Week 20 in Luxury: Prada Linea Rossa, Luxury Myth, and Richemont’s latest acquirement.
Welcome to Week 20 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. Prada Linea Rossa backs record-breaking feat
Prada's Linea Rossa collection supported Japanese ski jumper Ryōyū Kobayashi as he shattered a world record in Iceland with a nearly 955-foot flight, aligning luxury fashion with athletic prowess in a groundbreaking moment for both industries. Kobayashi, a decorated champion in ski jumping, including multiple Olympic and World Cup victories, further solidified his legacy with this remarkable feat, showcasing the potent synergy between high-performance athletics and prestigious fashion collaborations.
Read the full article here | Luxury Daily
2. Op-Ed | How Long Will the Luxury Myth Last?
The 21st Century has proven prosperous for major luxury brands, rebounding from the challenges posed by the late 2000s Great Recession, especially with the rise of new wealth in regions like China driving a surge in luxury consumption. With the global millionaire population quadrupling from 15 million in 2000 to 60 million by 2022, coupled with a growing appetite for luxury goods among the middle class, brands have adeptly capitalized on this trend through innovative marketing strategies, such as leveraging celebrity endorsements and introducing new product categories like streetwear, effectively maintaining an aura of exclusivity while expanding their customer base.
Read the full article here | Business Of Fashion
3. How will the ban of noncompete clauses impact the fashion industry?
The FTC's ban on most non-compete arrangements, effective August 21, 2024, will likely have significant implications for the fashion industry, particularly in talent acquisition and retention strategies. With existing noncompete agreements for all workers other than senior executives becoming unenforceable, fashion companies will need to reassess their approach to protecting proprietary information and retaining key employees. This shift may lead to greater competition for talent and a potential reevaluation of employment contracts and practices within the industry.
Read the full article here | Luxury Daily
4. Richemont Acquires Italian Jeweller Vhernier
Richemont, the owner of Cartier, is acquiring 100 percent of the Italian jewelry house Vhernier, renowned for its iconic foldover Abbraccio ring, from the Traglio family, although the terms of the deal remain undisclosed. Despite Vhernier's modest size, with annual revenues estimated between €50-100 million, Richemont has a track record of transforming similar-sized brands into successes, as seen with Van Cleef & Arpels and Buccellati, both of which were comparable in size when acquired in 1999 and 2019, respectively.
Read the full article here | Fashion Of Business
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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