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LVMH starts the fiscal year with strong sales growth, up 17%



Luxury conglomerate LVMH Moët Hennessy Louis Vuitton recorded revenue of 21 billion euros in the first quarter of 2023, up 17 per cent compared to the same period of 2022. Organic revenue growth was 17 per cent.

The company said in a release that LVMH had an excellent start to the year, within a geopolitical and economic environment which remains uncertain. Europe and Japan, which enjoyed strong growth momentum, benefitted from robust demand from local customers and international travellers; the United States, a market which continues to grow, had a steady performance. Asia experienced a significant rebound following the lifting of health restrictions.

Review of LVMH performance across core businesses

The group’s fashion & leather goods business recorded 18 per cent revenue growth to 10.7 billion euros, while organic growth was also 18 per cent. The company added that Louis Vuitton’s latest women’s ready-to-wear fashion shows designed by Nicolas Ghesquière were a great success. The appointment of Pharrell Williams as men’s creative director was announced.

Christian Dior continued to perform well across all its products. Maria Grazia Chiuri celebrated the wealth of know-how and excellence in embroidery at her latest fashion show in Mumbai in India. After Egypt, the latest Parisian men’s ready-to-wear show by Kim Jones was well received.

Celine continued to showcase strong growth driven by the success of Hedi Slimane’s creations. Loewe, driven by the bold creativity of J.W. Anderson, unveiled a new collaboration with Studio Ghibli. Fendi opened new stores in Tokyo and Seoul. Loro Piana, Rimowa, Marc Jacobs and Berluti also had a positive start to the year.

The perfumes & cosmetics business group reported revenues of 2,115 million euros, delivering an 11 percent or 10 per cent increase organically. Christian Dior’s Sauvage, Miss Dior and J’Adore fragrances drove growth. Make-up and skincare also contributed to the performance of the maison. Guerlain benefited from the success of its Aqua Allegoria line. Parfums Givenchy unveiled its new fragrance Gentleman Society. Benefit successfully expanded its The Porefessional skincare range, while Fenty Beauty benefited from the visibility given to the brand by Rihanna during the American Super Bowl.

LVMH’s watches & jewelry and selective retailing record growth in Q1

In the first quarter of 2023, the watches & jewelry business group achieved revenue growth of 11 per cent to 2,589 million euros. In jewelry, Tiffany & Co. is preparing for the upcoming reopening of the Landmark in New York. The new Lock jewelry collection, whose success is growing, continued its worldwide rollout. Bulgari, showing strong growth, celebrated the 75th anniversary of its Serpenti line.

In selective retailing, revenue growth was 30 per cent to 3,961 million euros in the first quarter, while the growth was 28 per cent organically. Sephora performed well over the quarter and continued to gain market share. Momentum was particularly strong in North America, Europe and the Middle East. The brand continued to expand its distribution network, particularly in the United Kingdom where, already present online, its first store was opened in London. DFS, the company said, benefited from the recovery of international travel and, in particular, from the gradual return of travellers to the flagship destinations of Hong Kong and Macao.

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Kanye West, Yeezy ordered to pay $300,000 to snubbed creator



As another day passes, another Kanye West saga has unravelled. The rapper-turned-designer and his brand Yeezy have now been ordered to pay over $300,000 to New York-based creative Katelyn Mooney after failing to attend a court session.

A default judgement was filed in Mooney’s favour at Manhattan Supreme Court when no legal representative for West or his brand showed up or responded to the court papers.

In her lawsuit, Mooney initially claimed that West and Yeezy owed her over $300,000 in damages and unpaid invoices after failing to fully pay her for a photoshoot she was hired to produce in September.

The artist was appointed to create imagery for Yeezy’s new SHDZ sunglasses collection for 110,000 dollars, of which she claimed she had only received $15,000.

In her complaint, Mooney, who is a freelancer, said the snub forced her to take out “a significant loan and max out her credit cards” so she could cover her bills, calling West’s behaviour “exploitative conduct.”

The news comes days after it was revealed that Adidas was confronted with a lawsuit from its investors regarding its past dealings with the controversial figure.

The complaint alleged that executives for the sportswear giant knew about West’s troubling conduct long before an anonymous letter from employees revealed a series of “problematic behaviour” they encountered during his time as a collaborator for the brand.

It has also been reported by NBC News that West and Yeezy are facing further issues in regards to more than $600,000 of unpaid tax debts, dating back to 2021.

The media outlet added that it had uncovered 17 government-imposed liens in California against three of West’s businesses, including a charity in his name.


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Ellen MacArthur Foundation launches database for circular startups



The Ellen MacArthur Foundation is beginning the roll out of the full version of its circular startup database, designed to help businesses explore startups and drive the acceleration of the circular economy.

On ‘The Circular Startup Index’, 500 brands that are a part of the foundation’s community are already featured across a range of sectors, industries and geographies, each one selected for incorporating one or more principles of the circular economy into their propositions, as stated in a release.

According to the organisation, the index was created to address the challenge behind financing and scaling circular business models, with the initiative hoping to help facilitate innovation through capital.

Commenting on the launch, Ella Hedley, project manager, startups, at the foundation, said: “Designing a circular future requires radical innovation to rethink how our economy works.

“Thousands of circular startups are already on the case. But they need more support and investment.

“So we created the Circular Startup Index to create visibility of the breadth of circular startups on the market and help businesses discover suitable circular solutions.”

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Report: Handbag market to grow by $14.1bn  from 2021 to 2027



Technology research and advisory company Technavio released a report on the growth of the global handbag market, pointing out its estimated increase in value by 14.11 billion US dollars from 2022 to 2027 and a CAGR of 4.3% and highlighting key findings on this development.

The handbag market 2023 to 2027 is split up into three segments by Technavio – type, distribution channel and geography. Types of handbags include leather, fabric and others, distribution takes place online and offline, and locations concern Asia Pacific (APAC), North America, Europe, South America and Middle East and Africa.

Vendors of the market include Burberry, Dolce and Gabbana and Chanel, to name a few, offering a wide range of bags in different sizes from tote bags, to cross body, and shoulder bags.

Over the past several years, there has been an upsurge in demand for leather handbags with various textures, qualities, and feels. This element will fuel the segment’s growth during the course of the forecast.

A key driver of this development is the personalisation and customisation of luxury handbags, which has heavily emerged as a new trend over the past five years, particularly in western Europe and North America.

The product’s aesthetics are improved through embroidery, straps and buckles, or the inclusion of a name tag, which at the same time increases its value in comparison to standard products.

The report revealed the customers’ increased preference to shop duty-free at airports for high end and luxury items, such as handbags, during the forecast period. Last-minute shopping or external factors such as delays and early check-ins further push the growth of the market. This uprising trend results in renovations of retail outlets within airports to enable this shopping experience.

The research company explains that strengthening the foothold in the fast-growing segments while maintaining the positions in the slow-growing ones is a key action for brands in this context.

However, Technavio also discloses how stringent government regulations will play a major role in terms of challenges for the growth of the market during the forecast period.

Due to a number of associations and government departments enforcing these rules, for example in Europe and particularly in Germany, parties operating within the tanning industry should adapt and consider ethical production, synthetic use and reuse.

This factor, alongside fluctuating operational costs and the measures needed to reduce waste and protect the environment which make up almost 5 percent of manufacturer’s total costs, might impede the growth of the handbag market.


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