Rolex Acquires Bucherer in Major Retail Move
In a strategic move to establish a major presence in DTC (direct to consumer) sales, Rolex announced the acquisition of luxury retailer and long-time partner Bucherer, which owns 100 stores worldwide. The company will continue to operate independently under the Bucherer name, while also selling other watch brands. This acquisition not only allows Rolex to sell its watches through owned retail, providing it with optimal control over the distribution of its new and pre-owned watches, but also an enhanced ability to control its branding, marketing, and customer experience in stores. It is an unprecedented move in the W&J industry and is part of a dynamic reshaping of the industry.
Rolls-Royce Partners With Vacheron Constantin for Custom Build
Rolls-Royce’s Coachbuild, its customization service, and Vacheron Constantin collaborated to create a highly complex bespoke watch that is designed to fit into the interior of a custom one-off Rolls Royce Droptail. According to Rolls-Royce, such partnerships are key to enhancing Rolls Royce’s customization abilities and providing customers with true uniqueness.
Brunello Cucinelli Raises 2023 Sales Guidance
For the third consecutive time this year, Brunello Cucinelli has raised its FY2023 sales guidance following a 31.9% increase in net profit for the first half of the year. The brand adjusted its guidance upwards from the original 17-19% range released in July, due to an excellent start to sales at the boutiques of the Autumn-Winter collections. The company expects a sales increase of around 19% for the end of FY2023 and a 10% increase in sales for FY2024.
Tiffany & Co. Creates AR (Augmented Reality) Mirror With Digital Diamonds For US Open
Partnering with Snap, Tiffany unveiled an AR mirror at the New York US Open, which allowed visitors to interact with a digital diamond-encrusted tennis racket and the trophies created by Tiffany. This project represents many trends, including the ability for AR to provide enhanced access to luxury goods, luxury’s engagement with sports and the creation of elevated experiences.
Estée Lauder Furthers Partnership With Google Cloud
Using AI (Artificial Intelligence) from Google Cloud, Estée Lauder is bringing new digital experiences to its clientele. By implementing systems to monitor consumers’ sentiments and feedback, the company aims to better translate its upscale nature to the online space, offering high-touch, personalized experiences. Internally, Estée Lauder will be using PaLM 2, an AI language, to monitor mentions of itself on social media, in its call center operations and more, to better adapt to consumer interests and feedback.
Gucci Appoints Alessio Vannetti as Chief Brand Officer
Alessio Vannetti, former Chief Brand Officer of Valentino and Director of Global Communications for Gucci, has been appointed Executive Vice President and Chief Brand Officer at Gucci. Following the departure of CEO Marco Bizzarri, Vannetti is tasked with reasserting Gucci’s heritage story, cultivating a more consistent brand message, and building excitement for new designer and creative designer, Sabato de Sarno.
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