Luxury Headlines – 24/06/2024
Luxury Headlines – 24/06/2024
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L’Occitane Restructures Privatization Bid
L’Occitane has proposed a new structure to shareholders in its quest to go private. In April 2024, L’Occitane Chairman Reinold Geiger, who owns a controlling stake, launched a bid to take the company private. To finance the $1.8 Billion operation, Geiger partnered with investment firms Blackstone and Goldman Sachs. L'Occitane has been listed in Hong Kong since 2010, and getting approval from a necessary percentage of minority shareholders remains a challenge to take the company private.
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LVMH Acquires Famous Parisian Bistrot Chez L’Ami Louis
Luxury giant LVMH has acquired the iconic Parisian bistro Chez L’Ami Louis, founded in 1924. This is part of LVMH’s ongoing diversification strategy into the hospitality sector, driven by a pullback in demand for luxury products and a desire to secure new revenue streams from affluent consumers, who continue to shift towards experiences and away from products.
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Dior Appoints New Brand Ambassador Rihanna
After two decades of featuring the iconic Gold Pool advertisements, Dior Beauty seeks to rejuvenate its legendary J'Adore fragrance. With Charlize Theron, the perfume’s well-known muse, transitioning to ambassador of Dior skincare and makeup, all eyes are now on Rihanna, the new fragrance representative.
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Essilor Signs Licensing Deal with Diesel
EssilorLuxottica has finalized a major 10-year deal with the Italian OTB-owned brand Diesel. The exclusive agreement encompasses the design, production, and global distribution of Diesel's eyewear collections. Under the skilled guidance of Diesel's creative director, Glenn Martens, the forthcoming collections will seamlessly integrate the brand's signature styles and unparalleled craftsmanship. The inaugural collection will be launched in 2025.
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Golden Goose Suspends IPO
Permira-owned Italian luxury sneaker brand, Golden Goose, has put its IPO on hold temporarily amid market volatility fueled by political tensions in Europe. The initial pricing for the IPO was estimated at €9.50- €10.50 per share and has been revised to a final price of €9.75 per share. The Golden Goose IPO was expected to be the largest in Italy since Lottomatica's listing over a year ago.
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Bottega Veneta Names New Global Communications Director
Kering-owned Bottega Veneta has announced the appointment of Thierry Conrad Reutenauer as its new Global Communications Director, starting June 20. In his new role, Reutenauer will report to Samuel Diep, Kering's Chief Merchandising and Marketing Officer. Reutenauer originally joined Bottega Veneta in April 2020 as Senior PR Manager and was subsequently put in charge of overseeing the brand's global PR and communication efforts following Daniel Lee's departure.
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Makeup by Mario Explores Growth Strategy
Celebrity makeup artist Mario Dedivanovic has engaged investment bank J.P. Morgan to assess strategic growth opportunities for his brand, Makeup by Mario. There is speculation the brand might be for sale. With a valuation of over $200 million in 2023, the brand received a $40 million minority investment from private equity firms Provenance and Silas Capital to help expand the team and resolve inventory challenges.
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