Luxury Headlines – 24/10/2023
Luxury Headlines – 24/10/2023
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De Beers Improves Diamond Traceability
De Beers’ Tracr Limited is partnering with Sarine Technologies, experts in the development and manufacturing of advanced systems to track diamond and gemstone production. The goal is to create blockchain-based digital software to trace materials from origin to point of entry while aligning with ESG standards. As G7 nations are getting ready to implement new import restrictions, diamond producers are under pressure to improve their traceability and transparency.
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Moschino Appoints New Creative Director
Following the departure of Jeremy Scott in March, Moschino has appointed former Head of Womenswear Design at Gucci, Davide Renne, as its new creative director. After 20 years at Gucci, Renne will aim to continue the legacy of Moschino, bringing his sophisticated vision of fashion to bear in his new role. His first collection will be shown at Milan Fashion Week in February 2024.
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Richard Mille Opens Its Largest Boutique in Singapore
Richard Mille opened its largest flagship store in Singapore. The boutique, which borrows design concepts from the hospitality industry, has 11 rooms spanning 7,500 square feet and includes a crafting space with a watchmaking workbench to offer after-sales service and host workshops. This unique retail experience will allow Richard Mille to tell its brand story through an engaging touchpoint for visitors.
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Cucinelli Reports Outstanding Growth for 2023 Third Business Quarter
For the first nine months of 2023, Cucinelli reported outstanding results with revenues of €818.4 million, equivalent to a 27.5% year-over-year increase. All geographic areas were in robust double-digit territory, with Asia growing by 49.7%, followed by the Americas at 21.7%, Italy at 24.5%, and the rest of Europe at 18.3%. The growth across the distribution network was also well balanced, with retail and wholesale growing at 34.6% and 17.1%, respectively. Management attributed these excellent results to a highly favorable response to its understated yet luxurious collections and the company’s dedication to exclusiveness and rarity, with a growth forecast for 2023 between 20% and 22% (up from 19%).
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Ferragamo Reports Sales Drop on Lower Demand in Asia and US
Much like other luxury groups affected by the slowdown in China and economic pressures in Europe and the US, Ferragamo was significantly impacted, reporting a sales decrease of 9.2% at constant exchange rates to €844 million for the first nine months of 2023 (slightly below analyst consensus). Sales in APAC (Asia Pacific) and North America decreased by 11.7% and 8.2%, respectively, while EMEA (Europe and Middle East) grew by only 3% (at constant exchange rates). Ferragamo expects better results from its relaunch, which includes the appointment of a new creative director, Maximilian Davis.
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