The boss of Diesel’s parent company said that it will create an Italian version of LVMH
Renzo Rosso, the founder of OTB Group, the parent company of Diesel, said bluntly in an interview with the British “Financial Times” that his plan is to create an Italian version of LVMH and will hire bank consultants to prepare for the listing. OTB Group owns brands such as Diesel, Marni, Maison Margiela and Jil Sander, and has more than 6,000 employees. Renzo Rosso said that although his company’s market value cannot be compared with French luxury giants such as LVMH, he wants to prove to the world that Italy can also have its own luxury group.
Brunello Cucinelli’s second-quarter revenue surged 46%
According to Fashion Business News, Italian luxury cashmere brand Brunello Cucinelli’s second-quarter sales rose 46.4% year-on-year to 218 million euros, a further increase from the 20% growth rate in the first quarter, exceeding analyst expectations. In the financial report, Brunello Cucinelli raised his revenue growth forecast for this year from 12% to 15%, and confirmed that the revenue growth in 2023 will be around 10%, and the revenue in 2024 will exceed 1 billion euros.
Amy Hauk is also the CEO of Victoria’s Secret and Pink
Victoria’s Secret announces the appointment of Amy Hauk as Chief Executive Officer of the Victoria’s Secret and Pink brands. Under its leadership, VS&Co will integrate marketing, planning, marketing and creative teams to rapidly apply best practices and consumer insights. Amy Hauk has over a decade of highly successful marketing experience with Bath and Body Works and has been CEO of PINK since 2018. This leadership change is aimed at delivering on the execution of the company’s strategy and driving long-term growth goals.
Moschino parent company appoints new chief financial officer
Italian fashion group Aeffe, which owns Alberta Ferretti, Philosophy, Moschino and other brands, announced Matteo Scarpellini as the new chief financial officer, replacing Marcello Tassi who left at the end of last yearNari, the appointment is effective immediately. In the three months ended March 31, sales of Aefe, the parent company of Alberta Ferretti and Moschino, rose 26.8% year-on-year to 101 million euros, and net profit doubled to 8.9 million euros.
True Religion Appoints First Chief Financial and Operating Officer
U.S. denim and sportswear brand True Religion on Tuesday announced Sandip Grewal as chief financial and operating officer, a newly created position at the brand. After taking office, Sandip Grewal will be responsible for continuing to promote the growth of True Religion’s performance to achieve the annual revenue target of US$500 million and report to CEO Michael Buckley. Sandip Grewal was previously the chief financial officer of Bradshaw International, a home furnishing supplier, and also held the same position at Dr.Fresh, with extensive experience.
Shandong Ruyi’s suit brand Gieves & Hawkes is listed for sale
Gieves & Hawkes, a centuries-old British high-end menswear brand owned by Shandong Ruyi, officially began to be listed for sale this week. The sale business includes the brand’s business in the UK and Greater China and licensing agreements. It is expected to find a buyer in the third quarter.
Trinity Ltd. Trinity Ltd., a subsidiary of Shandong Ruyi, acquired Gieves & Hawkes for a total of 92.5 million pounds in 2012 and was liquidated last year. Gieves & Hawkes, headquartered in Savile Row, London, has been established for 250 years and has served several generations of British monarchs. It currently has 58 stores in 25 cities around the world.
The outlook of Gap group caused concern, the stock price fell more than 5%
After Gap Group announced the news of CEO Sonia Syngal’s resignation, Wells Fargo downgraded the company’s rating to “hold and watch” and lowered the target price from $16 to $10. Analyst Ike Boruchow pointed out that Gap Group has performed poorly in the past two quarters, and the growth of its brand Athleta seems to be hindered. The argument that Gap has deep value has now been broken. As of Tuesday’s close, Gap’s stock price has fallen by more than 5%, and it has fallen by 51% since the beginning of this year. The latest market value is about 3 billion U.S. dollars.
