The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LVMH has gained full ownership of Italian brand Emilio Pucci, after acquiring the founding family’s remaining 33 percent stake for an undisclosed sum, according to a report by WWD.
Laudomia Pucci, the company’s image director, will step down following the deal, the publication reports.
LVMH has held a majority stake in the brand, which is known for its bold, colourful prints since 2000, but the label remains one of the smallest in its portfolio. The luxury giant is assuming full control after a period in which it’s struggled to find a clear direction.
The house has been without a creative director since Massimo Giorgetti departed in 2017.
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Previous designers at Pucci’s helm have included Matthew Williamson, Christian Lacroix and Peter Dundas. Meanwhile it’s undergone a broader executive reorganisation, with chief executive Mauro Grimaldi leaving the company in early 2019 after four years.
More recently, Pucci has experimented with guest collaborators, including Christelle Kocher and Tomotaka Koizumi, in a strategy reminiscent of Moncler’s Genius format. It has also reorganised its business to focus more on resort wear, a core category for the brand, steering its retail footprint towards boutiques in resort hotspots such as Saint Tropez in France, Capri in Italy and Dubai.
Earlier this month, it announced a collaboration with Supreme, featuring sports jerseys, shirts and accessories with prints from the maison’s archives.
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The deal is expected to help tip the company into profit for the first time and has got some speculating whether Beckham may one day eclipse her husband in money-making potential.
The designer has always been an arch perfectionist, a quality that has been central to his success but which clashes with the demands on creative directors today, writes Imran Amed.
This week, Prada and Miu Miu reported strong sales as LVMH slowed and Kering retreated sharply. In fashion’s so-called “quiet luxury” moment, consumers may care less about whether products have logos and more about what those logos stand for.
The luxury goods maker is seeking pricing harmonisation across the globe, and adjusts prices in different markets to ensure that the company is”fair to all [its] clients everywhere,” CEO Leena Nair said.