RICHEMONT ACQUIRES DELVAUX

Richemont acquires Delvaux, so Philippe Fortunato “a predestined name” and Managing Director of fashion houses and accessories at Richemont, hailed Delvaux’s heritage, know-how and exceptional manufacturing capabilities. The house’s rich archives and creative momentum over the past decade provide a solid foundation for the company’s long-term development, strengthening Richemont’s presence at the top of the global leather goods industry, putting a dagger in the side of the Lord of the Arnault, and that is not a Belgian story.

Founded in 1829, Delvaux is considered as the oldest luxury leather goods house in the world, the first to patent leather handbags in 1908, and the brand was one of the first luxury companies to introduce seasonality into its collections in the 1930s. Official supplier to the Royal Court of Belgium since 1883, it boasts an archive of over 3,000 designs, all of which are patented. Continue reading

MARCO GOBBETTI QUITS BURBERRY

Marco Gobbetti is stepping down as CEO of Burberry, and will leave his post at the end of 2021 after nearly five years on the job.

The company said Monday he is leaving to take up another opportunity "that will enable him to return to Italy and be closer to his family.

He will be taking up the role of general director and CEO of Salvatore Ferragamo.

The hunt is on for his successor, said Burberry, adding that Gobbetti will work with chairman Gerry Murphy to provide full support to the executive leadership team on an orderly transition.

At Ferragamo, Gobbetti will step into the shoes of Micaela Le Divelec Lemmi, who was appointed in 2018.

VUITTON IGNITE THE LUXURY STREETWEAR

The French luxury brand unveiled the sneakers as part of Virgil Abloh’s spring 2022 men’s collection and Nike Partners With Louis Vuitton on New Air Force 1 Sneakers.

In an homage to hip-hop culture, Virgil Abloh has brought together his two biggest brand partners to create what is sure to be one of this year’s hottest sneaker collaborations.

The shoes, designed in 21 colorways, were unveiled on Thursday as part of Abloh’s spring 2022 men’s collection, a sked whether they would be made available for sale, Vuitton responded: “Stay tuned for more details.”

The shoes feature a small neon green serrated tag on the side, and a label with the Louis Vuitton name and the Nike swoosh on the tongue. Continue reading

HANDBAG RENTAL

Kering Invests in Luxury Handbag Subscription Rental, a London-based subscription platform for luxury handbag rentals.

The business, which launched in November 2019, has completed a new funding round with Kering as the newest investor. Cocoon’s model is rental rather than resale, with customers choosing from a variety of memberships that currently give them access to more than 35 luxury brands including Gucci, Dior, Prada and Chanel. Subscribers choose from flexible monthly and quarterly plans, and can keep the bags for a set period of time.

The handbags arrive at customers’ homes packaged with personalized notes as if they were gifts, but they are not for sale. Instead, they’re on constant rotation, with styles updated and refreshed by the Cocoon team in step with runway and social trends.

Ceanne Fernandes-Wong, chief executive officer and cofounder of Cocoon, said that with Kering’s “incredible history, proven track-record of innovation and deep luxury knowledge, it’s fantastic to have investment from such a powerful market leader.” Continue reading

MACRON INAUGURATES HIS MENTOR’S STORE

Return on investment for Bernard Arnault with the inauguration of the new  department store “La Samaritaine” by the French President Emmanuel Macron yesterday evening, marking the culmination of a 16-year renovation process that promises to galvanize shopping and tourism in the centre of Paris as the city emerges from the coronavirus pandemic.

“Oh la la!” the French leader exclaimed as he walked into the painstakingly restored Art Nouveau building, where 700 employees lined along the stairs and balconies greeted him with loud cheers. Will we be back to the 18th century when staff belonged to the Lord? It looks like Selfridges serie to follow on Netfilix

He praised Arnault and his group for their “relentless” commitment to the project, noting that none of it would have been possible without teamwork. Now LVMH is betting that its 750 million-euro investment will pay off, despite the continued absence of tourists, which are the lifeblood of DFS, the travel retail division which operates the store. Continue reading

SNEAKER IN PINAULT WOOD

After two years of in-house research and development, Gucci is unveiling an innovative and groundbreaking animal-free luxurious material called Demetra.

Demetra contains upward of 77 percent plant-based raw materials and is made of viscose and wood pulp compound from sustainably managed forest sources as well as bio-based polyurethane from renewable sources. Back in the wood business for Pinault it makes sense !

Produced entirely in Italy in Gucci’s factory, the new material is using the same expertise and processes for tanning, which ensures that, in addition to offering top quality, the material is soft, durable, resilient and pliable, claimed the company. Price will be between 590 and 790 euros. Continue reading

CHANEL THE FALL

The French luxury house reported on Tuesday that revenues totaled $10.1 billion in 2020, down 18 percent at comparable rates.

This was in line with the forecast by Bruno Pavlovsky, president of fashion and president of Chanel SAS, who said in June 2020 that the company was expecting a double-digit drop in sales for the full-year. Chanel underperformed competitors such as luxury conglomerate LVMH Moët Hennessy Louis Vuitton, which saw revenues decrease 16 percent at constant exchange rates in 2020; Kering, which reported a 16.4 drop in organic sales, and Hermès International, which recorded a 6 percent decline. Continue reading

SACAI AND JONES IN DIOR RESTAURANT

The Dior men’s artistic director tapped Sacai designer Chitose Abe to work on a capsule line of 57 items that will bear a logo fusing the identities of both labels, with the Sacai name written inside the “i” in Dior a first for the French fashion house. The collection, dropping in November, is sure to be one of the most anticipated this year.

Abe is part of a loose collective that includes Jones, Virgil Abloh, Matthew Williams and Yoon Ahn who are responsible for transforming streetwear into a luxury category.

Both Abe and Jones are serial collaborators. Sacai has partnered with brands ranging from sportswear behemoth Nike to emerging designers like Tomo Koizumi, but Abe said it was important that the balance of power should be equitable.

“Dior is a very respected heritage brand which I’ve admired ever since I decided to become a designer, so it’s a huge honor. It’s also a brand that has historically demonstrated the importance of innovation, but I’m sure that for a maison like this, the decision to add another brand name to its own is not taken lightly. Continue reading

FERRARI DIVERSIFICATION

In an exclusive preview, creative director Rocco Iannone and chief brand diversification officer Nicola Boari mapped out their vision and strategy as Ferrari prepares to hold its first luxury fashion show on Sunday.

Ferrari is mythical, said the brand diversification creative director. Ferrari’s community recognizes itself in a series of values that is unique to the label and that need to be understood to be translated into fashion.

First runway fashion show in Maranello, at the headquarters of the storied luxury sports car maker. Iannone, who was tapped to the role in November 2019, will present the brand’s fashion manifesto with a collection for men, women and children. We will see.