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Kering Eyewear Acquires UNT
Kering has announced the acquisition of French manufacturing company Usinage & Nouvelles Technologies (UNT). Founded in 1989, the company has been a long-term and trusted partner of kering, manufacturing metal and mechanical parts for eyewear and watches. With this acquisition, kering is leveraging an opportunity to create a luxury eyewear platform that handles all aspects of production, with top manufacturing capabilities, facilities and talent. Kering Eyewear includes brands like Gucci, saint Laurent, Balenciaga and Bottega Veneta.
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Kering Announces New Climate Goal
Kering has a new target goal of 40% absolute emissions reduction, to be reached across the supply chain by 2023. This stems from a realization that efforts need to be intensified after the world hit a new record in global carbon emissions in 2022. While Kering reduced its footprint in relative terms to sales by 40% between 2015 and 2021, in absolute terms it grew by 30%. In 2021 this trend shifted with environmental efficiencies offsetting footprint for the first time due to increased measures. Luxury leaders like Kering are at the forefront of companies making efforts to mitigate the effects of the climate crisis.
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L'Oréal and Permira Compete for Aesop Stake
French beauty giant L'Oréal and private equity firm Permira have both reached the second stage of bidding rounds for a stake in the Australian beauty brand Aesop. Aesop is currently valued at $2 billion and owned by Brazilian cosmetics maker Natura & Co. Binding bids are due in the next few weeks, and rumor has it that buyout firm KKR & Co. and Japanese beauty group Shiseido & Co. may be considering bids.
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Cucinelli Raises 2023 Forecast
Brunello Cucinelli raised growth projections for the 2023 revenue to 15% due to a very promising start in the first business quarter (up from 12%). The first quarter earnings, before interest and taxes, reached €134.4 million compared to the €133 million guidance. 2022 was a record year with net profit doubling by 54.9% to reach €87.2 million. 2022 net revenues grew to €919.7 million (29.1% year over year growth) with every region posting robust growth. For 2023, Cucinelli is planning on more retail expansion and aiming to reinforce its position in Asia where it sees development potential, especially in China.
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Burberry Appoints New CFO
Burberry has appointed Kate Ferry to be the group's new CFO starting September 2023. Previously, Ferry was CFO for supercar maker McLaren Group and brings with her extensive experience in the luxury industry, strategy and public markets. Jonathan Akeroyd, the new CEO of Burberry, continues to strengthen his senior team to reach his ambitious objective of doubling the brand's revenues to $5 billion in the medium-term.
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