Luxury Headlines – 7/10/2024
Luxury Headlines – 7/10/2024
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LVMH Secures 10-Year Partnership With Formula 1
Luxury conglomerate LVMH has agreed with Formula 1 on a 10-year partnership, effective 2025. Several brands including Louis Vuitton, Moët Hennessy, and TAG Heuer will have sponsorship opportunities. Louis Vuitton has been designing the trophy case for the Monaco Grand Prix since 2021. Berluti sponsors French driver Pierre Gasly, and Dior has announced British racing driver Lewis Hamilton as ambassador. Additionally, Tag Heuer has been the official timekeeper of the Red Bull Racing team since 2016. Further details are to be revealed early next year.
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Mytheresa Acquires YNAP from Richemont
Mytheresa has reached an agreement to acquire Yoox Net-a-Porter (YNAP) from Richemont for €555 million. As part of the deal, Richemont will retain a 33% ownership stake in Mytheresa. According to Michael Kliger, CEO of Mytheresa, this acquisition will allow the platform to establish itself as a leading, multi-brand, digital luxury group on a global scale by integrating YNAP's core business and restructuring other aspects. The deal is subject to regulatory approval and is expected to conclude in the first half of 2025 with a forecast valuation loss of €1.3 billion expected by Richemont due to the acquisition.
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Ritz Carlton Debuts Fashion Line in Collaboration with Late Checkout
Marriott International's luxury brand, The Ritz-Carlton is introducing its first clothing line in collaboration with the Spanish high-end menswear label Late Checkout. The collection features ten carefully curated co-branded items, combining Ritz-Carlton's timeless luxury elegance with Checkout's modern aesthetic. To promote the collection, The Ritz-Carlton has launched a cinematic campaign starring Hollywood actor Josh Hutcherson filmed at the Ritz Hong Kong.
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Blue Star Alliance Acquires Off-White from LVMH
LVMH has announced the sale of Off-White LLC, the company behind the popular streetwear brand Off-White, to New York-based management firm Bluestar Alliance. Prior to the sale, LVMH acquired a majority stake in Off-White in 2021. The sale comes on the birthday of Off-White's late founder, Virgil Abloh, who created the brand in 2013. Bluestar Alliance, known for owning brands like Scotch & Soda and Hurley, believes that Off-White's cultural and creative momentum can be carried forward under their management. Ibrahim Kamara, who succeeded Abloh as creative director of Off-White, will continue in his role. The terms of the deal were not disclosed.
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Dolce & Gabbana Unveils First-Ever Café in Shanghai
As part of its Chinese expansion strategy, Italian luxury brand Dolce & Gabbana has unveiled the opening of its first-ever café in Shanghai at the Citic Square flagship. The café offers a gourmet menu inspired by Southern Italian cuisine, featuring notable desserts shaped like Sicilian lemons and Dolce & Gabbana roses. The café's interior design reflects Dolce & Gabbana's signature aesthetic, with the Sicilian chariot motif, and has also partnered with leading Italian producers, including Bialetti, Donnafugata, Fiasconaro, and Di Martino, to offer exclusive products at the café.
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Maserati Names Maria Conti as Head of Maserati Corse
Italian luxury automotive brand Maserati has announced that Maria Conti, Maserati's Chief Communication Officer, will oversee Maserati Corse motorsport activities effective October 1st, 2024, succeeding Giovanni Sgro. Conti, who will report directly to Maserati CEO Davide Grasso and operationally to Stellantis Motorsport's Jean-Marc Finot, is set to bring her expertise in premium and luxury brands to the role. Conti's appointment marks a new era for Maserati Corse, as she becomes the first woman to head the division.
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Moncler Expands Global Footprint with New York Flagship
Luxury outwear brand Moncler has announced its strategic move to increase its global retail presence. The brand revealed on September 30, 2024, that it would be opening its largest-ever store on the iconic Fifth Avenue in New York City. Scheduled to open in early 2026, the two-story, 23,680-square-foot flagship will occupy a space within the General Motors building, undergoing extensive renovations. This prime location, at 767 Fifth Avenue, will place Moncler closer to other luxury brands, such as Louis Vuitton, Mikimoto, Chopard, Prada, Bergdorf Goodman, and Tiffany & Co.
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Hedi Slimane Leaves Céline
Following his creative leadership at Céline for the last 7 years, Hedi Slimane is stepping down from his role as artistic director. Under Slimane's leadership, the brand underwent a significant transformation, introducing menswear, expanding into beauty products, and doubling annual sales. Michael Rider, previously the creative director at Polo Ralph Lauren, will succeed Hedi Slimane.
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