Luxury Headlines – 3/2/2025
Luxury Headlines – 3/2/2025
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Zegna Group Posts Robust Results for Q4 2024
Ermenegildo Zegna Group has reported a 3% year-over-year revenue increase in Q4 2024, reaching $619 million. The Zegna brand was the primary driver of the group's Q4 results, with revenues increasing by 8%. Additionally, the Americas region emerged as a particular growth engine, experiencing a 15% year-over-year revenue jump. The group's DTC channels also grew, posting a 9% increase. Zegna joins a select group of brands showing robust sales in the latter part of 2024, exceeding analyst forecasts based on a previous quarter impacted by weak Chinese demand. Despite the positive momentum, the company remained cautious in its outlook for 2025 among still prevailing difficult market conditions in certain regions, particularly with respect to China.
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Mytheresa Parent Company Rebrands to LuxExperience
Mytheresa has announced that its parent company, MYT Netherlands Parent BV, will be renamed LuxExperience BV, to reflect its upcoming acquisition of Yoox Net-A-Porter from Richemont. This rebranding will consolidate the 5 luxury e-commerce platforms Net-A-Porter, Mr. Porter, Yoox, The Outnet, and Mytheresa under a single corporate entity. Subject to regulatory and shareholder approvals, the company will continue to be NYSE-listed with the trade name LuxExperience under the new ticker symbol "LUXE".
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LVMH Announces Full Year 2024 Results
French luxury conglomerate LVMH has reported FY2024 results, with 1% organic sales growth to reach €84.7 billion in revenue. Growth was primarily driven by double-digit growth in Japan, along with increases in Europe and the US, excluding the impact of currency fluctuations and changes in the scope of consolidation. Perfume and Cosmetics saw a 4% increase, while Selective Retailing achieved a 6% increase, fueled by Sephora's double-digit growth. However, Fashion and Leather Goods and Wines and Spirits were down for the year, though certain segments, most notably Watches & Jewelry showed some sequential improvement from Q3 to Q4. Operating profit reached €19.6 billion, exceeding pre-COVID levels with a 23.1% operating Margin.
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Estée Lauder Appoints Silver Generation’s Paulina Porizkova as Global Ambassador
Estée Lauder has named actor, writer, model and positive aging advocate Paulina Porizkova as its newest global brand ambassador. Porizkova, who previously modeled for the brand from 1988 to 1995, will promote skincare and makeup products suited to mature skin, starting with the Revitalizing Supreme+ line in Spring 2025.
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Vespa Launches Winter Apparel and New Scooter
Italian scooter brand Vespa has continued its expansion into the lifestyle market with a ready-to-wear collection showcased at Galeries Lafayette Champs-Élysées. The collection is available in a temporary pop-up store, open until February 5th, which also unveils Vespa's latest scooter, the 946 Snake. Developed in collaboration with the Neubauer dealership, the 946 Snake pays tribute to the Chinese Lunar calendar. The gender-neutral apparel line complements the scooter's minimalist, wintry aesthetic, encompassing outerwear, trousers, and accessories such as a €270 scarf, a €145 wool neck warmer, and €160 gloves.
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Stella McCartney Buys Back Namesake Brand from LVMH
Stella McCartney has regained full ownership of her namesake brand after repurchasing the minority stake held by LVMH. Following her departure from Kering, McCartney's partnership with LVMH started in 2019. The designer will remain a Global Sustainability Ambassador for LVMH, advising CEO Bernard Arnault and the executive team.
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