Luxury Headlines – 2/12/2024
Luxury Headlines – 2/12/2024
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Jaguar Reveals Rebranding to EVs
UK luxury automaker Jaguar has unveiled a new brand identity in a campaign featuring avant-garde aesthetics and bold colors. The rebranding comes as Jaguar prepares to transition to an all-electric lineup by 2026, with a new logo styled as "JaGuar" replacing the iconic feline emblem. The relaunch campaign generated significant buzz online and skepticism around the rebranding success. Jaguar will reveal a new “Design Vision Concept” on December 2nd at Miami Art Week.
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Printemps Stores Accepts Cryptocurrency Payments
The French luxury retailer, Printemps has announced that it will be one of the first major retailers in Europe to accept cryptocurrency payments. This futuristic move is made possible through a partnership with Binance and French fintech Lyzi. Customers can now purchase items by simply scanning a QR code and selecting their preferred cryptocurrency, such as Bitcoin or Ethereum. To safeguard against potential price fluctuations in the cryptocurrency market, payments will be automatically converted to Euros upon transaction.
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Chow Tai Fook Posts Resilient Results Amidst Market Challenges
Chinese jeweler Chow Tai Fook has released first-half financial results for fiscal year 2025. Despite a 20.4% revenue decline to HK$39.4 billion, the company maintained a resilient operating profit, increasing by 4.0% to HK$6.78 billion. This resulted in a 400-basis point improvement in the operating profit margin to 17.2%. The sales mix in gold jewelry and products RSV has doubled year-over-year to 14.2% during this period. The successful launch of the CTF Rouge Collection generated remarkable sales exceeding HK$1.5 billion RSV, since its launch in April. While the company faced challenges in Mainland China, Hong Kong, and Macau, with declining Same Store Sales (SSS), it achieved positive growth in other markets, including Singapore, Malaysia, Thailand, and Japan, driven by the resurgence of travel retail and robust domestic demand.
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Hublot Honors Novak Djokovic with a Unique Chronograph
Hublot has unveiled a unique timepiece to celebrate tennis legend Novak Djokovic's remarkable achievements. The Big Bang Unico Novak Djokovic watch is crafted from a blend of used materials like 25 of Djokovic's actual tennis racquets and 32 Lacoste polo shirts worn during the 2023 season. Limited to just 100 pieces, this exclusive timepiece is available for purchase both in-store and on Hublot's website, with a price tag of $52,700.
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Micheal Kors Names New Executives
After the failed merger with Tapestry, Capri-owned brand Michael Kors has implemented several changes to restore its growth. Capri CEO and Chairman John Idol has been appointed the new CEO of Michael Kors, succeeding Cedric Wilmotte. Additionally, Philippa Newman has been named the new Chief Product Officer. The brand plans to rejuvenate its wholesale business and shutter 75 stores in the next two years.
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