Week 18 in Luxury: Ferrari Partnership, LVMH Jury, and Increased Prada Sales.
Welcome to Week 18 edition of "This Week in Luxury," where we’ll bring you the latest developments in the world of luxury.
In this week's roundup, we explore four intriguing stories that are shaping the luxury industry landscape.
1. Ferrari forges racing partnership with HP
Ferrari has partnered with HP to enhance its Formula One racing team, Scuderia Ferrari, with new technologies across vehicles and operational centers. The multiyear agreement, announced this week, includes rebranding the team as "Scuderia Ferrari HP," with the collaboration officially beginning next month. Ferrari CEO Benedetto Vigna expressed excitement about the partnership, emphasizing shared values of innovation, sustainability, and commitment to progress, and looks forward to facing new opportunities and challenges together with HP.
Read the full article here | Luxury Daily
2. LVMH Prize Names Finalists, Adds Phoebe Philo and Pharrell Williams to Jury.
LVMH has unveiled the eight designers shortlisted for its 11th edition of the LVMH Prize for Young Designers, including the Karl Lagerfeld prize and the inaugural Savoir-Faire Prize. The finalists will showcase their collections at the Louis Vuitton Foundation in Paris on Sept. 10, with notable jury additions such as Phoebe Philo and Pharrell Williams joining industry luminaries like Jonathan Anderson and Nicolas Ghesquière. Winners stand to receive substantial prizes, with the LVMH Prize winner awarded €400,000 ($428,000), while the Karl Lagerfeld and Savoir-Faire Prizes offer €200,000 each, coupled with mentorship by LVMH.
Read the full article here | Business Of Fashion
3. Prada Group sees first quarter sales rise 16p.
In the first quarter of 2024, Miu Miu, under Italy's Prada Group, drove overall growth with a reported 16 percent year-over-year increase in net revenues, totaling 1.18 billion euros or $1.27 billion. Retail sales constituted a significant portion of these results, although they are currently unaudited. Patrizio Bertelli, Chairman and Executive Director of Prada Group, emphasized the company's strategic progress and its ability to navigate a challenging market environment while maintaining flexibility, agility, and a commitment to innovation and investment across the business.
Read the full article here | Luxury Daily
4. Bon Appetit out with first ‘Drinks’ issue in over 50 years.
Bon Appétit, owned by Condé Nast, is catering to a new audience of sober-curious readers by expanding its beverage coverage. Their latest initiative includes the release of the magazine's first Drinks issue since 1956, focusing on the zero-proof trend that has become increasingly prominent in food media. Jamila Robinson, the editor-in-chief, emphasizes the importance of exploring diverse drink options, from kombucha to cocktails to wellness beverages, and aims to introduce readers to influential figures in brewing, mixology, and sommelier circles, enriching their understanding of beverage culture.
Read the full article here | Luxury Daily
That concludes this week's edition of "This Week in Luxury." Stay tuned for more updates on the world of luxury in the weeks to come.
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