Luxury Headlines – 03/04/2023
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Gucci Partners With Bored Ape Yacht Club Creator, Yuga Labs
As part of its web3 strategy, Gucci announced a multi-year partnership with Yuga Labs, a company which has released several well-known NFT collections such as the Bored Ape Yacht Club and runs a Bored Ape-themed virtual world called Otherside. Gucci previously collaborated with Yuga Labs on 10KTF, a narrative NFT project. The deal is strengthening Gucci’s positioning as a leader in metaverse innovation in luxury.
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Burberry Acquires Italian Supplier
Burberry is acquiring one of the business units of its long-term supplier, Pattern, for €21 million bringing product development for technical outerwear in-house. The group will integrate employees, equipment and inventory and will be able to boost control of quality, delivery and sustainability. This investment is indicative of Burberry Creative Director Daniel Lee’s strategy to place increased focus on outerwear.
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Estee Lauder Collaborates with Feng Chen Wang
Estée Lauder is releasing a new limited-edition makeup collaboration with Chinese designer Feng Chen Wang. The beauty brand is positioning itself for a post-Covid rebound and targeting younger consumers. The collection will be launching on March 31st during Shanghai Fashion Week, both in stores and online. Estée Lauder lowered its forecasts for 2023 following COVID disruptions in the region. However, the company is continually investing in the country, most notably by opening the China Innovation Labs in December 2022. This partnership is poised to rejuvenate Estee Lauder’s brand image.
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Richemont Launches Digital Anti-Theft Platform
Richemont has launched a global digital platform called Enquirus, allowing customers to upload information about their watches and jewelry. This information can be used by law enforcement, brands, and insurance companies to track stolen or lost goods. This is a measure to tackle luxury watch theft and to authenticate secondhand sales. This database was jointly developed by watch and jewelry manufacturers, law enforcement agencies, insurance companies, the resale market, and clients. It already includes information on over 175 luxury watch brands.
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Patek Philippe To Release New Model Line
Patek Philippe, one of the most coveted and still independent Swiss watchmakers, will introduce a new model line for the first time in almost a quarter century, a very significant event for this venerable brand. The company experienced a surge in demand for its Nautilus collection, especially during the pandemic, when prices soared to unprecedented levels. This overwhelming demand led the company to decrease its retail distribution network by 30% to preserve quality while dealing with limited capacity. The company stressed that it will continue to produce more modestly priced models in the $30,000-$40,000 range, and not only cater to ultra-wealthy demand.
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