Luxury Headlines – 11/11/2024
Luxury Headlines – 11/11/2024
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Richemont Launches New Training Academy
Richemont has unveiled the "AZ Academy: Business for Designers" to support emerging talent in the fashion industry. With a registration fee of € 3000, the 12-month program, set to begin in January 2025, will enroll 18 selected students. The academy, inspired by the late Alber Elbaz, aims to provide young designers with a comprehensive education in business fundamentals, manufacturing, and collection development. The program will be delivered in partnership with Richemont's Creative Academy and Accademia Costume and Moda in Milan.
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LVMH Unveils Sustainability Initiatives
LVMH has announced new environmental commitments at the United Nations Biodiversity Conference (COP16) in Colombia. The luxury group aims to cut in half its greenhouse gas emissions by 2026 and align with the Paris Climate Agreement. In partnership with the World Wildlife Fund, LVMH plans to preserve 5 million hectares of rainforest by 2030. Additionally, LVMH will collaborate with Make.org to improve its sustainability strategies through global workshops and employee training.
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Elie Saab Appoints New Creative Head for Accessories
Luxury Lebanese Fashion House Elie Saab has appointed Marina Raphael as the artistic and design director of its handbag division. Raphael, a Greek Australian designer and a 6th generation member of the Swarovski family will remain the creative director of her own luxury handbag brand. This collaboration aims to strengthen the brand's identity and elevate the handbag division. Raphael's debut collection for Elie Saab is set for the January 2025 haute couture shows in Paris, and she is slated to deliver four ready-to-wear and two haute couture collections annually.
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Moncler Eyes Potential Takeover of Burberry
Rumors are circulating that Italian luxury fashion house Moncler has considered a potential acquisition of Burberry. This news has led to a significant surge in Burberry's share price. Moncler's interest in Burberry comes amid the British brand's recent struggles, including declining sales and profit in key markets like China and the US. However, it remains uncertain whether Moncler will proceed with a formal offer.
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Gucci Appoints New Communications Leadership
Kering-owned luxury label Gucci has announced the appointment of Valérie Leberichel as Senior Vice President of Global Communication, effective December 2024. This strategic move comes as the brand undergoes a period of restructuring under new CEO Stefano Cantino. Leberichel brings a wealth of experience from her time at prestigious brands like Givenchy, Miu Miu, and Celine. Additionally, Gucci has appointed Marcello Mastrogiacomo as Vice President of Digital Marketing and Media and Daniela Raganato as Head of Global Media. These appointments will play a crucial role in reinforcing the brand identity.
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Canada Goose Beats Q2 Analysts Expectations
Canada Goose Holdings has announced its Q2 financial results for fiscal year 2025, highlighting a robust performance in the China and Asia Pacific regions. Despite a 6% decline in overall revenue at constant exchange rates, the company exceeded analysts' expectations. This relatively positive outcome is attributed to strong demand in the Chinese market, which saw a 5.7% increase, fueled by the success of the brand's live shopping channel on Douyin. Additionally, the Asia Pacific region experienced a 3% growth. To further solidify its presence in China, Canada Goose opened two new standalone stores, fortifying its commitment to the market.
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Tapestry Beats Expectations for Q1 2025
Tapestry has reported better-than-expected Q1 results for the financial year 2025, with sales in the first quarter of 2025 (ended 28 September 2024) were in line with the same period a year prior, at $1.51 billion. The company has adjusted its full year guidance forecasting 2% growth and revenue around $6.75 billion. The company's performance was driven by the continued success of the Coach brand, particularly in Europe, where sales surged by 27% and Asia ex-Japan and China, where sales rose by 11%. At the same time the Americas and China experienced a decline in sales. Despite the recent setback related to the blocked acquisition of Michael Kors and in light of this promising performance, Tapestry remains optimistic about its future growth prospects. The company plans to focus on elevating its core brands, such as Coach and Kate Spade, and capitalize on their strong momentum.
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Vacheron Constantin Launches Pre-Owned Watch Channel
Vacheron Constantin, a Richemont-owned Swiss watchmaker, has entered the booming pre-owned watch market with its new Certified Pre-Owned (CPO) program. In partnership with Watchfinder, a leading pre-owned watch specialist, Constantin's CPO program offers a comprehensive range of services to ensure the authenticity and quality of pre-owned timepieces. Buyers can also benefit from a two-year warranty, a digital passport detailing the watch's history, and a physical certificate of authenticity.
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