LVMH-Backed L Catterton Agrees to Buy Majority Stake in Kiko
The private equity fund has entered into a definitive deal with the Percassi family, which will retain a “significant stake” in the business.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
After a lacklustre 2023, recovery may be on the horizon for established and independent lines alike.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.
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Despite the country’s protracted property crisis, deflationary pressures and other economic headwinds, its domestic luxury market is expected to grow 4 to 6 percent in 2024, outpacing both Europe and the US.
The LVMH-owned cosmetics line is shuttering much of its e-commerce presence on Jan. 28.
While the economic woes have certainly weighed on sales, analysts say the main issue facing the multinationals is their slowness to adjust to the shifting priorities of consumers, who have become more discerning about what they buy and are increasingly finding that local brands are more suited to their needs.
While the economic woes have certainly weighed on sales, analysts say the main issue facing the multinationals is their slowness to adjust to the shifting priorities of consumers, who have become more discerning about what they buy and are increasingly finding that local brands are more suited to their needs.
Brands looking to invest in new developments and rapidly changing shopping districts across China’s major cities are scrutinising locations harder than before the economic slowdown.
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China’s largest e-commerce player Alibaba Group said it recorded year-on-year growth over this year’s Singles Day sales period that ended at midnight on Saturday, while rival JD.com reported sales volumes at a record high.
China’s largest e-commerce player Alibaba Group said it recorded year-on-year growth over this year’s Singles Day sales period that ended at midnight on Saturday, while rival JD.com reported sales volumes at a record high.
In the key China market, sports stars are an increasingly popular choice for luxury brands aiming to broaden their appeal while limiting their exposure to scandal-prone entertainers.
At the latest edition of China’s top fashion week, brands adapted their designs for a more value-minded shopper as retail buyers prepared for a softer local market.
DFS is making “an unprecedented investment” in the 128,000-square meter project, which will open by 2026 and feature over 1,000 luxury brands including those from LVMH Moet Hennessy Louis Vuitton SE, the firm said in a statement.
The private equity fund has entered into a definitive deal with the Percassi family, which will retain a “significant stake” in the business.
The company confirmed in January that it planned to restart activities in Venezuela in the first half of 2024 with local partner Grupo Futura.
The move means Shein could be liable for fines of as much as 6 percent of global revenue for violating the law, designed to curtail the spread of illegal content online.
Since the merger announcement, Capri has reported weaker-than-forecast earnings twice, spurring concern about its performance in the coming quarters.
The new scent, Zouzou, is the fashion house’s first new perfume since 2022.
Unilever Plc sales jumped more than expected in the first quarter as Chief Executive Officer Hein Schumacher pushes ahead with his turnaround plan and shoppers come back to premium brands.
President Biden signed the bill that gives China-based ByteDance 270 days to divest TikTok’s US assets or face a ban.
The Alphabet Inc. company said in a blog post Tuesday that it’s still working with the ad industry and regulators on the plan.