Luxury Headlines – 14/10/2024
Luxury Headlines – 14/10/2024
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Gucci Names New Executives
Gucci has strengthened its strategic transformation and revitalization with two key appointments this week. Stefano Cantino, the brand's deputy chief executive, has been promoted to CEO, succeeding Jean-François Palus. Additionally, Cayetano Fabry, formerly the president of the EMEA region at Saint Laurent, has joined Gucci as the new chief commercial officer. Both executives bring a wealth of experience from luxury houses like Louis Vuitton and Prada, which will undoubtedly contribute to the brand's revitalization efforts.
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ABG and Saks Global Join Forces for New Luxury Venture
Authentic Brands Group (ABG) and Saks Global have formed a new joint venture, Authentic Luxury Group (ALG), to revitalize and expand luxury brands. ALG will serve as an incubator, enabling brands to explore opportunities beyond traditional fashion, such as hospitality, real estate, and more. Barneys New York, an ABG brand, will be the first to undergo a revitalization under ALG. Given the challenges faced by the luxury fashion industry, including increased competition and slower consumer demand, ALG could provide a strategic advantage for brands seeking to expand into new sectors.
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Moose Knuckles Receives Funding from Bosideng
China’s largest retailer and manufacturer of down coats, Bosideng has invested in Moose Knuckles, a Canadian outerwear brand. While the specific terms of the deal were not disclosed, Cathay Capital, a private equity firm, continues to hold a controlling stake in Moose Knuckles. With Bosideng's provided funding and expertise, Moose Knuckles will be able to expand globally and strengthen its presence in the Asian market. Known for its premium parkas and faux-fur outerwear, Moose Knuckles currently operates 36 stores across various regions.
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Vestiaire Collective Leverages AI and Appoints New Tech Leaders
Vestiaire Collective, a resale fashion platform has expanded its investment in AI to strengthen its tech strategy globally and improve customer experience. The platform has recently launched an AI-powered search engine that translates keyword searches into image patterns. To further strengthen its tech capabilities, the company has appointed two experienced professionals, Stacia Carr as Chief Technology and Product Officer and Jim Freeman as a board member and tech advisor.
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Lamborghini Honors Growing Community of Female Drivers
Lamborghini hosted their second annual #SHEdrivesalambo retreat in Sedona, Arizona, from October 4th to 6th. This exclusive event gathered 35 female Lamborghini owners to celebrate their passion for driving and adventure. Hosted at Ambiente, A Landscape Hotel, attendees had the opportunity to experience a variety of Lamborghini models, including the Huracán Sterrato, Huracán Tecnica, Huracán STO, the hybrid V12 plug-in Revuelto PHEV, and newly launched models. In addition to driving, guests enjoyed a full itinerary of activities, such as off-road adventures, live music, wellness experiences, and yoga sessions at Red Rock State Park.
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Merit Beauty Ventures into Fragrance Market
Merit, a millennial beauty brand founded in 2020 by Katherine Power has expanded its product line to fragrance. Responding to customer demand, the brand has introduced its first fragrance, Retrospect, launching on October 22nd. The 30 ml bottle, priced at £79, is a creation of master French perfumer Fanny Bal. This fragrance launch marks a significant milestone for Merit, demonstrating the brand's growth. A waiting list for Retrospect opened on October 8th.
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