Luxury brands have encountered headwinds in China, and the market value of the four luxury giants has evaporated by more than 25 billion euros.
According to fashion business news, the stock prices of luxury goods giants all fell sharply on Monday. The stock price of LVMH, the world's largest luxury goods group, recorded a decline of 3.75%, and the market value evaporated from 12.1 billion euros to 309.4 billion euros. 4.35%, the market value evaporated 2.8 billion euros to 62.5 billion euros, Hermes stock price fell 3.9%, the market value evaporated 5.6 billion euros to 128.9 billion euros, the stock price of Cartier parent company Richemont fell more than 6%, and the market value evaporated 4.1 billion Swiss francs to 128.9 billion euros. 62.3 billion Swiss francs.
Barclays pointed out in its latest research report on Monday that luxury brands may face more uncertainty in China, especially luxury brands such as Gucci and Salvatore Ferragamo that have opened many stores in Beijing and Shanghai, and believes that the United States will become the new luxury brand. growth opportunities, but also be wary of the risk that consumer confidence will weaken as the situation changes.
Forever 21 parent company intends to acquire Ted Baker
According to British media citing sources, Authentic Brands Group, a multi-brand management group in the United States, submitted another bid last week to formally join the bidding of British fashion brand Ted Baker. Prior to this, Ted Baker had received three offers submitted by private equity fund Sycamore, but believed its value was undervalued by the latter. Authentic Brands Group has continued to increase its fashion business in recent years. After winning Forever 21, it recently completed a $2.1 billion acquisition of Reebok.
EssilorLuxottica's first-quarter revenue rose by more than 33%.
In the first quarter ended March 31, sales of EssilorLuxottica, the world's largest eyewear distributor, rose 33.1% year-on-year to 5.607 billion euros, with a comparable sales increase of 11.5%. Exceeding analyst expectations, mainly due to strong growth in most business regions, but the Chinese market was limited by the epidemic, and the performance in March was weak. At present, most of the group's factories in China are in a state of shutdown due to the epidemic, and some goods cannot arrive on time due to stagnant logistics.
L'Oréal Group Invests 50 Million Euros to Establish Circular Innovation Fund
L'Oreal, the world's largest beauty group, announced the establishment of a 50 million Euro Circular Innovation Fund, which aims to seek a better circular economy by supporting start-ups with sustainable development concepts in North America, Europe and Asia solution. The circular innovation fund will be run by two cleantech-focused capital management firms, Demeter and Cycle Capital, with a size of approximately EUR 150 million.
LVMH's 8th "Excellence in Craftsmanship" project ends with a goal of recruiting 1,200 positions
The eighth edition of LVMH's "Excellence in Craftsmanship" project with the theme "You and Me" ended a few days ago at the Carau du Temple Hotel in Paris. The project was held for the first time this year on a tour, starting from Clichi-la-Garenne in France, then Reims, the Champagne region, then Valence, Orléans and the "Valley of Cosmetics", and finally Paris. LVMH aims to fill 1,200 positions, 600 of which are on indefinite and fixed-term contracts.
Lancome's acquisition of an ecological estate in France,
L'Oreal's high-end beauty brand Lancome recently announced the purchase of an ecologically conscious estate, Le Domaine de la Rose, located in the Grasse region of France, covering an area of 9.8 acres. Lancome will launch Le Domaine in June this year. Perfume made from roses grown in de la Rosa. Lancôme said the deal is part of the brand's strategic plan to fulfill its commitment to social and environmental responsibility, with a goal of using 100% organic roses by 2025.
Bugatchi Appoints Anthony Keegan as First Creative Director
American haute couture brand Bugatchi has announced Anthony Keegan as Creative Director, a new position established by the brand. Exhibited at the New York show. According to the data, Anthony Keegan graduated from the Fashion Design Department of Central Saint Martins College in London and has worked in Giorgio Armani, Versace and Kenneth Cole for 25 years.
