Luxury Headlines – 13/03/2023
Luxury Headlines – 13/03/2023
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LVMH Appoints New Beauty Leadership Team
Stéphane Rinderknech, who joined LVMH after 20 years at L'Oréal USA, has been appointed CEO and Chairman of LVMH's Beauty Division, which includes brands such as Kenzo, Parfums Christian Dior, and Guerlain. Additionally, Rinderknech currently holds the position of Chairman and CEO of LVMH Hospitality Excellence. Véronique Courtois, who was heading Guerlain prior to this, will be appointed President and CEO of Parfums Christian Dior and Gabrielle Saint-Genis Rodriguez will be CEO of Guerlain. With these appointments, LVMH aims to compete more aggressively in the beauty market.
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Hermès Blocks Metabirkin NFT Sales
Through a request for a permanent injunction, Hermès asked a court to block the original creator of the Metabirkins, Mason Rothschild, from promoting and selling any product that uses the Metabirkins trademark. Additionally, the motion proposes that any Metabirkins NFTs in the creator's possession should be transferred to an Hermès-designated crypto wallet, including the smart contract which is used to automate the execution of an agreement, the Metabirkins domain name and social media pages. While Hermès cannot remove existing NFTs from the market, this signals to previous buyers a threat of potential legal consequences from selling their Metabirkins NFTs.
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Gucci Steps Into Resale
As part of its circular strategy, Gucci Continuum and Gucci Preloved were launched following the brand's Circular Hub announcement. Gucci Continuum will focus on collections of up-cycled products made from Gucci deadstock materials and designed by creative collaborators, such as Vans, Alice Pons, and Alpha Industries. On the other hand, Gucci Preloved will focus on resale, as an extension of the brand's partnership with Vestiaire Collective, particularly for the most iconic Gucci products. As Gucci adapts its entire supply and value chain, the aim is to increase customer awareness on circularity, but also build a model for other fashion companies to follow.
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Prada Reports Stellar Revenue Growth for FY22
Prada Group, owner of Prada, Miu Miu, Church's and Car Shoe reported net revenues of €4.2 billion for 2022, representing a growth of 21% year-over-year. Retail sales rose significantly by 23.8% to C3.7 billion, with growth stemming from organic expansion of its top brands and sale growth across all product categories. Apart from the impact on APAC due to lockdowns in China, every region reported double-digit growth compared with 2021. For the second consecutive year, Prada has ranked as one of the 15 fastest growing brands, achieving 20% year-over-year value growth. Brand momentum, focus on customer engagement, and strategic execution underpin this most recent success.
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Toteme Expanding in Asia via South Korea Entry Strategy
Toteme, launched in 2014, is a fast-growing Swedish brand and darling of fashion insiders. The brand is now worth more than €100 million and is expanding in Asia. The brand already has stores in Stockholm, New York and Shanghai and has now opened two stores in Seoul, South Korea. Attributed to the global appeal of Korean pop culture, Korea has become a hotspot for fashion brands, especially in luxury, since there is a burgeoning appetite for luxury goods. With these new openings, Toteme is positioning itself to become a truly global brand.
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