It is rumored that Dior will withdraw its commitment to Valentino’s claim
According to sources, Dior is asking Valentino to ignore its €100,000 claim, citing “friendly relations” and “mutual respect”. Last weekend, the manager of Dior’s boutique in Rome’s Spanish Steps filed a complaint with Valentino, demanding that Valentino pay 100,000 euros in compensation within 15 days to make up for the business loss caused by the onlookers blocking the Dior store caused by its haute couture show, which aroused widespread concern. As of now, neither Valentino nor Dior have responded further.
Christie’s report for the first half of the year shows that millennials are the main bidders for luxury handbags
Christie’s sold a total of US$4.1 billion in art and luxury goods in the first half of 2022. About 34% of the new global buyers are millennials, mainly buying luxury goods such as handbags. Last month, Christie’s sold a Hermès platinum crocodile Kelly handbag for US$239,400 or about 1.61 million yuan. However, some people in the industry said that this is related to the obvious drop in the auction price of Hermes handbags compared with previous years.
At Christie’s spring handbags and accessories auction this year, the average transaction price of ordinary platinum bags was around 150,000 yuan, while the transaction price of rare skin platinum bags such as ostrich skin and crocodile skin was between 200,000 yuan and 300,000 yuan. During the same period, the transaction price of a platinum Hermès platinum bag made of Himalayan Nile crocodile skin was less than 1.5 million yuan, which was half of the transaction price of the same bag in 2017.
Hermes opens a new store in Wuhan Hang Lung Plaza
Hermes is accelerating its expansion in the Chinese market. The new Wuhan Hang Lung Plaza store was officially unveiled on July 13, selling 16 major product categories of the brand. The two-story space of the new store was created by the Parisian architectural firm RDAI, adhering to the consistent simple and modern style of Hermès, integrating the concept of Sino-French cultural exchanges and the unique geographical environment of Wuhan into the space design.
PUMA launches second collaboration with singer Dua Lipa
PUMA recently released the second cooperation series Flutur with singer Dua Lipa, a total of more than 30 products, including CELL Dome King and Mayze, Mayze Boot and Mayze Metallic three shoe styles. The series will be sold in two parts. The first part will be available on PUMA’s official website and designated retailers starting July 14th, and the second part will be exclusively available on the brand’s official website and PUMA New York flagship store on July 28th..
LV x AF1 has been fired to 40,000 pairs
According to Fashion Business News, LV x AF1 will be released on July 19 in the WeChat mini-program LV SNEAKERS STORE, the official price is between 21,300 yuan and 26,700 yuan. It is worth noting that the series of sneakers have been fired at 41,289 yuan to 69,999 yuan on the resale platform. Some insiders predict that the sale of LV x AF1 will break the previous record set by the joint sale of Dior x AJ1.
Xtep expects net profit in the first half of the year to increase by 35%
Xtep released a profit forecast for the first half of the year. It is expected that the net profit of the group in the six months to June 30 will increase by at least 35% year-on-year, and the retail sales of online and offline channels will also achieve 20% compared with the same period last year. % to 25% growth, retail inventory turnover is about 4.5 months. As of Wednesday’s close, Xtep’s stock price fell 2.5%, with a market value of approximately HK$36 billion.
Bulgari announces supermodel Liu Wen as global spokesperson for leather goods, glasses and accessories
Bulgari, an Italian jewelry luxury brand under LVMH, announced Chinese supermodel Liu Wen as the brand’s global spokesperson for leather goods, glasses and accessories, and released a promotional video of the Serpenti Cabochon series of bags and Serpenti Forever series of bags shot by Liu Wen. At present, Liu Wen has more than 26 million fans on Weibo, and the number of related Weibo posts and videos has exceeded 100,000 views.
Technical footwear group Miracle Miles received USD 100 million in Series A financing
Technology footwear group Miracle Miles announced the completion of US$100 million in Series A financing, jointly led by IDG Capital and Sequoia China. Founded in New York, USA in 2019, Miracle Miles focuses on supply chain digitization and is committed to becoming a technology-driven shoe retailer. Its products include women’s shoes, men’s shoes, outdoor sports shoes, etc., and its business scope has covered more than 10 countries around the world. The number of service users exceeds 16 million. After this round of financing is completed, Miracle Miles plans to complete its global strategic layout in the next 2 to 3 years.
