Luxury Headlines – 20/05/2024
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Louis Vuitton Unveils 37th Edition of Americas Cup Capsule Collection.
Louis Vuitton, sponsor of the America’s Cup, the world’s oldest international sporting trophy, is launching a capsule collection in parallel with the 37th edition of the competition this August, in Barcelona. In a spectacular catwalk on Thursday May 23rd, in Barcelona, the collection will display sporty chic pieces inspired by yachting motifs and deep-water ocean gear. The collection will be available in stores on July 18.
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Richemont Appoints New Group CEO, Nicolas Bos
Nicolas Bos, currently head of Richemont-owned jewelry brand Van Cleef & Arpels, will be in charge starting June 1st as new Richemont CEO. Chairman Johann Rupert will delegate some direct management responsibilities to Bos. The current CEO, Jérôme Lambert, will keep his board seat but take on a new role as COO reporting to Bos. A replacement for Bos at Van Cleef & Arpels has been identified but has not been announced publicly.
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BMW Unveils New Model XM Mystique at Cannes Film Festival
With a more luxurious vision, BMW unveiled their first ever tailored car inspired by supermodel Naomi Campbell in collaboration with Oscar-winning composer Hans Zimmer. Presented for the first time ever at Cannes Film Festival 2024, BMW XM Mystique Allure was tailored with a unique blend of high fashion materials using Naomi's favorite color. Zimmer used his expertise to add a unique soundscape that complements the car’s unique design. BMW is the official partner of Cannes Film Festival for the third consecutive year.
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Michael Rider Leaving Polo Ralph Lauren
Michael Rider, creative director of Polo Ralph Lauren women is stepping down at the end of May. Rider joined Ralph Lauren in 2018 and was credited for bringing the Polo line to a more luxurious market segment. There is speculation suggesting that Rider might be the top candidate for the creative director role at the LVMH owned brand Celine, following Hedi Slimane. Karen Brown, with 18 years of experience at Ralph Lauren, will be Rider’s successor.
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Mytheresa Reports Strong Growth, Eyes Going Private and Net-a-Porter Acquisition
Luxury e-tailer Mytheresa has posted exceptional results, with a 18% increase in sales to €234 million ($235 million) for fiscal Q3. The company anticipates a 13% growth in sales for the full year. Sales increases are heavily driven by targeting high-spending customers with exclusive collections from top luxury brands and big events. Mytheresa has reportedly expressed interest in acquiring Richemont e-commerce platform Yoox-Net-a-Porter. To fund this acquisition, Mytheresa might be planning to go private. The company believes in the success of its focus on high-spending clients, although with more companies creating their own DTC channels, the cost of acquiring customers is going to continue to increase. While Mytheresa has posted strong financial performance in terms of sales and profitability, the company stock is 80% lower than at the time of its IPO in January 2021, although it gained 50% this year.
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