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Style capital submitted a bid for Farfetch’s Ngg
According to MFF, Roberta Benaglia’s fund has submitted a bid to take over José Neves’ holding Company’s subsidiary. The deal has been put on hold until the parent Company’s rescue is completed
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2024’s biggest fashion challenges
From Gucci’s bet on revenues exceeding 10 billion euros with Palus and De Sarno to Louis Vuitton’s 30-billion-euro potential with Beccari. Prada aims to double its sales to 8 billion euros. The spotlight is on Ferragamo’s post-rebranding future and the Ngg-New Guards Group following Farfetch’s holding reorganization
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Farfetch’s collapse
Korea’s Coupang saved José Neves’ unicorn company, whose market cap has fallen from its 23-billion-dollar peak to 254 million. Coupang will take control of the company and its assets with a 500-million-dollar investment. The Ynap agreement with Richemont fell through, and the company is preparing to delist from the Nyse
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Saint Laurent is still investing in Italy
Saint Laurent’s ceo has inaugurated a leather goods atelier in Scandicci, an industry that accounts for 70% of the Kering’s maison’s revenues. There are already 500 employees working at the former Palazzo Finanze. According to the Manager, «84% of the Group’s suppliers are Italian»
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Roberto Cavalli to hit break even in 2024
«The breakeven point is expected to be reached by 2024, with the first profits», ceo Sergio Azzolari exclusively told MFF. In 2023, the brand will reach 120 million, but «we are actively working towards 500 million». The company plans to debut in the hotel industry and open a Paris flagship store or revamp or relocate to Milan’s fashion district. Starting in 2025, they will release new parfums with Interparfums
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Dolce&Gabbana opens the door to its couture ateliers
Domenico Dolce and Stefano Gabbana opened the door to their Milan-based haute couture headquarters with an intimate fashion show, which was captured in a video documentary. «We employ 150 tailors, many of whom are young. We want to focus on boosting Italian talent» the two designers explained to MFF. In 2024, they will celebrate 40 years of creative partnership
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Fashion redesigns Milan
«When brands support interventions that benefit the city, they show their sense of community», Milan Mayor Beppe Sala said. In just a few days, Tod’s funded the restoration of Palazzo Marino for 2.5 million euros, while Gucci and Zegna also contributed to other projects for the municipality of Milan. In addition, the fashion industry is transforming the future Olympic Village and entire neighborhoods
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The luxury market in Hong Kong is approaching a value of 5 billion euros
«The high-end luxury market has shown double-digit growth, but it remains below its pre-Covid-19 peak of 8 billion», Bain & company explained to MFF. In the post-pandemic era, the metropolis is re-emerging with Louis Vuitton and Dior events promoted by local authorities. «The city is performing better than the Chinese average», Mario Boselli added
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Zegna to reach 2 billion euros in 2024 with Tom Ford
«The group will achieve the results anticipated for 2025 one year early», Gildo Zegna stated during Capital market day 2023 in New York. «I do not plan on conducting a dual listing on the Italian stock exchange nor seeking consolidation with other entities». The target for ebit is +20%
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Stella McCartney urges for a sustainable fashion industry at Cop28
«I am bringing 15 top start-ups to Dubai to study the shift towards sustainable fashion», the designer stated to MFF. Together with Arnault’s group and his Sos fund, they have been developing an innovation lab for years. «Animal agriculture accounts for 14% of greenhouse gas emissions»
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The textile industry marches toward 65 billion euros
Smi lowers industry estimates, which will finish a cautious year at +3%, down from +17.8% in 2022. «2024 will be challenging for the accounts. The priority is to attract young people to the industry and push the start of the Epr decree», president Sergio Tamborini stated, while the 2025 plan has been revealed
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The golden year of jewelry
The year 2023 will be remembered as one of the best periods for Italian-made luxury goods. Federorafi’s estimates indicated an impressive 12.8% increase in exports, amounting to over 7 billion euros in just eight months. Despite the slowdown at the end of the year, the full twelve months are expected to close with double-digit growth
