Author Archives: admin

MUSEUM TOY FOR A BILLIONAIRE

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Billionaire François Pinault has decided to postpone the opening of his art museum at the Bourse de Commerce, renovated by Tadao Ando, until spring 2021 due to the coronavirus pandemic.

The historic building, renovated by the famous Japanese architect, was originally scheduled to be inaugurated in June after several years of renovation. It was completed on 9 March and workers were busy putting the final touches to the premises when France entered quarantine on 17 March.

“Following the announcement of continued containment due to the health crisis and given the uncertainty about the date of resumption of activity, the work required to complete the Bourse de Commerce cannot be carried out according to schedule,” the Pinault Foundation said in a statement on Friday.

The City of Paris is in the process of completing the construction work outside the building. Initially scheduled to last three months, this phase is now expected to take eight or nine months due to the rules of social distancing that are likely to remain in place once the lockdown is lifted, the institution explained. Continue reading →

CARTIER SALE IN CHINA

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Cartier to Launch New Santos-Dumont Watch on Tmall’s Luxury Pavilion. As high-end labels clamor for a piece of China’s online market all the more important, with much of the world at a standstill Cartier is drawing on its partnership with Tmall’s Luxury Pavilion to launch a new Santos-Dumont watch model on the Alibaba e-commerce platform.

Dior debuted its Gem Clutch, a satin purse adorned with a jeweled flower, on WeChat last week before rolling it out in other markets, while Louis Vuittion promoted its summer 2020 collection through livestreaming on Xiaohongshu, a popular social-commerce platform. Continue reading →

ZEGNA RESTRUCTURING US

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The Ermenegildo Zegna Group is restructuring its U.S. organization. Luca Lo Curzio, currently worldwide chief marketing and digital officer, has been appointed North America chief executive officer. He will succeed Robert Aldrich, who will leave the Italian men’s wear powerhouse on April 30 to pursue other professional opportunities. Lo Curzio is expected to take on his new role as soon as the COVID-19 emergency ends and allows the move.

Lo Curzio joined Zegna in May 2016 from Luxottica Group. At the Italian eyewear giant, he held the role of global marketing director, retail sun luxury, managing the U.S., U.K., Australia/New Zealand, South East Asia, South Africa, Latin America, Iberia, Germany, Turkey, India and Middle East and North Africa regions. Previous experiences include managerial roles at Bain & Company, Danone Group, and L’Oréal Saipo Group.

The Zegna family and the Ermenegildo Zegna company’s top management have pledged personal donations totaling 3 million euros to fight the spread of COVID-19 in Italy. Continue reading →

THE HERMÈS VIRUS IS BACK

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The hermes Virus is back ! In China an Hermès Boutique Made $2.7 Million in One Day After It Reopened. Is it a barometer of things to come in post-pandemic luxury shopping?

The French Hermes flagship store is believed to be the highest daily haul for a single boutique in China, and offers hope to luxury brands and retailers of what economic recovery may look like in the coming months. A host of VIP shoppers documented their extravagant purchases across multiple social media platforms, including Weibo and Xiaohongshu.

Guangdong province, is China’s most affluent region. This position makes it an interesting testing ground for how consumer behavior for high-end customers will change when stay-at-home orders lift. Does hermes help spread the corona virus to the ruling classes of popular china?

 

ANNA SOON HOMELESS

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To counter the plunge in advertising that is plaguing the industry, the publisher of Vogue, Vanity Fair, GQ and Glamour told staffers Monday that it is cutting salaries of those making more than $100,000 by between 10 percent and 20 percent, effective May 1. The reductions will be in place for five months across all markets.

Chief executive officer Roger Lynch will take a 50 percent reduction in his base salary, as will the external members of its board. The rest of the executive leadership team which includes Vogue editor in chief and Condé Nast artistic director Anna Wintour, who is one of the publishing companies highest-paid executives will reduce their base salaries by 20 percent.

“While we aren’t as solely dependent on print and digital display advertising as some of our competitors, globally, we will still see a substantial impact from this crisis on our business,” Lynch said in a staff memo. Continue reading →

CLAIRE WAIGHT KELLER LIVED

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Yesterday Givenchy officially announced in a statement, that after three years of collaboration, the Womenswear Show held on March 1st 2020 will be Clare Waight Keller’s last collection for Givenchy.

