Luxury Headlines – 04/11/2024
Luxury Headlines – 04/11/2024
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Moncler Publishes Third Quarter Results
Moncler reported revenues of €1.9 billion for the first nine months of the year, translating into a 6% increase at constant exchange rates. Q3 2024 saw a decline of -3% year-over-year at constant exchange rates, with a resulting €636 million in revenues for the quarter. This was due to a challenging macroeconomic context, a decline in the wholesale channel, as well as the ongoing clean-up of the distribution network. For Moncler and Stone Island brands, revenues increased by 8% and 5%, respectively, for the period ending 9 months. While Stone Island's and Moncler’s DTC revenues increased by 28% Moncler and DTC revenues remained flat.
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Chanel Wins Legal Battle Against Shoemaker Jonak
A Paris court has ruled in favor of Chanel in a lawsuit against French shoemaker Jonak for design infringement. The Paris Court of Appeal has found that Jonak's "Dhapou" and "Dhapop" shoes are exact replicas of Chanel's iconic slingback design, originally designed by Gabrielle Chanel in 1957. A court ordered Jonak to pay €150,000 in economic damages and €30,000 in moral damages to Chanel. Additionally, Jonak must remove the counterfeit shoe models from the market within one month, facing a daily fine of €1,000 for non-compliance.
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Puig Reports Strong Third Quarter Results
Puig has reported very robust results for Q3 2024, with an 11% increase in revenue, reaching €1.26 billion, and accelerating growth in Q3 compared to the prior quarter. With less exposure to the Chinese market, Puig's revenue growth was driven by strong performances across Europe, the Middle East, and Africa, which contributed over 50% of net sales and grew 14% in the past quarter. The Americas also saw a significant growth of 9.8%, primarily driven by the US market. APAC, while accounting for only 8% of total sales, experienced modest growth. Sales in Puig's fragrance business, the primary revenue driver, increased by 11%. Makeup sales increased 7.3% in Q3, driven by strong performance in EMEA. Skincare sales also saw a significant growth of 18.6%, driven by the strong performance of dermo-cosmetics brands. For the first nine months of 2024, Puig achieved €3.428 billion in revenue, up 9.6% year-over-year at constant exchange rates. The company remains optimistic about its growth prospects, leveraging its strong brand portfolio, innovative products, and strategic investments.
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Estée Lauder Names Stéphane de La Faverie as New CEO
Stéphane de La Faverie, a longtime executive at Estée Lauder with ties to the founding family, has been appointed as the new CEO. Succeeding Fabrizio Freda, de La Faverie joined Estée Lauder in 2011, bringing with him extensive experience from L'Oréal. Following a decline in stock value in 2022, de La Faverie partnered with Jane Lauder to implement a profit recovery plan focused on revitalizing core brands and improving its performance in the Asian market. Jane Lauder, Chief digital officer and the granddaughter of Estée Lauder founder is stepping down from her role by the end of 2024.
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Aston Martin Lagonda Global Holdings Reveals Third Quarter Results
For Q3 2024, Aston Martin reported an 8% increase in revenue to £391.6 million. This growth was driven by a 14% increase in wholesale volumes, primarily due to the introduction of new models like the Vantage and DBX707. Despite global economic challenges, especially in China, Aston Martin remains focused on leveraging its new product lineup to drive future growth.
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Jacquemus Eyes Minority Investor to Fuel Growth and Expansion
French luxury fashion house Jacquemus is seeking a minority investor to fuel its expansion into beauty and support its retail presence growth. The brand has engaged Rothschild & Co. to identify a suitable partner to maintain a minority stake, ensuring Jacquemus retains its independence. This move follows a previously dissolved partnership with Puig, which acquired a 10% stake in the brand in 2021. In addition, the brand is preparing a new store opening in London's Mayfair on November 15th.
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Porsche Unveils Limited Edition Espresso Machine with La Marzocco
Luxury automotive brand Porsche and Italian espresso machine manufacturer La Marzocco have unveiled a limited edition espresso machine inspired by the iconic Porsche 911 Carrera RSR. The machine is available in Porsche Slate Grey Neo or Martini Racing livery colors, with details and functional similarities that mimic Porsche driving mode gears.
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Schiaparelli Opens First Physical Pop-Up in Shanghai
French luxury fashion house Schiaparelli has made a debut in Asia with a temporary pop-up store, "Through the Keyhole," in Shanghai's Plaza 66 mall. Until November 8th, the store's interior will echo the brand's historic 21 Place Vendôme address. While this marks Schiaparelli's first physical retail store in Asia, the brand has maintained its regional presence through an e-commerce platform. In addition to its Parisian flagship, Schiaparelli also operates permanent boutiques at Harrods, Bergdorf Goodman, and Neiman Marcus.
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