Luxury Headlines – 20/1/2025
Luxury Headlines – 20/1/2025
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Richemont Posts 10% Sales Increase in Q3 2025
Richemont announced exceptional Q3 FY2025 results, with sales increasing 10% at constant exchange rates to €6.2 billion, achieving the highest-ever quarterly sales. This robust performance was driven by strong demand across most regions, fueled by a combination of local demand and tourism. The Americas led with a 22% increase, followed by the Middle East and Africa at 20%, and Europe and Japan at 19%. While Asia Pacific sales declined by 7%, primarily due to an 18% decrease in Mainland China, Hong Kong, and Macau, other Asian markets demonstrated improvement, with notable double-digit growth observed in Korea. All distribution channels contributed to positive sales growth. Retail sales increased by 11%, driven by the strong performance of the Jewelry Maisons, which now account for 71% of Group sales. Wholesale sales rose by 4%, with growth in the Jewelry Maisons and "Other" businesses offsetting a decline in Specialist Watchmakers. The online retail channel continued to demonstrate significant growth, increasing by 17%, also led by the Jewelry Maisons and "Other" business segments. Key business segments delivered strong results. Jewelry Maisons, including Buccellati, Cartier, Van Cleef & Arpels, and Vhernier, achieved 14% growth. This growth was driven by strong demand for iconic jewelry and watch lines, further bolstered by the success of new product introductions, particularly during the holiday season. Specialist Watchmakers experienced a moderated decline of 8% in Q3, compared to a 16% decline in the first half. Meanwhile, the "Other" business area, encompassing Fashion and Accessories Maisons, recorded an 11% sales increase.
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The Ritz-Carlton Debuts First Hotel in Bangkok
Marriott International’s luxury hospitality brand, The Ritz-Carlton, has unveiled its newest and first property in Bangkok. The Ritz-Carlton Bangkok occupies the first 25 floors with 260 rooms of One Bangkok Tower, an under-construction mixed-use property. The hotel offers a range of luxurious amenities, including fine dining, a spa, a rooftop lounge, and the largest ballroom in the city. The Ritz-Carlton, Bangkok officially opened its doors on January 8th 2025.
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Brunello Cucinelli Reports Strong 2024 Preliminary Results
Italian luxury group Brunello Cucinelli announced its preliminary 2024 results, reporting a 12.4% revenue increase at constant exchange rates to $1.31 billion, exceeding previous guidance. This strong performance was driven by robust sales in the final weeks of the year, with double-digit growth in the Americas and Asia. Notably, Q4 turnover surged by 11.6%. Brunello Cucinelli maintains its forecast of 10% annual revenue growth for both 2025 and 2026. Full-year results will be announced on March 13.
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Messika Joins the Comité Colbert
The Comité Colbert, the prestigious association representing the finest French luxury houses, has welcomed Messika as a new member. Celebrating its 20th anniversary this year, the French jewelry house has 90 boutiques worldwide and a presence in 550 multi-brand stores across 85 countries. Founded in 1954 by Jean-Jacques Guerlain, the Comité Colbert aims to promote French luxury and craftsmanship worldwide. Messika's membership will further solidify its position as a leading luxury brand and contribute to this esteemed mission.
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End of an Era for Ronald Lauder at Estée Lauder Companies
Ronald S. Lauder has retired from the US beauty group Estée Lauder after more than 50 years of service on the Board of Directors. His son-in-law, Eric Zinterhofer, has been appointed as his successor, ensuring continued family involvement in the company's leadership. His daughter, Jane Lauder, will also continue to serve on the board in her current position. This transition marks the end of an era for Ronald Lauder, who played a significant role in the company's success over several decades.
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Louvre Paris Presents First Fashion Exhibition
The Louvre Museum has unveiled "Louvre Couture," its first-ever dedicated fashion exhibition, showcasing 71 looks and 30 accessories from January 24th to July 21st. The exhibition will showcase the work of 45 designers and Maisons like Alexander McQueen and Jacquemus alongside archival pieces from iconic houses like Loewe and Mugler. This event aims to display the deep connections and influences that exist between fashion and art. To celebrate this occasion, the Louvre in partnership with Visa Infinite, will host the Grand Dîner du Louvre on March 4th to support the Louvre's activities and will be attended by prominent figures from the fashion world.
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Youngor Acquires French Luxury Childrenswear Brand Bonpoint
French luxury children's apparel brand Bonpoint has been acquired by Youngor, a publicly traded Chinese company, for €200 million from EPI Holding. Founded in 1975 by a French couple, Bonpoint has enjoyed a significant presence in French and international fashion scenes. Acquired by EPI Holding in 2007, the brand expanded its reach, particularly in the Chinese market. Youngor, a conglomerate with a diversified portfolio encompassing textiles, real estate, hospitality, transportation, and logistics, is poised to leverage its resources to drive Bonpoint's international expansion and growth further.
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