The Savigny Luxury Index fell 2.2 percent over the month, as adverse foreign exchange movements continue to weigh on the luxury sector’s growth.
In our latest CEO Talk, BoF sits down with Brunello Cucinelli to discuss the unique business philosophy behind his cashmere and luxury lifestyle business, which generated $444 million in revenue in 2013.
SOLOMEO, Italy — Brunello Cucinelli said he’s optimistic about his namesake cashmere clothier’s prospects amid strong demand for the most exclusive luxury goods.
MILAN, Italy — Brunello Cucinelli, the 59-year-old founder of the luxury fashion house that bears his name, has become a billionaire. Knitwear brand Brunello Cucinelli SpA has more than doubled in value since its initial public offering in Milan last April, giving Cucinelli a net worth of at least $1 billion, according to the Bloomberg Billionaires Index. He has never appeared on an international wealth ranking.
Minimalist Matters (IHT) “Jil Sander is the archetypal figure to have reinterpreted mid-century Modernism. Her fashion life has been dedicated to streamlining style and to recognizing the dynamic place of women in society. But where should the designer take that vision now that she has returned to her own label after eight years and a series of stop-go comebacks?” China’s corruption crackdown takes shine off
LONDON, United Kingdom — The Savigny Luxury Index (“SLI”) gained 5.5 percent in August, outperforming the benchmark MSCI World Index (“MSCI”) by over four percentage points. Strong results by sector leaders confirmed continued growth in Asia and increased tourist spending in Europe, thanks in part to a weaker euro. Big news Richemont, Hermès, Prada, Tod’s, Michael Kors and Ferragamo all confirmed a healthy outlook for 2012, driven
How a cosmetics company built brand equity by taking on the fashion world’s biggest killer (Financial Post) “Last year, Canadian-founded MAC Cosmetics raised $38-million through its MAC AIDS Fund to help combat the spread of AIDS. The success of the 18-year-old campaign predates the cause-marketing boom that has stormed the corporate world and yet continues to attract celebrity spokespeople.” IPO Costs Dampen Profits at
Vivienne Westwood by Tim Blanks (Interview) “Vivienne Westwood has a request. Before we start our conversation, she wants to get on her soapbox about climate change, the issue that consumes as many of her waking thoughts as the fashion career that has brought her notoriety, adulation, and the title of Dame of the British Empire.” DailyCandy’s Secrets to Sweet Success (Forbes) “Since the company’s birth in
LONDON, United Kingdom — The Savigny Luxury Index (“SLI”) slid 5.2 percent in May, underperforming the benchmark MSCI World Index (“MSCI”) by almost 2 percentage points. Strong results mixed with an increasingly glum outlook for Europe and indications of a slowdown in China resulted in some profit taking as investors exited the sector. All the stocks in our index ended the month negatively. Big news Although the sector delivered
Francisco Costa (Interview) “For the last nine years, or 18 seasons, as women’s creative director at Calvin Klein Collection, 47-year-old Francisco Costa has simultaneously managed to preserve one of the most iconic brands in fashion—one that has proven to the world that Americans can be spare, chic, and sexy right alongside their European counterparts.” Macy’s maintains outlook, disappointing Street
A Humbled Gap Tries a Fresh Coat of Pep (NY Times) “Yet this is a Gap — at the Grove, an upscale mall in Los Angeles. Only it’s more than a Gap — it’s a laboratory for reviving the brand, one of the great hot-to-not stories of American retailing” Cucinelli’s stellar debut seen boosting Italy IPO appeal (Reuters) “Italian cashmere specialist Brunello Cucinelli made a sparkling market debut in Milan on Friday,
Luxury Goods Oust Executives With Global Economy in Flux (Business Week) “Luxury-goods makers are spring cleaning their boardrooms and ateliers. At least 14 new presidents, chief executive officers, chief financial officers and creative directors started at European companies, including Mulberry Group Plc and PPR SA in the first quarter alone.” Cashmere house Cucinelli IPO approved by Milan bourse (Reuters)