The designer, who is known for designing Megan Markle’s 2018 wedding dress, joined the brand after Riccardo Tisci left for Burberry.

“As the first woman to be the Artistic Director of this legendary Maison. My heartfelt thanks go out to each of the unsung heroes and heroines behind the scenes, for their contribution from product to communications and retail, and every global team member, partner and supplier in between. Without all of you, I could not have brought my vision for Givenchy to life in such a beautiful way,” she continued.

Sidney Toledano, Chairman and CEO of LVMH Fashion Group, also said, thanking Waight Keller for her contribution to Givenchy’s latest chapter.

Who will be her successor ? The brand has stated that the house’s new Creative organization will be communicated at a later date. However some whispers would circulate that it could be the young designer Dgena who will be on the way. Here is her brand www.dgena.fr  Continue reading →

MISSONI LAUNCHES DESIGN COMPETITION

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Missoni creative director Margherita Maccapani Missoni has teamed with fashion co-creation platform AwayToMars to launch an initiative to boost creativity among international designers.

From April 10 to May 17, designers from across the globe will have the chance to submit through the AwayToMars platform sketches of fashion designs inspired by three different themes that Maccapani Missoni picked from the Missoni archives.

Voted by the public, the nine winning pieces will be produced by M Missoni and will be available for purchase online and at selected stores.

“My goal is to enlarge M Missoni’s spectrum. I decided that this brand would be about giving new life to the disregarded parts of Missoni’s history by dusting off the overlooked B-side of its legacy — twist it upside-down, inside-out and layer it with new perspective,” Maccapani Missoni said. “Collaborations are vital for this project and I just love the idea of partnering with AwayToMars and get so many different voices involved. I can’t wait to learn.”

LOUIS VUITTON RESTART PRODUCTION

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Louis Vuitton has reopened 12 of its 16 leather goods production sites in the country with the aim of producing hundreds of thousands of masks for its staff and nearby retirement homes.

Michael Burke, chairman and chief executive officer of Louis Vuitton, on Wednesday visited the Sainte-Florence workshop in the Vendée department in the west of France, where as of Monday 115 out of 896 employees were back at work, including 22 producing a mix of disposable and recyclable masks.

Vuitton’s various workshops in Marsaz, Saint-Donat, Saint-Pourçain, Ducey and Sainte-Florence are making masks and prototypes, while the Issoudin and Condé workshops are making masks exclusively. The luxury house’s historic atelier, which opened in 1859 in Asnières on the outskirts of Paris, remains closed. Continue reading →

CHAUMET LAUNCH A VIRTUAL BOUTIQUE

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Chaumet’s hôtel particulier located at 12 place vendôme has re-opened its doors. an exceptional virtual visit with jean-marc mansvelt, the ceo of the jewellery house. for the second episode, let’s explore the shop overlooking the famous place.interview with jean-marc mansvelt, ceo of chaumet:this is our most important shop in the world, it’s the same as for our hôtel particulier, it represents the most ultimate setting of the chaumet house. we also revisited the whole store by recreating the circulation, including a direct entrance from the place vendôme.here, we really have the same concept of a store as it has been established in the world since 2017. Continue reading →

L’ORÉAL ACQUIRES MUGLER AZZARO

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Beauty brand L’Oréal has announced that, after obtaining the necessary authorisations from the relevant authorities, it has finalised the acquisition of the Mugler brands and Azzaro fragrances from Clarins Group.

The agreement for the sale was signed by both parties back in October 2019, but it has been subject to the standard conditions precedent until now. “By joining L’Oréal, Mugler and Azzaro brands will pursue their international development while benefiting from the resources of the world’s beauty leader in marketing, distribution and innovation,” explained L’Oréal in an official statement.

In regards to the acquisition, President L’Oréal Luxe Cyril Chapuy, said: “We look forward to welcoming the Mugler and Azzaro teams to the L’Oréal family, and to accompanying them, especially in this difficult time.” Continue reading →

THE CROWN NO PART 6

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No Crown follow-up. No one else here could have delivered such a powerful message: The Queen, who turns 94 later this month, drew on Britain’s 20th-century history and her own past in an effort to comfort the public and rouse them to action in fighting the spread of COVID-19.

