Luxury Headlines – 3/3/2025
Luxury Headlines – 3/3/2025
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L'Oréal's BOLD Fund Invests in South Korean Fragrance Brand BTSO
Following its investments in Jacquemus and Amouage, the L'Oréal group, through its venture capital fund, Business Opportunities for L'Oréal Development (BOLD), has made a strategic investment in the South Korean niche fragrance brand Borntostandout (BTSO), alongside U.S. venture capital firm Touch Capital. BTSO, founded in 2022 by Jun Lim, specializes in high-end perfumes, blending Korean cultural inspiration with a rebellious brand ethos. While the financial terms of the deal remain undisclosed, this investment will allow BTSO to expand internationally, particularly in key markets like Europe and the United States, supporting its existing distribution network, which includes its online presence, a flagship store in Seoul, and retailers across approximately 50 countries.
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Loewe Opens Largest Flagship in Asia
After London and Chicago, Loewe has expanded its Casa retail concept to Shanghai, opening its largest Asian store. Situated in the Jing'an district, Loewe will offer a comprehensive selection of men’s and women’s ready-to-wear, leather goods, accessories, shoes, home scents, and boutique-exclusive products. Consistent with Loewe's "Casa" concept, the Shanghai store integrates art and craft into its retail environment, displaying furniture by designers such as Gerrit Thomas Rietveld and Axel Vervoordt, alongside ceramics by John Ward and bamboo works by Hafu Matsumoto. The space also features pieces by Loewe Craft Prize winner Ernst Gamperl and paintings by Kenneth Price and Mahesh Baliga.
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Accor Releases FY2024 Results
French multinational hospitality company Accor has published its financial results for 2024, with consolidated EBITDA reaching €1.12 billion and reported revenues of €5.6 billion, representing 12% and 11% year-over-year increases, respectively. This performance was attributed to the company's strong brand portfolio and efficient operational structure. Accor's high-end sector saw a 5.7% revenue per available room (RevPAR) increase in 2024, with the Luxury and Lifestyle division leading with a 10% RevPAR surge in Q4, driven by higher prices and occupancy rates. Accor expanded its global footprint by 293 hotels and over 50,000 rooms, with 1,381 hotels, in the pipeline. The company projects continued medium-term growth, including RevPAR increases of 3-4% and network expansion of 3-5%. The company continues to be committed to personalization and wellness services.
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Pinault Expands Luxury Cruise Portfolio
Through his private investment firm Groupe Artémis, Kering's billionaire François Pinault has strategically re-entered the luxury cruising sector, acquiring a majority stake in Singapore-based Aqua Expeditions. Renowned for its exclusive explorations of Indonesia's Raja Ampat and the Peruvian Amazon, Aqua Expeditions marks Pinault's second major foray into luxury cruising, following the acquisition of French cruise line Ponant a decade ago. While the financial terms of the mid-January deal remain undisclosed, founder Francesco Galli Zugaro retains a share and will continue to lead the company.
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Jacquemus Opens New Permanent Location in Los Angeles
Jacquemus has announced the opening of its 5th permanent location in Los Angeles, West Hollywood by late April. Situated on Melrose Avenue, the new store will offer the brand's complete range of men's and women's collections, including apparel, leather goods, accessories, and its upcoming beauty and fragrance line with L’Oréal. The West Hollywood location, formerly occupied by John Varvatos and a Louis Vuitton pop-up, places Jacquemus in proximity to other luxury retailers.
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Six Senses Leverages the Wellness Market with a New Program
Six Senses, an IHG hotel brand, has launched its first specialized wellness program for women, developed in collaboration with author and feminine health expert Dr. Mindy Pelz. This program focuses on perimenopause, menopause, and overall female well-being. These initiatives, available at select Six Senses locations, offer personalized holistic itineraries, biometric data tracking, and nutrition-focused meals to help women understand and manage their bodies' natural rhythms.
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Revolve Establishes Permanent Store at The Grove
Following years of successful pop-ups, notably in Aspen, Revolve has decided to convert its limited-time holiday shop at The Grove into a permanent, experiential retail store. The 2-story space will feature a curated selection of Revolve and Fwrd brands, including vintage handbags, apparel, footwear, beauty, and home finds. The store will temporarily close for renovations before its official reopening in the fall.
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Merit Expands UK Presence Through Retail Partnership
Building on its 'less is more' philosophy, the US beauty brand Merit has announced a strategic partnership with Sephora UK, marking its first physical entry into the UK market. Following a highly successful collaboration with Sephora in North America, Merit will now be available starting March 2025 at 7 Sephora UK locations, complementing its existing successful online entry in 2023.
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