About 1.5 billion euro: that’s how much the exports of Italy’s fashion system to Russia are. A small portion of the total 83 billion euro of foreign revenue made by Italy in 2021 (data not final). In the first 11 months of the year though, exports towards Russia had increased by 24%, which raised expectations...
Kering’s future in 6 moves. While the French luxury giant looks for “preys” (Burberry?) to close an important acquisition, the group’s leader, François-Henri Pinault, is setting the path forward. Summary: extreme reduction of wholesale online sales, expansion in the USA and less trendy but more iconic products. And more: development of men’s apparel and price...
Tod’s is back on its way. After 5 Years of continuously declining revenue, 2021 closed with a larger increment (+40%) than what expected by analysts. While Tod’s leather goods segment is back to pre-Covid levels, the group was very close to the results of 2019, with sales only 2.6% (at constant rates) lower than 2019....
Pandemic or not, the luxury segment smiles. After Prada’s financial results, Richemont and Burberry’s are next. Both are in the green, particularly the results of fashion and accessories’ brands of the Swiss conglomerate, in the past often below the performances of the jewelry counterparts. Burberry also recorded a positive year, thanks to the push of...
Chanel and Ferragamo are continuing their major organisational restructuring manoeuvres. The French fashion house is revolutionising its governance and financial structure. As demonstrated, for example, by the transfer of its registered office to London. But now it is taking a further leap forward and, all of a sudden, surprising everyone, it is appointing a new...
Versace is taking its time when it comes to find a successor to CEO Jonathan Akeroyd. In his place, in fact, it has appointed ad interim Cedric Wilmotte, who will hold the position from January 17 to December 31, 2022. Akeroyd, on the other hand, will leave the brand controlled by Capri Holdings on March […]
It’s the list of the 9 most common mistakes luxury brands make in China, created by Luca Solca, head of luxury goods research at Bernstein and Jasmine Zhu, CEO of brand management agency China & I, for BoF. The logical premise is the importance of the Chinese marketplace for the luxury segment. China today accounts...
What are the reasons behind the unexpected divorce between Bottega Veneta and Daniel Lee? Who will be his successor? What will the future of the British designer be? These are the three million-dollar questions that press and industry insiders are trying to answer. Remaining, for now, in the territory of hypotheses. 3 one-million dollar questions ...
Burberry‘s strategy of focusing on full-price sales has paid off. As a result, in the six months to 25 September 2021, it saw revenues reach pre-pandemic levels. The “leather” category saw double-digit full-price comparable sales growth, compared to 2019, thanks to the performance, in particular, of women’s handbags. 1.21 billion pounds Burberry, which recently hired […]
The divorce you don’t expect. Bottega Veneta and Daniel Lee have parted ways. It was announced by the Kering group, which owns the Italian fashion house, underlining how the designer took the creative helm of the maison into his hands on July 1, 2018. An underlining that testifies to how, in the space of three and a half years, Lee has revived Bottega […]
Burberry has a new CEO. Coming April 2022, Jonathan Akeroyd will substitute Marco Gobbetti, who will begin his new role as CEO of Ferragamo. British Akeroyd (54 years old) has been CEO of Versace since 2016, and remained in his place when the Italian brand was bought by Capri Holdings. The same manager was also […]
Nothing is worrying luxury. So much so, that the high end segment, in this “outgoing pandemic” phase, may have gained new momentum to grow significantly over the next decade. Various specialist analysts are convinced of this, as is Barclays, which analysed the trends of European luxury groups. What is driving this growth? What a question:...
Off-White has a billion euros in its sights. We’ll get there “in five to ten years”, says CEO Andrea Grilli, who explained how input from LVMH (which controls 60% of the brand, the remaining 40% belongs to Virgil Abloh) and Farfetch (owner of New Guards Group, its licensee) is facilitating this path. The billion in […]
The NFT phenomenon. Non Fungible Tokens move staggering amounts of money in the world of fashion. Or rather: cryptofashion. Burberry, Balenciaga, Gucci, Louis Vuitton, and the more recent cases of Karl Lagerfeld and Dolce & Gabbana, have now made them the “case” for digital fashion in 2021. All this, within a potentially huge market that is still to be developed. […]
Ferragamo’s shake-up is about to arrive. The change is near. September 7th will be the last day for the current CEO, Micaela Le Divelec Lemmi. Executive powers will be transferred to current Vice-president Michele Norsa, until Marco Gobbetti will take over the role in January 2022. The market observes and waits, for the most part, […]
Chinese President Xi Jinping (pictured) is sending the luxury sector into panic, taking European groups stocks on a rollercoaster ride in August. “If the Chinese sneeze, the luxury sector will catch pneumonia,” said Luca Solca from Bernstein. The metaphor materialised on August 17, when over €60 billion went up in smoke, or almost 10% of...
There is no doubt. Kering is looking for a target to acquire. Jean-Francois Palus (general director of the French group) confirmed it by highlighting the main difficulties tied to the search: “the lack of luxury targets. We are observing the market, working to find the best target at good conditions. That’s what we have done […]
Already a leader and already active, or rather hyper-active. The Arnault family has led the luxury mergermania for a time, both via LVMH and L Catterton, last acquiring Etro and Off-White. While waiting for a counter-action by competitors, the group led by president and CEO Bernard Arnault (in photo), takes advantage of its competitive leverage:...
Everyone is waiting for the Kering coup. And they have been since LVMH bought Tiffany. The conglomerate led by the Pinault family is still a spectator in the mergermania that has been unleashed recently. According to rumours, it has even made a few attempts (Richemont, Ralph Lauren, Dolce & Gabbana), while market players are competing...
First of all: Riccardo Tisci will remain at the creative helm of Burberry. In other words, he will not follow in the footsteps of CEO Marco Gobbetti who will soon join Salvatore Ferragamo. Or, at least, the British brand is confident of this reconfirmation, as its CFO, Julie Brown said commenting the financial results for...