Pitti Uomo Announces Grace Wales Bonner as Guest Designer
The 102nd edition of the Pitti Uomo menswear show will be held from June 14th to 17th, when British menswear designer of Jamaican origin Grace Wales Bonner will be the guest designer this year, in Florence 's eponymous label's Wales Bonner Spring/Summer 2023 collection will be showcased in its debut, and will be hosting a runway show at an as-yet unannounced location.
Grace Wales Bonner graduated from Central Saint Martins in 2014, and then founded her own clothing brand of the same name. She has won the 2015 British Fashion Awards Emerging Menswear Designer, the 2016 LVMH Young Designer Award, and the 2019 British Fashion Council/ Vogue Designer Fashion Fund and 2021 CFDA International Menswear Designer Awards.
Gucci launched a new blue "Double G" Logo
Gucci creative director Alessandro Michele recently redesigned the brand's iconic "Double G" Logo and launched a new series of "Blue GG Canvas", covering bags and shoes. Available on the brand's official website and designated stores. In the first quarter of this year, Gucci sales increased by 19.5% to 2.59 billion euros, mainly due to the increase in local consumer demand in North America and Europe, while the performance of the Asia-Pacific region, where China is located, was mixed.
lululemon will implement a membership program
lululemon will launch a membership program in the second half of this year to better maintain the emotional connection between the brand and consumers, enhance customer loyalty, and sell fitness equipment. The membership plan is divided into two forms: paid and free. Free members can get discounts in advance, while paid members pay $39 per month to enjoy additional benefits such as offline activities and online exercise courses. The membership program is part of lululemon's new five-year growth plan, with the brand aiming to double its revenue to $12.5 billion by 2026.
Giordano's first-quarter sales increased by 5.5%.
Garment brand Giordano International recently released its 2022 first-quarter performance report. The group's sales increased by 5.5% year-on-year to HK$917 million, and online revenue increased by 31.6% year-on-year to HK$104 million. However, Giordano stressed that the company's inventory levels are still high, mainly due to the early collection of goods for the second quarter Ramadan shopping season and the impact of precautionary measures against unpredictable production and logistics disruptions.
Wangfujing's profit nearly tripled last year
Wangfujing Group recently released its 2021 annual report. The group's operating income increased by 10.55% year-on-year to 12.753 billion yuan, and its net profit was 1.340 billion yuan, a year-on-year increase of 295.61%. Among them, the outlet business grew the fastest, the department store business grew slowly but accounted for the largest proportion, and the duty-free business was relatively stagnant. As of the end of the reporting period, the company operated a total of 74 large-scale comprehensive retail stores in 35 cities across the country, involving department stores, outlets, and shopping malls, with a total operating floor area of 4.34 million square meters.
Uniqlo Launches Buy With Purpose Giving Back Program
Japanese Fast Fashion Uniqlo Launches Buy With Purpose Giving Back Program on Earth Day, by donating on behalf of consumers to its non-profit partner organizations to encourage consumers to buy sustainably manufactured products, including using improved processes to reduce 99% % water consumption BlueCycle jeans, and quick-drying and sun protection products using recycled polyester materials.
"Vogue" Russian Edition Announces
Suspension Following the suspension of its business in Russia in March, Condé Nast Group recently announced that its Russian version of "Vogue" was officially closed and stopped publishing, and about 90% of the company's employees in Russia will be forced to leave. Affected by the Russian-Ukrainian war and the escalation of content supervision, many Condé Nast reporters said that their work in Russia could not be carried out normally.
Condé Nast Group has 20 years of operating history in Russia, and its publications include the Russian version of "Vogue", " GQ " and so on. It is worth mentioning that the Hearst Group, which owns "Elle" and " Harper's Bazaar ", also terminated the license of its Russian edition.
Bottega Veneta launches Venice Biennale series
Bottega Veneta will carry out a series of cultural and artistic activities during the 2022 Venice Biennale, deepening the connection between the brand and Italian cultural history. In addition to sponsoring dance performances and hosting dinners, the first advertising campaign under the direction of new creative director Matthieu Blazy was unveiled in Venice. In addition, a capsule collection of fifteen Cabat handbags inspired by the Italian classic Olivetti typewriter is also on sale at Bottega Veneta’s Venice store on April 21.