Luxury Headlines – 12/09/2023
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Artémis to Acquire Majority Stake In Talent Agency CAA
Artémis, the Pinault family’s investment company, is set to acquire private equity firm TPG’s majority stake in renowned Hollywood agency Creative Artists Agency (CAA) in a mega-deal reported to be worth $7 billion. CAA, founded in 1975, is a talent agency representing some of the top stars in sports and entertainment globally. With this acquisition, Pinault aims to add more diversity to Artémis’ portfolio, while at the same time strengthening the ties between film, sports and fashion. Artemis, with assets under management of around $40 billion, controls Gucci and Saint Laurent, as well as auction house Christie’s.
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LVMH Invests in Eyewear and Hair Care
LVMH’s eyewear division Thelios, which designs, produces and distributes sunglasses for brands such as Dior, Fendi and Givenchy, made its first brand acquisition with the purchase of French high-end sunglass brand Vuarnet. Thelios aims to restore the brand’s former glory while gaining expertise in mineral lenses. L Catterton, the LVMH-backed private equity firm, also made a strategic investment in the beauty sector by acquiring a minority stake in Swedish hair care brand Maria Nila. The partnership will help the brand to expand its suite of products and global reach while strengthening L Catterton’s position in the beauty sector.
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Audemars Piguet CEO Set to Exit with Record Sales
After a 30-year career at the Swiss watchmaker and a 10-year stint as CEO, leading the company, CEO François-Henry Bennahmias is set to be replaced by former P&G executive Ilaria Resta at the end of this year. Sales at Audemars Piguet are headed towards another record in 2023, reaching $2.7 billion, with demand for its timepieces remaining strong. Audemars Piguet ranks as the 4th Swiss brand by revenue, having generated just over $2.2 billion in sales in 2022, mostly at its own branded stores. The watchmaker is increasing production by double-digit percentages annually, aiming to reach around 56,000 watches a year by 2025, while raising prices by 2% to 3%. While the brand has been doing exceptionally well it is not insulated from the slowing global economy, according to the CEO.
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Richemont Creates New Beauty Division
Amid a booming luxury fragrance market, Richemont is investing in the space by creating the new Laboratoire de Haute Parfumerie et Beauté division. To lead this effort, it has appointed a new division CEO, Boet Brinkgreve. Rivals are also investing significantly in this growing market as Kering acquired Creed in its first beauty acquisition for $3.8 billion in June while Puig acquired DTC fragrance brand Byredo last year. Luxury brands see the beauty category as an opportunity to drive growth by penetrating a wider consumer audience and benefitting from scalability and higher margins. Richemont’s new division will support the company’s brands that sell fragrances, including Cartier, Van Cleef & Arpels, Chloé, Dunhill, Alaïa and Montblanc, to reach critical mass in this highly competitive field.
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Loro Piana Renews Partnership with Juventus
Loro Piana has renewed its partnership with Italian football club Juventus for the 2023-2024 season. The team will be wearing a Loro Piana wardrobe during official events, pre and postgame moments included. The brand has been dressing the athletes in specially designed premium apparel since 2021 and in 2022 ventured into partnership with the women’s teams. Luxury brands across multiple categories are aligning with the world of sports, through ambassadorships and partnerships, a most recent example being Tiffany and its partnership with this year’s US Open.
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