She said Sunday night’s address reminded her of the very first broadcast she made. It was during World War II, when she was a teen

“We, as children, spoke from here at Windsor to children who had been evacuated from their homes and sent away for their own safety. Today, once again, many will feel a painful sense of separation from their loved ones. But now, as then, we know, deep down, that it is the right thing to do,” she said. Continue reading →

LUXOTTICA SUPPORT EMPLOYEES

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Just as its chairman Leonardo Del Vecchio through his namesake foundation donated 10 million euros to the new hospital created at the Milan fairgrounds, Luxottica Group is introducing a number of initiatives to support its employees impacted by the coronavirus emergency.

The Italian eyewear giant has pledged to entirely integrate employees; cassa integrazione wage support measure every month. Italy has been in lockdown since March 9 and, following the shut down of all nonessential activities, the Italian government has issued a; Cure Italy decree allocating 25 billion euros to support the country and allowing companies to request the wage support measure, which contributes to 80 percent of an employee’s salary. Continue reading →

A CLOSING FRAGRANCE

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Sephora Americas president and chief executive officer Jean-André Rougeot put out a statement on Tuesday afternoon saying that while keeping stores closed is the right thing to do.

Terminated employees will all receive severance, the company said, and resources to support their transition including coordination with other companies providing essential services that may be hiring. The employees Sephora let go have been with [the] company for a short tenure and worked limited hours, the company said.

Sephora continues to employ 9,000 U.S. store workers who are being paid and receiving health benefits through late May or when stores reopen, the company said. Store and corporate employees are being required to take six days of mandatory paid time off. Continue reading →

M. BIDERMANN PASSED AWAY AT 87

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If the Willot’s were the “Dalton of textiles”, and Boussac the king of cotton, Maurice Bidermann was the Tsar of men’s wear.

Businessman Maurice Bidermann, who formed the giant textile group Bidermann, died last Monday at the age of 87. He was the brother of the singer Régine. Born in 1932 in Belgium he built up a textile empire in the 1960s and 1970s from a small family group that he had inherited by modernizing production techniques and business practices. The Bidermann group developed several licenses for men’s ready-to-wear luxury brands in addition to its textile activities for workwear. The group, which had become the French leader in men’s clothing and had several thousand employees in France and abroad, had then encountered difficulties being heavily in debt. Continue reading →

ADIDAS A FREE VIRTUAL EXPERIENCES

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Adidas has announced that it’s to roll out free virtual experiences across social and digital channels, “to support our community as they stay active, practice mindfulness, learn and seek entertainment”.

For the next three months it’s offering free premium access to its Adidas Training and Adidas Running apps globally. The apps are available in 15 different languages and loaded with specific workouts that can be done at home, as well as nutrition guides.

The company said that “lives may be at a standstill, but that doesn’t mean that we can’t keep moving [and] now more than ever, we have to be creative about how we’re taking care of each other and ourselves”. Continue reading →

ANNUEL SHAREHOLDER MEETING CANCEL

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LVMH Moët Hennessy Louis Vuitton has postponed its annual shareholder meeting from April 16 to June 30, as the spread of the coronavirus continues to upend schedules.

In a brief statement, the luxury group said it will update shareholders with arrangements for the upcoming meeting as well as the dividend payment, citing the “current situation” as the reason for the postponement, a decision made during a board meeting Wednesday. Continue reading →

WATCH DAY NOT ON TIME

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Geneva Watch Days, a new event organized by a handful of high-end watch labels, is being rescheduled for Aug. 26 to 29.

Initially planned for April, organizers hope the postponement, due to coronavirus, will allow them to bulk up the event, and attract Chinese and South Korean participants in addition to large players in Europe, said Jean-Christophe Babin, chief executive officer of Bulgari, one of the brands that founded the event, in a statement.

Planned in the wake of canceled Watches & Wonders Geneva and Baselworld fairs this spring, brands including Bulgari, Breitling, Ulysse Nardin and Girard-Perregaux describe the event as decentralized and self-managed, to take place at several high-end hotels in Geneva.

