Week 34 in Luxury: Beyoncé's Whisky, Celine's Bold Fragrances, and China's Economic Woes
Welcome to the Week 34 edition of "This Week in Luxury," where we’ll bring you the latest developments in the world of luxury!
1. The President & CEO of Estee Lauder Companies Announces Retirement.
The Estée Lauder Companies announced today that President & CEO Fabrizio Freda plans to retire at the end of fiscal year 2025. Until a successor is named, Freda will continue to steer the company's strategic, financial, and investment priorities.
"On behalf of the Board of Directors and the Lauder family, we express our deep appreciation to Fabrizio for his sixteen years of dedicated service," said William P. Lauder, Executive Chairman. "As his retirement approaches, we will celebrate his numerous achievements. In the meantime, the Board, Fabrizio, and the leadership team remain focused on addressing the company’s current challenges."
In related news, Estée Lauder also reported its fiscal 2024 earnings for the fourth quarter and full year ending June 30, 2024. The company recorded net sales of $15.61 billion, down 2% from $15.91 billion in the previous year.
Read the full article here | DFNI Online
2. China Faces Economic Challenges, Youth Unemployment Surges as Growth Stalls
While China aims for a 5% growth rate this year, it's a stark contrast to the rapid growth that once established it as a global economic powerhouse. Youth unemployment has surged to 17%, a critical indicator of economic health.
Demand for bank loans has plummeted for the first time in two decades, highlighting a significant shift. Official data shows that urban youth unemployment reached 17% last month, but the true picture is even bleaker in rural areas, where joblessness is rising alarmingly. It's important to note that millions of migrant workers are excluded from this unemployment figure.
Both internal and external factors contribute to this crisis. There was a severe downturn in the property sector, and a cautious middle class, who are much more careful about buying goods, particularly luxury goods.
Read the full article here | Luxury Tribune
3. CELINE ELEVATES HAUTE PERFUME WITH BOLD NEW ADDITIONS
Celine is expanding its fragrance collection with the introduction of liquid soaps, body lotions, and hand creams, featuring iconic scents like Reptile, Peau Nue, and Cologne Céleste. A luxurious hair mist, available in Parade, Reptile, and Black Tie, is also on the horizon.
These new creations, with a "high naturalness rate," reflect the bold, Art Deco-inspired aesthetic crafted by artistic director Hedi Slimane. Expect sleek bottles and tubes, featuring the signature Triomphe motif, made from 50% recycled PET or 95% recycled aluminum—an elegant fusion of sustainability and style.
The rise of 'discrete chic' is a response to broader cultural shifts towards minimalism, sustainability, and authenticity and changing attitudes towards status and wealth. Over the past decade, the increased cultural desire for simplicity, decluttering, and mindfulness has influenced consumers to value fewer, high-quality items over large quantities of ostentatious goods.
Read the full article here | Journal du luxe
4. BEYONCE UNVEILS HER OWN WHISKY BRAND IN PARTNERSHIP WITH MOET HENNESSY
Beyoncé Knowles-Carter has joined forces with Moët Hennessy, a subsidiary of LVMH, to create SirDavis, a groundbreaking new whisky. The first-of-its-kind joint venture reflects a shared vision between Knowles-Carter and Moët Hennessy, two vanguards of culture and craft, around the future of American whisky.
Read the full article here | LVMH
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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