Market Pulse | Buying Designers Like It’s 1999

Savigny Luxury Index September 2013 | Source: Savigny Partners

The Savigny Luxury Index has gained good ground in September and is up by 3.7 percent, outperforming the MSCI World Index by over one percentage point, as Asian tourist flows to Western fashion hubs remain strong and the world’s largest luxury conglomerates snap up young designers, reports Pierre Mallevays of Savigny Partners.

…Continue Reading

The China Edit | Fosun Invests in Caruso, Richemont Misses Target on China Sales, Hong Kong Mall Rents, Tourism Laws, Spectre & Co.

Raffaele Caruso Menswear | Source: Raffaele Caruso

The China Edit is a weekly curation of the most important fashion business news and analysis from and about the world’s largest luxury market.

…Continue Reading

Arnault Lets Them Eat Cake Amid Luxury Hospitality Push

Maison Cheval Blanc - Courchevel | Source: LVMH

PARIS, France — French billionaire Bernard Arnault wants you to spend the night and eat his pastries. After decades of acquiring luxury goods that consumers can drink and wear, the chairman of LVMH Moet Hennessy Louis Vuitton SA last week bought a five-star hotel in St. Barths and in June added a storied Milanese cafe, accelerating his push to meet all his well-heeled clients’ earthly needs.

…Continue Reading

Richemont Chairman Takes a Break to See Who’s The (Next) Boss

Johann Rupert | Source: Courtesy photo

ZURICH, Switzerland — Richemont boss Johann Rupert has promised to switch off his phone when he takes a break from the company in September. For the South African billionaire it will mark the start of a year-long sabbatical. For his younger managers, it will mark the start of a 12-month competition to show how well they can steer the world's second biggest luxury goods group in his absence - and possibly, ultimately, replace him.

…Continue Reading

Is Fashion Just an Accessory at Richemont?

Dunhill 'Home' in Shanghai, China | Source: Dunhill

ZURICH, Switzerland — While Richemont last week reported a 30 percent gain in annual profit as shoppers spent more on its Cartier jewelry and IWC watches, leather goods and fashion brands such as Lancel and Chloé have struggled. Earnings at Richemont’s so-called soft luxury unit fell by more than half in the last fiscal year.

…Continue Reading

Marty Wikstrom, Head of Fashion and Accessories, Leaves Richemont

Richemont | Source: Richemont

LONDON, United Kingdom — Martha 'Marty' Wikstrom, chief executive of fashion and accessories at Compagnie Financière Richemont, has resigned from her post, the luxury group announced today. Richemont is the Swiss parent company of fashion, jewellery and watchmaking companies including Dunhill, Chloé, Cartier and Piaget.

…Continue Reading