Luxury Headlines – 6/1/2025
Luxury Headlines – 6/1/2025
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L’Oréal Takes Over Korean Skin Care Brand Dr. G
In keeping with the massive popularity of K-Beauty, L’Oréal Group has acquired Gowoonsesang Cosmetics, including Korean skincare brand Dr. G from Swiss retail group Migros. Dr. G, a Korean skincare brand founded by dermatologist Dr. Gun Young Ahn, aligns with L'Oréal's existing portfolio with its focus on high-performing and sensitive-skin-friendly solutions. L'Oréal plans to leverage Dr. G’s presence in South Korea and expand its global reach. The deal is expected to close in the coming months.
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Swarovski Introduces Recycled Crystals
Seeking to enhance its sustainability practices, Swarovski has introduced “Swarovski Recreated,” a new line of crystals crafted from its own recycled glass waste. The Recreated line utilizes glass scraps collected during Swarovski jewelry production. This innovation allows Swarovski to use 40% fewer natural resources than its standard crystals, resulting in a 34% reduction in the brand's carbon footprint. Initially launched in Jet Black, Ice Blue, and Dark Jonquil, the Recreated line will have a new color introduced each year, further expanding the recycled collection and improving the sustainability of all Swarovski offerings.
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Bugatti Unveils Bespoke Garage with Fahrengold
French luxury automaker Bugatti has teamed up with German luxury garage specialist Fahrengold to create the Bugatti Edition FG-01, a bespoke garage designed to house and display the automaker's hypercars. More than just a garage, the FG-01 is a steel and glass platform crafted from anodized aluminum, designed to showcase and protect the vehicle. Each garage is custom-made to perfectly suit the individual hypercar, featuring high-end amenities like climate control, storage space, a unique lighting system, and other bespoke features. The structure of the FG-01 takes 8 to 12 weeks to create and can be set up in a remarkably quick 30 minutes upon delivery. Pricing for this exclusive service has not been disclosed.
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Messika Introduces Cryptocurrency Payments
In celebration of its 20th anniversary, Messika has introduced a new payment solution for its clients, enabling cryptocurrency transactions. To facilitate payments, the company has partnered with Lunu Pay, a Berlin-based startup that has worked with Off-White and Farfetch, specializing in cryptocurrency payments. Customers can now use digital currencies such as Bitcoin, Ethereum, USDT, and Solana to purchase Messika jewelry both online and in select stores located in Europe and the United States.
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Saks Global Acquires Neiman Marcus Group
Saks Global, the parent company of Saks Fifth Avenue and off-price chain Saks Off Fifth, has successfully acquired Neiman Marcus Group for $2.7 billion. This deal brings Neiman Marcus and Bergdorf Goodman under the Saks Global umbrella, but each brand will maintain its own identity and continue to serve customers independently. Key investors involved in this transaction include Amazon, G-III Apparel Group, and Authentic Brands Group. A joint venture between Saks Global and Authentic will be formed under the name of Authentic Luxury Group, which aims to expand the reach of Authentic's luxury brands beyond traditional retail. Marc Metrick, the CEO of Saks Global, will oversee the overall operations of the combined company. Ian Putnam will head Saks Global Properties & Investments, and Richard Baker, the head of Hudson's Bay Company, will oversee the performance of Saks Global and its leadership team.
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Nordstrom Returns to Private Ownership
The Nordstrom family, along with Mexican retailer El Puerto de Liverpool, has taken its namesake department store chain private after unanimous board approval, the result of a journey that first began in 2017 when the company entered into discussions with private equity firm Leonard Green. At the time the buyout price was pegged at $8.4 billion but the deal was ultimately rejected by the board. This all-cash transaction is priced at $24.25 per share, thus valuing the company at $6.25 billion. This represents a 40% premium compared to the company's valuation in March when the deal was first reported. The Nordstrom family will hold majority ownership with 50.1% of the shares, while El Puerto de Liverpool will own the remaining 49.9%.
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EssilorLuxottica Boosts Hearing Solutions with Pulse Audition Acquisition
EssilorLuxottica has acquired French AI startup Pulse Audition. This strategic move aims to integrate advanced AI-driven technologies into its product portfolio, enhancing the quality of hearing aids and related solutions. Pulse Audition specializes in AI-powered noise reduction and voice enhancement algorithms, enabling individuals with hearing impairments to better understand speech in challenging environments. This operation follows EssilorLuxottica's previous acquisition of Nuance Hearing, demonstrating the company's strategic focus on expanding its presence in the hearing solutions market through the integration of advanced technologies.
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Marquee Brands Acquires Laura Ashley
New York-based Marquee Brands, the owner of brands like Ben Sherman and Martha Stewart, has acquired UK brand Laura Ashley. Known for its floral prints and home furnishings, Laura Ashley was acquired by Gordon Brothers in 2020 and made a return to the high street through a partnership with Next. Furthermore, as part of the deal with Marquee Brands, the company will not only retain Laura Ashley's UK-based team but also establish Marquee Brands' first European headquarters in London.
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