Luxury Headlines – 31/10/2023
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Farfetch to Acquire a Significant Stake in Yoox Net-A-Porter
Following its approval by the European Commission, Farfetch is set to acquire a 47.5% stake in online retailer Yoox Net-A-Porter (YNAP), currently owned by Richemont. This purchase paves the way for increased digitalization across its portfolio of brands. Farfetch is closing its beauty division with plans to sell beauty retailer Violet Grey.
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Bottega Veneta Inaugurates New Training School in Italy
As part of its training and development program for new talent, Bottega Veneta has opened a new workshop in Vicenza, Italy for both employees and students. Bartolomeo Rongone, CEO of Bottega Veneta, stated that the school is a key strategic pillar for the strategic preservation of the brand’s expertise. As luxury brands compete on craftsmanship and train new talent, LVMH recently expanded its Métiers d’Excellence apprenticeship initiative to the US.
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Zegna Reports Strong Growth For 2023 Third Business Quarter
Zegna Group reported revenues of €431 million for 2023 third business quarter, up by 20.8% year-over-year, owing to robust performances in the US and its DTC (direct-to-consumer). Revenues for the first nine months of the year reached €1.33 Bn, a 22.9% year-over-year growth driven by the US and EMEA (Europe/Middle East/Africa). Despite other luxury brands facing weaker demand in the US due to inflation, North America grew by an astonishing 44.2% year-over-year. The group’s strategy to switch to direct-to-consumer channels was extremely effective, as revenues from DTC (Direct-to-consumer) channels alone grew by 29.9% in the third business quarter.
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Burberry Brings Immersive Experience To Seoul and Shanghai
Inaugurated in London, Burberry launched its immersive activation called ‘Burberry Streets’ in Seoul on October 7th and will be launching it in Shanghai at the end of October. During this event, areas of each city are transformed in line with Burberry’s DNA by flying branded flags, partnering with local businesses, and hosting pop-up events. In Seoul, Burberry built a replica of a North London café to celebrate its British culture and had localized pop-ups.
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Aston Martin Receives Grant For Development of Battery Electric Vehicles
Aston Martin was awarded a $9.5 million grant by the Advanced Propulsion Center to support the development of its first fully electric vehicle, to be released in 2025. With this grant and its own €2 Bn commitment called Racing Green, Aston Martin aims to become a BEV (battery electric vehicle) technology leader in the ultra-luxury, high-performance segment. By 2030, Aston Martin's entire fleet is slated to be electrified. Aston Martin is another ultra-luxe car brand strategically entering the EV (Electric Vehicles) segment.
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