS Group, which is owned by LVMH, plans to build a major shopping and entertainment mall in Hainan, the Chinese duty-free haven. The glamorous mega mall, called DFS Yalong Bay, will extend over 128,000 square meters and offer immersive concepts across many luxury segments. It is slated to open by 2026, featuring over 1,000 luxury brands, and is expected to attract 16 million visitors per year by 2030. With 12 stores across Hong Kong and Macau, this will be the first physical DFS branch in mainland China.
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Prada Designs NASA Lunar Spacesuits for 2025 Artemis Mission
Prada is partnering with commercial space company Axiom Space to design the spacesuits for NASA’s Artemis mission to the moon in 2025. Luxury brands are increasingly interested in space exploration, as evidenced by Coach and Balenciaga, which have already partnered with NASA on collections. This partnership will allow Prada to elevate its expertise from a design standpoint by creating technological clothing and materials that can meet the practical requirements of space travel. As space tourism develops, this could be an opportunity for Prada to target the UHNW (ultra-high net-worth) clients.
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