The idea is to band together so retailers and media can meet with the brands over a few days instead of going to various road shows in various cities around Europe, organizers have said, describing it as a "see-now-buy-now-resell-now" event showcasing the diversity of products from Swiss watchmakers. Continue reading →

FHCM HOW CAN WE DO NOTHING FOR YOU

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Isn’t French fashion partly responsible for the pandemic of covid 19 having maintained its own Fashion week after Milan?

The Fédération de la Haute Couture et de la Mode, French fashion’s governing body, has yet to decide whether Paris Men’s Fashion Week will go ahead as planned in June, executive president Pascal Morand said. The key priority for all companies, not just the fashion industry, is cash flow, Morand said.

The aim is to avoid a repeat of 2008, because in 2008, some businesses shut down and never restarted,said Morand, referring to the last major global financial crisis.

We are in close contact with our members to help them with the implementation of these measures,Morand said. The aim is for these measures to be properly understood and carried out. Thinking that fashion people are all stupids.

He noted unlike industry organizations in other countries, including the Camera Della Moda in Italy, the French fashion sector has not lobbied the government for help because the emergency package announced last week applies to all companies. Continue reading →

FASHION DESIGNERS AT HOME

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As the coronavirus pandemic tragically escalates, designers have found themselves working from home, contemplating the future and thinking about how things will change once this is hopefully behind everyone plus trying to determine what they can do to be helpful in this time of global crisis.

Meanwhile, they, like many others worldwide, are trying to creatively use their time cooking new dishes, practicing yoga, homeschooling their kids, reading or watching movies and more to keep themselves occupied. Like Olivier Rousteing, who is preparing his next collection from Mugler’s book.

With so many people’s lives upended, here’s what designers had to say as they are #WFH (working from home), although a few intrepid souls are still working from the office.

As the coronavirus pandemic tragically escalates, designers have found themselves working from home, contemplating the future and thinking about how things will change once this is hopefully behind everyone plus trying to determine what they can do to be helpful in this time of global crisis. Continue reading →

50 PERCENT OFF ON BURBERRY

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Burberry’s trading has fallen between 40 percent and 50 percent in the last six weeks due to the impact of COVID-19, the company said in an extraordinary trading statement on Thursday.

The company is expecting comparable retail store sales in the final weeks of the year to be within the range of minus 70 percent to minus 80 percent. This follows the significant escalation of governmental regulations; trading, travel and social restrictions in recent days, "and the inevitable impact this will have on demand; Burberry said.

As a result, the British luxury brand now expects fourth-quarter 2020 comparable retail store sales to be around minus 30 percent in the fiscal year ending March 28. “Since our February update, the material negative effect of COVID-19 on luxury demand has intensified and is now impacting the industry in all regions, said Marco Gobbetti, chief executive officer.Our primary concern is the global health emergency, and we continue to take every precaution to help prevent the spread of the virus and ensure the safety and well-being of our employees, partners and customers. Continue reading →

THE DISCREET SELFRIDGES

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Less than 24 hours after confirming that it would continue trading, but with shorter opening times, Selfridges is temporarily shutting all of its U.K. stores due to coronavirus.

The company said on Twitter that it would shut as of 7 p.m. U.K. time on March 18. It will close four physical stores, in London, Manchester, Trafford and Birmingham, although the web site will continue trading.

It is with a heavy heart we have made the decision to temporarily close our four physical stores in London from 7 p.m. tomorrow evening; the store said.

The health, safety and wellbeing of our customers and team members is our utmost priority. We must do the right thing by the communities in which we live and work to help mitigate the spread of the coronavirus,” it added. The company confirmed that the e-commerce site and social channels would remain up and running. Continue reading →

FRANCE HAS UNBLOCKED 45 BILLION

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France has unblocked 45 billion euros in emergency aid for companies and workers whose revenues are impacted by the government-mandated lockdown to fight the coronavirus outbreak, Finance Minister Bruno Le Maire said on Tuesday.

The crisis, which has prompted the government to shut all nonessential businesses and call on citizens to remain at home, is expected to plunge the French economy into recession. Growth is set to fall by 1 percent in 2020, Le Maire said, adding this forecast could be amended as the situation evolves.

This economic and financial war will be long, it will be violent, and it will require all our efforts, whether national, European or at the G7 level; Le Maire said in a telephone press conference. Continue reading →