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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Moncler Group’s full-year revenues rose 7 percent to €3.11 billion ($3.42 billion), the company announced Thursday. Results beat analyst expectations; shares surged 9.5 percent just before markets closed. The Italian outerwear giant’s latest figures were the latest signal that the luxury market could be turning a corner, following encouraging results at Richemont and LVMH sales that fell more slowly than the previous quarter.
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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Michael Rider will debut his first collection as Celine’s artistic director with a runway show in Paris on July 6, the LVMH-owned brand confirmed. Rider, a key design deputy during Celine’s Phoebe Philo era who later oversaw womenswear for Polo Ralph Lauren, replaced star designer Hedi Slimane in October.
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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Two years after Sabato de Sarno was appointed to take the creative reins at a flagging Gucci, his efforts to revive consumer demand for the Italian megabrand have run out of road. The company announced his departure Thursday, just days before owner Kering is set to report its annual results. Gucci, Kering’s biggest and most profitable brand, has been in a sustained slump, with revenue down 26 percent year-on-year in the third quarter.
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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Former Fendi chief executive Serge Brunschwig has been named CEO of Jil Sander, as well as chief strategy officer of the label’s owner OTB Group. Brunschwig, an LVMH veteran, will “further elevate” Jil Sander’s positioning and “contribute to defining an even more ambitious strategic path for OTB,” said group CEO Ubaldo Minelli. OTB has seen significant management rotation in recent years.
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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Kering has sold its “The Mall Luxury Outlets” unit to US real estate company Simon, the French luxury conglomerate said in a statement on Thursday. The divestment will generate net proceeds of approximately €350 million ($365 million) for the Gucci owner, hit harder than its peers by the global luxury slowdown. Kering’s sales and profits have tumbled, its shares are trading at their lowest price since 2017.
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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Andrea Baldo knew the job wouldn’t be easy when he took the reins at Mulberry in September. In the six months ending in September, revenue plunged 19 percent to £56.1 million and losses were widening. The company’s stock traded near a 15-year low. Less than a month into his tenure, Mulberry was forced to issue new shares to raise cash, prompting Mike Ashley’s Frasers Group to make an unsolicited takeover bid. Mulberry rejected that offer. But it was clear that something needed to change, and fast.
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2 months ago | 
businessoffashion.com | Simone Stern
How rapid change is reshaping the tradition-soaked luxury sector in Europe and beyond. The sector bellwether beat expectations with a 1 percent rise in fourth-quarter sales, as demand for fashion and leather goods picked up, adding to hopes the luxury market has turned a corner. The designer is buying back LVMH’s minority stake in her namesake label but will continue to advise the group on sustainability issues.
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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Ermenegildo Zegna Group’s fourth-quarter revenue reached €589 million ($619 million), up 3 percent year-on-year, joining Richemont and Burberry in reporting surprisingly strong sales in the final months of 2024. Like many luxury brands, Zegna’s revenue fell in the previous quarter, dragged down by weak demand in China. The return to growth in the fourth quarter is driven by the strength of the Zegna brand, where revenue rose 8 percent.
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Dec 19, 2024 | 
businessoffashion.com | Simone Stern
Building on an existing twenty-year partnership, Prada Group and the Franco-Italian eyewear conglomerate EssilorLuxottica have renewed their licensing agreement for ten years. Prada chairman Patrizio Bertelli said EssilorLuxottica is “a trusted and long-standing partner” with whom the Milanese fashion group shares “a vision for the future of eyewear.”“Together we aim to deliver even greater innovations in the years to come” said Francesco Milleri, chairman and CEO at EssilorLuxottica.
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Sep 3, 2024 | 
businessoffashion.com | Simone Stern
Uniqlo has named British designer Clare Waight Keller its new creative director, adding further heft to its longstanding program of tie-ups with luxury designers.
