Luxury Headlines – 23/12/2024
Luxury Headlines – 23/12/2024
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LVMH Invests in Anti-Aging Research
As the beauty market is projected to exceed $580 billion by 2027, the LVMH group announced a multi-year collaboration between LVMH Research division and US biotechnology company Integrated Biosciences. Based near San Francisco, Integrated Biosciences, specializing in anti-aging research, is using machine learning to rapidly screen a vast number of molecules for potential anti-aging properties. This partnership with LVMH aims to accelerate the development of new, more effective anti-aging products for the luxury beauty market.
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Capri Rumored to Consider Versace and Jimmy Choo Sell-Off
Rumors have surfaced that Capri Holdings is considering selling Versace and Jimmy Choo to focus on its most profitable brand, Michael Kors. This potential move comes after the company's failed merger attempt with Tapestry. Following these rumors, Capri's stock price increased 4% in after hours trading on December 13th. The sale of these brands could unlock significant value for Capri and allow it to concentrate on its core business, Michael Kors. Capri recently announced the appointment of John Idol as the new Chairman and CEO of Capri Holdings.
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LVMH Acquires a Historic Villa in Cannes
In one of the largest real estate deals ever recorded in Cannes, French luxury conglomerate LVMH has acquired the historic Villa Bagatelle. The villa, purchased for around $52.7 million, will serve as a venue for LVMH's brands' exclusive events during Cannes festivities and will also be rented out during the peak tourist season. In 2023, LVMH invested €2.45 billion globally in real estate. Additionally, the group announced the launch of a new entertainment division in February, designed to further enhance its marketing strategies.
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Puig Eyes Charlotte Tilbury Full Ownership
Spanish conglomerate Puig has extended its investment in Charlotte Tilbury until 2030, with plans to assume full ownership of the cosmetics brand by 2031. This decision follows a highly successful period since Puig's initial majority stake acquisition in 2020, during which Tilbury's net revenue more than tripled and significantly contributed to Puig's makeup category growth. Charlotte Tilbury MBE will retain a minority stake during the transition.
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Cospal Acquires Two L'Oréal Cosmetics Brands
L'Oréal has sold two of its lesser-known cosmetics brands, Decléor which discontinued in 2023, and Saint-Gervais Mont Blanc, to the French group Cospal. Led by Matthieu Lesieur, Cospal aims to revitalize these brands within the growing beauty and wellness market. Lesieur has a personal connection to Decléor, as his father previously owned the brand before selling it to Shiseido. The acquisition also includes the spa and skincare license for Saint-Gervais Mont Blanc, which attracts over 100,000 visitors annually.
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Dolce & Gabbana Opens Brand Center in Saudi Arabia
Dolce & Gabbana has opened one of its largest stores globally at Bujairi Terrace in Diriyah, Saudi Arabia. The 16,145-square-foot store displays the entire range of collections, including an exclusive abaya assortment for this flagship. It also features a dedicated beauty space with makeup counters, video walls, and private makeup rooms available by appointment. In addition, a DG Caffè is available, offering both Italian and Arabian coffee. The architecture of the store is inspired by Arab art and pays homage to the history of Diriyah.
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Bentley Home Expands to Saudi Arabia
Bentley has announced the opening of new standalone stores for Bentley Home in Riyadh and Jeddah, Saudi Arabia within Dar Al Arkan Interiors. The new stores will showcase both exclusive items from the 2024 collection, unveiled at Milan Design Week, and key pieces like the Styal desk, Camden table, and Loftus sofa. These displayed designs, crafted from sustainable materials, showcase the brand's design principles and align with Bentley's broader lifestyle brand identity.
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Vera Wang Acquired by WHP Global
Fashion Holding Company WHP has announced the acquisition of the intellectual property of Vera Wang. While financial terms were not disclosed, Vera Wang will continue to serve as the brand's founder and chief creative officer and will also become a shareholder in WHP. Under this partnership, the brand aims to reach new markets and expand into new categories.
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