Luxury Headlines – 21/10/2024
Luxury Headlines – 21/10/2024
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LVMH Demonstrates Resilience Despite Market Challenges
LVMH has reported revenue of €60.8 billion for the first 9 months of 2024, reflecting a 2% decline at constant exchange rates and remaining flat on an organic basis. While the overall revenue decreased slightly, the perfumes and cosmetics division experienced organic revenue growth of 5% driven by strong innovation and selective distribution. Dior, Givenchy, Fenty Beauty, and other brands demonstrated strong performance within the beauty and fragrance segment. Selective retailing also saw 6% growth, with Sephora leading the way in various markets. While the other segments, especially Watches and Jewelry, experienced some challenges compared to the prior period, they did exhibit resilience given the tough comparison basis, especially in Fashion and Leather Goods. This was largely underpinned by good momentum for Dior, Loewe, Rimowa and Loro Piana and the great visibility through the Olympic Games for Louis Vuitton and Christian Dior. Despite an uncertain macro-economic and geopolitical landscape, LVMH reiterated optimism for the future with continued focus on developing its brands through a sustained commitment to innovation, investment, and product quality.
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Prada Unveils Spacesuit for NASA's Artemis III Mission
Italian luxury fashion house Prada has collaborated with commercial space company Axiom Space to design a new suit for NASA’s Artemis III moon mission, scheduled for the second half of 2026. The all-white suit, featuring distinctive red accent lines that nod to Prada's sub-brand Linea Rossa, seamlessly blends science, technology, and art. The suit incorporates innovative features such as specially engineered boots and a heat-reflective material.
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Brunello Cucinelli Reports Growing Sales Despite Slowing Market
Italian luxury fashion house Brunello Cucinelli reported strong third-quarter sales of €300 million, up from €274.4 million last year and exceeding analysts' expectations of €296.8 million. The company has proven resilient to the industry-wide slowdown largely due to its focus on ultra-wealthy clientele. Nine-month sales reached €920.2 million, with a particularly strong performance in the Americas where sales grew 18%, and improvements across both retail and wholesale channels. The company maintains its forecast of 10% growth for the current year and expects similar growth rates for 2025 and 2026, with plans to double sales by the end of the decade compared to 2023 figures. Executive Chairman Brunello Cucinelli expressed confidence in future growth, citing "significant opportunities in the exclusive, true luxury market" for the brand.
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Tiffany & Co. Join Forces with the Nature Conservancy Organization
Tiffany & Co. has expanded its partnership with The Nature Conservancy, an American environmental nonprofit organization. The Love for Our Oceans initiative aims to raise $1 million for ocean conservation efforts, through the sale of T by Tiffany Smile cord bracelets. Crafted entirely from recycled ocean plastic and available in 18-karat yellow or rose gold, the 10 styles of T by Tiffany Smile cord bracelets range between 490$ and 990$. A portion of the proceeds made until October 14, will be donated to The Nature Conservancy. This partnership aligns with Tiffany's long-standing commitment to environmental sustainability. Tiffany & Co. and The Nature Conservancy have contributed over $6.5 million to conservation efforts worldwide.
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Louis Vuitton Unveils Its First Café with Cyril Lignac at Heathrow Airport
Louis Vuitton has announced the opening of a new store and a café at London Heathrow’s Terminal 2. In collaboration with world-class chef Cyril Lignac, the café features a menu of French-inspired cuisine including pastries and hot dishes offering a luxurious experience for travelers. The store’s aerodynamic façade designed by Marc Fornes complements the café’s warm and artistic atmosphere.
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Four Seasons Partners With Lucid
Four Seasons Hotels & Resorts has partnered with Lucid Group, a leading American electric vehicle manufacturer, to offer guests a sustainable luxury amenity. Starting in select Four Seasons properties in the United States, with North America, Europe, and the Middle East to be added to the program in the months following, Lucid will provide a selection of Lucid Air models for guests to use at no cost. This service will be expanded to other regions soon, aligning with both companies’ commitment to sustainability.
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Kim Jones Departs Fendi
LVMH group announced the departure of Fendi womenswear designer Kim Jones after 4 years at the Italian House. During his leadership, Jones disrupted the ready-to-wear and couture collections of the Maison by seamlessly blending its historical heritage with modern, cross-cultural aesthetics. Jones has held significant roles in the fashion industry, including designing menswear at Dior Men. A successor will be announced in due course.
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