Luxury Headlines – 28/10/2024
Luxury Headlines – 28/10/2024
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Chanel Sponsors Oxford-Cambridge Boat Race
In their first major sports sponsorship, Chanel has become the title sponsor and official timekeeper for The Boat Race, an annual rowing competition between Oxford and Cambridge universities, which dates back to nearly 200 years ago in 1829. Scheduled for April 13, 2025, the Chanel J12 Boat Race is named after the iconic J12 unisex watch model, inspired by J Class 12-meter race boats from the early 1900s. Chanel has been actively expanding its presence in the UK, including opening a new headquarters in 2018 and supporting cultural events.
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US Judge Blocks Tapestry-Capri Merger Operation
A US judge has blocked the proposed merger between Tapestry and Capri, valued at $8.5 billion, thus dealing a blow to the two fashion companies and setting an unusual precedent. Tapestry and Capri defended the merger, citing the competitive nature of the US handbag market and the potential benefit of competing effectively against European brands. However, the Federal Trade Commission ruled based on the argument that the merger would reduce competition in the US handbag market and lead to higher consumer prices. Had the merger been approved, it would have brought together six brands: Tapestry's Coach, Kate Spade, and Stuart Weitzman, and Capri's Versace, Jimmy Choo, and Michael Kors.
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Fondation Cartier Celebrates 40th Anniversary and Unveils New Location
In honor of its 40th anniversary, the Fondation Cartier will relocate to a new state-of-the-art building in the heart of Paris, at the Place du Palais Royal. Designed by renowned architect Jean Nouvel, the new space seamlessly blends the historic charm of the city with modern architectural elements. The new space will feature flexible exhibition rooms, educational facilities, an auditorium, a bookstore, and a restaurant. The Fondation Cartier is expected to move into its new space by the end of 2025. A series of podcasts and a book, both titled 'Voir venir, Venir voir,' complement these anniversary celebrations.
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Zegna Group Reports Q3 2024 Results
Ermenegildo Zegna Group reported a 1.7% YoY increase in revenue for the first nine months of 2024. While the overall growth for the first 9 months is slightly positive, the company experienced a -6.7% decline in organic revenue during the third quarter, in line with the recently observed pullback in luxury spending. The Zegna brand continued to perform well, with a 1% YoY increase and 3% organic growth, driven by relatively strong performance in DTC channels, particularly in the Americas and EMEA, while the other brands struggled, and Greater China continued to represent a difficult context. Despite the challenging market conditions, Zegna Group remains confident in its ability to navigate future challenges and capitalize on its strong brand position.
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Courrèges Appoints Marie Leblanc as New CEO
Marie Leblanc has been appointed as the new CEO of Courrèges by Artémis, a Pinault family holding company, effective November 4th, 2024. She will succeed Adrien Da Maia, who has led the brand to significant growth. Leblanc's previous role as CEO of Victoria Beckham and her experience in the fashion industry make her well suited to drive Courrèges' continued expansion and success.
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Jacquemus Inaugurates First US Store In New York
Jacquemus has opened its first US store in New York City. The boutique, located in SoHo at a 19th-century townhouse, features a unique design inspired by Parisian and provincial influences. The store's interior includes furniture by renowned designers like Frank Lloyd Wright, and Jean Royere, as well as artwork by famous artists. Simon Porte Jacquemus aims to create an intimate and welcoming atmosphere for customers, reflecting the curated vision of the brand.
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Nigo Reunites Moncler and Mercedes Benz in Shanghai
8000 guests witnessed a collaboration between Nigo, Moncler, and Mercedes Benz at the City of Genius event in Shanghai. Inspired by 90s New York hip-hop scenes, Japanese designer Nigo created a capsule collection for Moncler and a one-of-a-kind Mercedes-Benz car. The designs were influenced by the desire for luxury and success often associated with owning a Mercedes. The Moncler x Nigo collection features illustrations of its unique G Class Part II future car design. This revamped model of a 1990s G Class will be available in a limited edition of 20 cars.
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