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Tapestry stalled
As it waits for the FTC to clear the way for its merger with Capri Holdings and aims to complete the deal “within the 2024 calendar year,” lower consumer spending and the costs of the acquisition are weighing on the parent company of Coach, Kate Spade, and Stuart Weitzman. Although third-quarter results surpassed expectations, profits declined. The downward guidance is putting pressure on the stock
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The luxury industry slowdown
An MFF investigation explores the outlook for 2024 as the luxury sector becomes increasingly polarized and searches for direction. Some brands, like Gucci and Ferragamo, are struggling, while others, like Prada, are seeing double-digit growth. Estimates suggest 5% growth in the best-case scenario, while the more pessimistic forecast projects an increase between 1% and 2%
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Burberry’s slowdown
Analysts consulted by MFF suggest that the British brand’s trajectory is similar to that of Gucci. Daniel Lee’s vision is struggling to gain momentum, and the company’s turnover is expected to drop below 3 billion pounds in fiscal year 2024. The goal of reaching 5 billion pounds appears increasingly out of reach
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Why Marco Bizzarri is the market’s most wanted
An MFF investigation explores why Marco Bizzarri is the most sought-after manager at the moment. «He took Gucci’s revenue from 3 billion to 10 billion euros. The market is eager for him to replicate that success», analysts say. «By entering the Chinese and US markets, he could boost Elisabetta Franchi’s revenue from 200 million to a billion euros». It is no surprise that Golden Goose, rumored to be planning an IPO, has included him on its Board
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The new luxury map in Asia
Consumer behavior in the East is changing. Japan and South Korea are more cautious, with average budgets decreasing by 34% and 69% over the past four years. Singapore and Malaysia lead the way, with spending up by 388%, ahead of China and Taiwan, which recorded a 14% increase. «There is a growing awareness of resale value. Fashion is now seen as a safe haven», Bluebell explains
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Paris generates 2,5 billion euros in luxury street rents
An MFF investigation into retail rents in the City of Light reveals that the Champs-Élysées, thanks to the Olympics effect, have soared to peaks of 19,000 euros per square meter per year. Avenue Montaigne follows with 15,000 euros, and Rue Saint-Honoré with 14,000 euros. The French capital alone generates more than double the luxury rental value of all of Italy, which totals 1.2 billion euros
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Acne Studios aims for 500 million euros in turnover
«The Brand is in a crucial stage of development, stepping out of its comfort zone» ceo Mattias Magnusson explained to MFF. Following the launch of its first fragrance in partnership with Frédéric Malle, the Swedish Fashion House, which generates approximately 350 million euros in revenue, is planning to open a new headquarters in Paris and its largest flagship store in Tokyo, expected in spring 2025
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Prada outperforms the luxury market average
In the first quarter, Prada’s revenue hit 1.18 billion euros, propelled by Miu Miu’s impressive 89% growth, reaching 233 million euros, and solid performances in Asia (+16%) and Europe (+18%). «The Group is on a strategic development path, investing to achieve long-term growth», ceo Patrizio Bertelli explained
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Gucci unveils five iconic furniture pieces for its debut Design Ancora collection
At the Milan flagship store on via Montenapoleone 7, an installation by Guillermo Santomà showcases a selection of objects crafted by Italian design masters, all reimagined in red, the color chosen by Sabato De Sarno to write the new chapter of the brand
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Dolce&Gabbana’s Gen D fosters a creative exchange
The second chapter of the cultural patronage project kicks off with 11 new talents from all over the world. «Their works bring to life new aesthetics that combine Italian savoir-faire with the diverse manufacturing and cultural backgrounds of their home countries», the designers explained to MFF
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Celebrating Made in Italy
The first National Day dedicated to Italian excellence will be celebrated on Monday, April 15, with a series of institutional events in Rome and Milan. «Through the Special Fund for the green and digital transition in fashion, 5 million euros have been allocated for 2023 and 10 million euros for 2024», Adolfo Urso, minister of enterprises and Made in Italy, explained in an interview with MFF. The focus is on education, strengthening the supply chain, and safeguarding historic brands
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Stefano Cantino’s transition to Gucci and the evolving landscape of fashion leadership
Cantino’s move from Vuitton to Gucci confirms the emergence of a new generation of business leaders. For Kering, it all began with the rise of Francesca Bellettini and the departure of Marco Bizzarri, who is now in full comeback mode. Lvmh undergoes its own revolution, with Stéphane Bianchi taking over from Toni Belloni and Michael Burke’s return. Meanwhile, Prada places its bets on Andrea Guerra
