Kering Launching Circularity Hub for Gucci
Kering is launching an innovation platform to promote circularity in fashion. The goal is to position Gucci's Italian manufacturing facilities as a model in circularity. With an initial investment of €15 million, the hub will involve Gucci's production sites, raw material suppliers and manufacturers to implement recovery, recycling and reuse processes. This serves to promote Gucci's eco-friendly practices in anticipation of a likely EU regulation to accelerate the circular economy.
Mugler and H&M Collaborate on Collection
H&M plans to launch a new SS collection in collaboration with Mugler. The partnership is intended to boost profits for H&M. Mugler has been enjoying celebrity-driven positive publicity, while H&M has experienced a cost-related drop in profits. This collaboration is one more in a long history of collaborations between H&M and a luxury brand. The strategy was pursued by H&M in 2004, collaborating with the likes of Karl Lagerfeld, Versace, Kenzo, Isabel Marant, Lanvin and Balmain.
LVMH Relaunches Swiss Watchmaker Daniel Roth
LVMH has announced the relaunch of Swiss watchmaker Daniel Roth, previously part of Bvlgari, to be operated independently of Bvlgari going forward. This is part of LVMH's ongoing expansion in the sector and taps into the tremendous growth that the luxury watch industry has been experiencing lately. The relaunch of the brand will debut with a set of 20 timepieces (the "souscriptions" series) to be unveiled in the 2nd half of 2023.
Louis Vuitton Signs J-Hope as New Global Ambassador
Louis Vuitton has selected K-pop singer J-Hope as the brand's newest global ambassador. In addition to being a member of BTS, J-Hope has a thriving solo musical career. An increasing number of luxury companies are signing K-Pop artists to capitalize on the genre's new global appeal and its young, die-hard fanbase. Dior signed Jimin in January and Valentino has a deal with Suga; both are also members of BTS.
Farfetch Q4 Revenue Drops
Farfetch reported a 5% revenue drop to $629 million in Q4, albeit still beating analyst expectations. For the full year of 2022, revenues grew by 3% to $2.3 billion. Suspended trade in Russia, China's Covid restrictions and U.S. inflationary pressures have all impacted sales. In addition to the proposed acquisition of Yoox Net-à-Porter from Richemont, future strategic moves include partnerships with Neman Marcus Group and Ferragamo, set to launch in Q1 2023.
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