Luxury Headlines – 9/9/2024
Luxury Headlines – 9/9/2024
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Nordstrom Family Proposes Taking Chain Private for $3.8 Billion
Erik and Peter Nordstrom, grandsons of the company's founder, John Nordstrom, announced their plans to acquire their namesake company for $3.8 billion at a price of 23$ per share. The brothers formed a group with other family members and El Puerto de Liverpool, a Mexican department store chain, that acquired a nearly 10% stake in Nordstrom two years ago. The proposed acquisition would be financed through a combination of equity and cash contributions from family members, Liverpool, and a new bank financing of $250 million. Post-acquisition, the family would hold a 50.1% stake, while Liverpool would own 49.9%. The offer represents a 34.8% premium over the company's share price on March 18th. Nordstrom's shares have increased by 24% year-to-date after this announcement.
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Miu Miu CEO Benedetta Petruzzo Joins Dior as Managing Director
LVMH has appointed Benedetta Petruzzo, chief executive of Miu Miu, as managing director of Christian Dior Couture, effective October 15. Reporting to Dior CEO Delphine Arnault, Petruzzo will oversee the brand's executive committee, design studios, communications infrastructure, and commercial teams worldwide. Since becoming Miu Miu's CEO in 2020, Petruzzo has led the brand to significant revenue growth driven by popular and unique product designs. Her leadership is expected to help Dior maintain its momentum and continue its growth trajectory.
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Burberry Appoints New Marketing Head and Americas President
Renowned British luxury fashion house Burberry has announced new executive hires following the appointment of CEO Joshua Schulman. Jonathan Kiman, with 12 years of experience at Gucci, will succeed Rod Manley as the brand's Chief Marketing Officer. Laura Dubin-Wander, who had previously held leadership roles at LVMH's Christian Dior Couture and Givenchy, Diesel, and others, will become the new President for the Americas. These appointments align with Schulman's efforts to revitalize the brand's performance, after nearly a decade of relatively stagnant revenue with a 17.5% decrease in the first half of 2024.
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LVMH Phoebe Philo Expands to Brick-and-Mortar Wholesale
LVMH-backed brand Phoebe Philo has expanded its distribution strategy to include brick-and-mortar wholesale points in key fashion cities across Europe and the USA. Less than a year after its launch as a DTC exclusive brand, the third collection will launch online on September 10, followed by an entire collection rollout to concept stores and luxury department stores, a first for the brand. Stockists will include 10 Corso Como in Milan, Bergdorf Goodman in New York, Dover Street Market in London and Paris, Neiman Marcus and Maxfield in Los Angeles, and The Webster in South Beach, Miami. This strategic shift in the brand's business model reflects the challenging landscape for online luxury.
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Cult Gaia Expands into Fragrance Market
Los Angeles-based brand Cult Gaia is making its debut in the fragrance market. Originally an accessories brand, Cult Gaia has since evolved into a full-fledged lifestyle label. On September 5th, the brand introduced three new fragrances that were developed in-house for two years—Mast, Zan, and Noor—each priced at $228 for a 50ml bottle. Cult Gaia's expansion into fragrances is part of its broader strategy to establish itself as a serious cross-category contender.
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Fenty Hair Makes UK Debut at Selfridges
Following its online launch, Fenty Hair is making its UK debut with an exclusive pop-up at Selfridges' Corner Shop from September 3rd to the 28th. This pop-up dubbed “Mane Street” offers a fun and interactive experience for customers including product discovery, a hair styling corner by professionals, and free complimentary. Fans of the brand can enjoy this exclusive pop-up at four Selfridges locations – London Oxford Street, Birmingham Bullring, Manchester Trafford Centre, and Manchester Exchange – as well as online at Selfridges.com.
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