Luxury Headlines – 16/9/2024
Luxury Headlines – 16/9/2024
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LVMH Eyes Formula 1 Sponsorship
The French luxury conglomerate LVMH is nearing the closure of a sponsorship deal with Formula 1 valued at approximately $150 million annually. The sponsorship would involve brands like Tag Heuer, Moët & Chandon Champagne, and other portfolio brands sponsoring F1 with displayed brand logos and products during races. F1 popularity has surged recently, driven by expanded race venues and the Netflix series "Drive to Survive”. Through its sponsorship of global sporting events, LVMH continues to reinforce its brand visibility and customer reach.
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Givenchy Appoints Sarah Burton as Creative Director
Following in Alexander McQueen's footsteps, Sarah Burton has been appointed Creative Director for Givenchy. Burton, who previously held the same role at McQueen for 13 years, will now oversee all women's and men's collections at Givenchy. Burton's inaugural collection for the LVMH-backed brand will be unveiled in March 2025 with the FW collection. Her impressive portfolio includes designing a wedding dress for the Princess of Wales in 2011 and receiving an OBE in 2012.
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Tapestry/Capri Deal Continues to Battle FTC Investigations
The Federal Trade Commission (FTC) has claimed that Tapestry's proposed $8 billion acquisition of Capri Holdings, owner of Michael Kors, would violate antitrust laws and reduce competition in the accessible luxury handbag market. To counter the FTC's claim of reduced competition, Tapestry showcased a diverse range of handbag brands in court, including DTC, demonstrating the various consumer options beyond Coach and Micheal Kors. Closing arguments for this case are scheduled for September 30th. A combined Tapestry and Capri Holdings would create a fashion conglomerate with a combined market capitalization of $13 billion, potentially creating a conglomerate capable of rivaling French luxury giants like LVMH and Kering.
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Ritz-Carlton Launches New Leading Employee Excellence Program
The Ritz-Carlton Hotel and Resort chain, owned by Marriott International, has introduced a new employee training program, "Leading Employee Excellence." Designed by the Ritz-Carlton Leadership Center, the program is inspired by the gold standard of the Ritz-Carlton and its service legacy. It will offer hospitality professionals insights into maintaining a culture of excellence within their teams by covering personalized leadership, proactive problem-solving, and building employee loyalty through empowerment.
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Chanel and L'Oréal Heirs Invest in The Row
The Olsen sisters’ fashion brand The Row, founded in 2006, has received a significant investment from luxury conglomerates. The Wertheimer brothers, owners of Chanel, and Françoise Bettencourt Meyers, heirs of the L'Oréal fortune, have acquired minority stakes through their respective family office, Mousse Partners and family vehicle Tethys Invest. Imaginary Ventures, co-founded by fashion entrepreneur Natalie Massenet, is a co-participant in the investment. The Olsen sisters will remain majority shareholders. The recent investments have valued the company at approximately $1 billion.
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Huda Beauty Explores Strategic Option for Kayali
Dubai-based beauty and skincare brand Huda Beauty is exploring the potential sale of part or all of its perfume division, Kayali. The cosmetics brand has hired Goldman Sachs to advise on a potential sale of its fragrance division. The rapidly growing fragrance arm founded and led by Mona Kattan emphasizes the art of layering scents inspired by the Middle East. The potential sale could allow the founders to buy out minority shareholders TSG Consumer Partners acquired in 2017. This move would enable Huda Beauty to pursue independent growth strategies.
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