Luxury Headlines – 16/07/2024
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Louis Vuitton Releases New Collaboration with Timberland
LVMH-owned Louis Vuitton announced its collaboration with US brand Timberland on a capsule collection by Pharell Williams for Fall/Winter 2024. This collection will launch on the LV website on July 18th and arrive in selected international boutiques on August 8th. The collection reinterprets workwear classics with a touch of luxury and includes durable and stylish ready-to-wear accessories, footwear, and handcrafted boots. Offered in two main designs with limited pieces, the LV 6-inch and LV boot are quintessentially Timberland but with an LV twist. This collaboration is another notable example of the recent Gorpcore movement in fashion and the continued expectations for commercial success from luxury-streetwear collaborations.
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Joshua Schulman Takes Over as CEO of Burberry
Burberry has announced Joshua Schulman as the new CEO starting July 17th, succeeding former CEO Jonathan Akeroyd. Schulman, with his extensive portfolio of leadership positions at Michael Kors, Coach, Bergdorf Goodman, Jimmy Choo, YSL, and Gucci, is set to bring his experience and innovative vision to the luxury fashion house. Despite the creative revamp and strategic efforts led by Chief Creative Officer Daniel Lee, the sales environment, particularly in the US and China, has remained challenging for Burberry. Schulman’s proven track record in the industry aims to drive Burberry's growth and success in these key markets.
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Beauty Giant Puig Added To Spain’s IBEX 35 Index
On the heels of its recent IPO, Puig will be added to Spain’s IBEX 35 Index on July 22, replacing Melia Hotels. The company is majority-owned by the Puig family and has a portfolio of luxury brands like Byredo and Charlotte Tilbury. This move has positioned Puig as a strong competitor in the beauty industry, joining the ranks of Estée Lauder and L’Oréal. Puig's stock has risen more than 3% since its IPO, with a current share price of around EU25, valuing Puig at more than €14 billion ($15 billion). Both Bank of America and JP Morgan anticipate continued exceptionally robust sales growth for Puig, highlighting the potential for mergers and acquisitions supported by proceeds from the IPO.
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Christian Louboutin Secures Stake in Hospitality Group Experimental
French fashion designer Christian Louboutin has acquired a minority stake in Parisian hospitality group Experimental Group, joining existing shareholders Jean Moueix and Brookfield Asset Management. Louboutin is the owner of the recently opened 13-room boutique hotel Vermelho outside of Lisbon. This additional investment reflects Louboutin's interest in hospitality and his passion for art, travel, and style, which will undoubtedly be an asset to the group as they expand into new destinations like Val d'Isère, Rome, and Paris. The Experimental Group owns 10 hotels across London, Paris, Ibiza, and more. They recently entered the US with a NYC wine bar, joining their existing locations in Paris and London.
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Messika Expands Store Network with First Boutique in South Korea
French luxury jewelry brand Messika has partnered with Bluebell Group to launch in the South Korean market. The new boutique is a 66sqm space on the 2nd floor of Lotte Avenue World Tower, where Messika is displaying its iconic Move collection next to other high-end Jewelry pieces. Korea’s love for fashion and luxury aligns with Messika’s DNA, making it a pivotal market for its strategic Asian expansion.
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Andrea Baldo Joins Mulberry as New CEO
British luxury fashion brand Mulberry has appointed Andrea Baldo as its new CEO, starting September 1st, succeeding former CEO Thierry Andretta. Baldo is known for his executive roles at Coccinelle, Marni Group, Diesel, and Ganni. His successful work at Ganni, particularly in sustainability measures and eco-friendly materials, will be instrumental as he continues Andretta's environmentally conscious strategy. The brand's goals for zero emissions, regeneration, and circularity will be key differentiation points.
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