Luxury Headlines – 24/2/2025
Luxury Headlines – 24/2/2025
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Hermès Enters the Haute Couture World
French luxury group Hermès, renowned for its exceptional craftsmanship, is poised to solidify its ultra-luxury status by entering the haute couture world. The French luxury house has announced its first haute couture collection, which is planned to debut in Paris Haute Couture Week in 2026-2027. This move, pioneered by CEO Axel Dumas and reinforced by the brand's robust 2024 results, positions Hermès to compete with established haute couture powerhouses like Chanel, Dior, and others, further enhancing its desirability
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Saks Global Presents New Payment Terms to Vendors
Saks Global, the newly formed retail group comprising Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, has changed its business model and vendor payment terms. To cut costs and streamline operations, Saks Global CEO Marc Metrick announced a move away from the traditional multi-brand model. Effective immediately, vendor payments will be made 90 days after inventory receipt, representing a significant change from the prior terms of payment on receipt. Metrick also stated that Saks Global will work with smaller brands individually to address their payment terms.
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Nike and Skims Collaborate on Athletic Shapewear
Nike Inc. and Skims have partnered to launch NikeSkims, a new fitness brand designed specifically for women. This collaboration brings together the sculpting and body-positive focus of Kim Kardashian's Skims brand with Nike's expertise in performance to develop an extensive line of apparel, footwear, and accessories. The debut collection is scheduled for release this spring, with global expansion planned for 2026. This partnership underscores Nike's renewed emphasis on women athletes under the leadership of CEO Elliott Hill, a commitment recently highlighted by the company's first Super Bowl advertisement in decades.
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Prada Assesses Versace Take Over
Prada SpA is evaluating a potential acquisition of Versace, the Italian fashion brand owned by Capri Holdings. Prada has commenced a due diligence process, according to the Italian website The Platform, reviewing Versace's recent financial performance and data. This comes after Versace reported a 15% year over year revenue decline to $193 million and an increased operating loss of $21 million for Q3. While Prada is exploring this possible bid, no formal offer is guaranteed.
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Dolce & Gabbana Opens World's First Beauty and Accessories Store
Dolce & Gabbana has opened a new flagship store in London's Covent Garden, combining beauty and accessories offerings for the first time globally. Located in the historic Market Building within Shaftesbury Capital's estate, this opening marks the brand's return to the area after a successful pop-up in 2022. The store features an exclusive range of cosmetics and fragrances, a dedicated makeup consultation area, and an accessories section, including sunglasses.
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Kering Appoints General Secretary and Strategy Chief
Kering has appointed a new General Secretary and Strategy Chief as part of a plan to strengthen executive management. Mélanie Flouquet is being promoted from chief strategy officer to general secretary, a newly created position that aims to “strengthen Kering’s governance and risk management globally,” the group said in a statement. Former BCG director Joël Hazan will step into Flouquet’s role as chief strategy and development officer, with both new positions taking effect on March 1.
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Huda Beauty Sells Kayali to Co-founder and General Atlantic
Dubai-based beauty brand Huda Beauty has announced a restructuring of its ownership, centered around its fragrance division, Kayali. Co-founder Mona Kattan, along with private equity firm General Atlantic, will buy back Kayali from TSG Partners. The brand will proceed to function as an independent entity with Mona as CEO. This strategic move also allows the founders of Huda Beauty to regain full ownership of the parent company, repurchasing the stake held by TSG Consumer Partners since 2017. Financial details of the transaction were not disclosed.
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