Luxury Headlines – 29/07/2024
Luxury Headlines – 29/07/2024
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LVMH Sales See Growth in Q2
For Q2 2024, LVMH’s organic revenue grew 1% to €20.9 billion compared to the same period in 2023, falling short of consensus forecasts. Shrinking luxury demand and a challenging economic context in China especially proved to be a drag on revenues in this quarter. As a bright spot, sales were up 57% in Japan, while the US and Europe remained flattish at 2% and 4% growth, respectively, on an organic basis. By category, Selective Retailing posted the strongest gains of +5%, while the Wines and Spirits segment dropped -5%. For the first half, overall revenue was up 2% to €41.7 billion, with the strongest segment being Selective Retailing and Watches & Jewelry showing the weakest.
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Aston Martin Stages James Bond Pop-Up in London
To celebrate the 60th anniversary of Goldfinger, the third film in the 007 James Bond series, Aston Martin, another iconic British brand, launched a pop-up store called the House of Q, which features a secret door behind a newsstand leading to an immersive world of speakeasies, film posters, photography and production details and an upstairs Configurator lab which is home to a vehicle customization space, in addition to a bar and a top-secret Q flight case. True to its nature, luxury hotels surround the location, underscoring the brand's exclusivity, with the continued partnership between Aston Martin and James Bond underlining the Britishness and elegance of both brands and the importance of this iconic film franchise.
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L’Occitane to Delist from Hong Kong Stock Exchange
L’Occitane has won enough shareholder support to go private. The company is set to delist from the stock exchange in August. L’Occitane, in addition to the eponymous skincare line, owns brands including Sol de Janeiro and Elemis. L’Occitane was initially listed on the Hong Kong Stock Exchange in 2010. Blackstone and Goldman Sachs will provide $1.8 billion to go private in a transaction that values the company at $6.4 billion. This going private transaction is meant to launch L’Occitane onto a path of rebuilding its foundations for long-term sustainable growth.
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LVMH Watch Brand in Talks for F1 Sponsorship
LVMH is in talks with Formula 1 to take over Rolex's official timekeeping sponsorship of the racing event, handing it to one of LVMH’s Swiss watch brands, Tag Heuer. Rolex has been the official sponsor since 2013, and during this time, F1 has undergone a massive boost in popularity, fueled by the Netflix Series: Formula 1, Drive to Survive. However, Tag Heuer has historical ties to F1 and racing, dating back to the 1980s when it was privately owned under the name Heuer. The talks underscore LVMH’s ambitions to grow its watch unit, which is being held at an industry-wide downturn in watch sales.
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Sergio Rossi Appoints Paul Andrew as Creative Director
Sergio Rossi, the footwear brand owned by the Lanvin Group, has appointed British native Paul Andrew as the brand’s Creative Head. Paul worked for Donna Karan, Calvin Klein, and Narciso Rodriguez and launched his own shoe line in 2013, later on leading the creative helm at Salvatore Ferragamo until 2021.
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Moncler Beats Expectations for H1 2024
Boosted by very robust business in Asia, Moncler posted an increase in revenues of +11% for H1, totaling €1.23 billion in line with the company’s consensus forecast. Revenues rose 5% in Q2, driven by strong demand in Japan, which was mainly fueled by tourists as well as the robust demand in the Chinese mainland.
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