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Tag: luxury

  • KT Telecop warns people to secure homes for Seollal

    KT Telecop warns people to secure homes for Seollal

    KT Telecop, the security arm under mobile carrier KT, has warned people to be careful leaving their homes empty over the Lunar New Year period. On Tuesday, KT Telecop said most incidents occur during the first day of the holiday period, according to three years of big data it has collected during the Lunar New Year and Chuseok holidays.

    Theft is the most commonly reported issue, accounting for 59 percent of incidents, followed by property damage at 24 percent and fire at 17 percent.

    A spokesperson from KT said travelling families should keep a tight watch on their front doors and windows before leaving the house to prevent crime.

    For those intending to leave the house empty for a long time, KT suggests keeping some lights on at all times so it appears occupied.

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  • LVMH’s 2018 sales revenue hits record high

    LVMH’s 2018 sales revenue hits record high

    Following a record-breaking year of sales in 2017, LVMH recently announced that it has surpassed its earnings record in 2018. The French multinational luxury goods conglomerate revealed that it made an incredible €46.8 billion EUR (approximately $53.4 billion USD) last year. Additionally, the impressive feat comes with a record net profit growth of 18 percent.

    LVMH is noting that it was the profitability of Louis Vuitton and Dior that lead to its strong 2018 earnings. The fashion and leather offerings from the two labels has been credited with driving the double-digit increase in both revenue and profit.

    Moving into 2019, it is expected that Virgil Abloh and Kim Jones will be amplifying the popularity of the two houses.

    LVMH also noted a state of reorganization of the Marc Jacobs label, and looked back on the global response to Hedi Slimane‘s inaugural collections for CELINE.

    Aside from a mixed critical reception, LVMH is ambitiously looking towards Slimane’s place at CELINE.

    The results were roughly in line with analysts’ forecasts.

    Bernard Arnault, chairman and chief executive, said LVMH expected its brands and companies, which include Louis Vuitton, Christian Dior and Moët & Chandon champagne, to deliver continued progress in 2019 in spite of “an environment that remains uncertain at the start of the year”.

    Sales growth was steady in all regions in the fourth quarter except the US — similar to the performance earlier in the year, according to Jean-Jacques Guiony, finance director.

    Organic growth in Asia, excluding Japan, was 15 per cent compared with last year. Sales in Europe were up 7 per cent on the same measure, while in the US they climbed 8 per cent.

    “We see no particular sign of a slowdown in the China market,” he said, although purchases by Chinese customers had shifted slightly to the mainland from Hong Kong and other east Asian markets, perhaps because of a weaker renminbi. “The market sees the glass as half empty. We see it as half full.”

    Luxury goods companies and other exporters dependent on sales to China are bracing for the impact of the country’s economic slowdown and for possible fallout from any worsening of the US-China trade conflict.

    In recent days, companies including US chipmaker Nvidia and Caterpillar, which sells earthmoving equipment, have blamed China’s slowing growth for disappointing profit predictions.

    Mr Guiony said luxury goods consumers tended to be affected more by sudden shocks than by gradual changes in economic conditions. “If there was to be real trade war between the US and China — and we’re not there yet — that would have an effect,” he said.

    The company also performed well in Europe, Mr Guiony said. Although LVMH had to close early on several Saturdays because of the gilets jaunes protests in France, many customers had switched to Sunday shopping and there was no obvious impact on LVMH’s numbers in the latest quarter.

    LVMH said it was stockpiling champagne and cognac in the UK in case of severe disruption from a “no-deal” Brexit.

    “We’ve added four months of stock in the UK,” said Philippe Schaus, head of Moët Hennessy, the wines and spirits part of the group.

    Profit from recurring operations in fashion and leather goods, the core of LVMH’s business, rose 21 per cent last year, accounting for €5.94bn of the total. The highest growth in profit from recurring operations came from watches and jewellery, at 37 per cent, and the slowest from wines and spirits, at 5 per cent.

    The company said it planned to lift the total dividend by 20 per cent for the year to €6.

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  • Place to reate your own watch

    Place to reate your own watch

    The Mills officially opened at the end of 2018, becoming a new landmark that combines historical and cultural retailing, attracting a number of local brands in Hong Kong. The Mills is a revitalization project from Nan Fung Group scheduled for completion and actually completed in 2018. A destination consisting of a business incubator, experiential retail, and a non-profit cultural institution may be relatively unfamiliar to Hong Kong people; yet The Mills’ vision and history is a purely Hong Kong story.

    It witnessed the manufacturing heyday in the 1960s, and now it carries the legacy towards a future of applied creativity and innovation. Visitors can explore the continuity of an authentic Hong Kong story, where themes of textile and industry are woven into experiences of innovation, culture, and learning.

    Eoniq successfully raised funds for launching a project a few years ago on the Indiegogo crowdfunding network, which is for customers to make their own personalized unique watches at The Mills. Through engaging in different workshops such as designing automatic tourbillon, printing dial and burning blue steel pointer, customers may experience the watchmaking process.

    In recent years, Swiss watchmaking brands have opened shops all over Hong Kong, however, the Hong Kong local watch industry has also had a glorious history during the 1950 – 1980.

    Although local watchmaking has already faded out, Li Junguo (Quinn), one of Eoniq’s founders, decided to set up his own brand with two partners in 2014.

    “I started building up the brand after I left my work at McKinsey since 2011. It is because I am interested in watchmaking, so I find some fine caliber factory online, and  contact the French freelancer to help me ordering from France as the people from Swiss watch factory usually only speak in French,” he said.

    After buying the caliber from the factory, the brand will assemble the watch according to the custom design of the guests.

    In fact, Eoniq had opened stores in Sheung Wan and Tsim Sha Tsui K11 before, but the shop could hardly afford a monthly rental fee of 1 million HKD in Tsim Sha Tsui.

    In terms of online sales, Eoniq’s customer profile is diversified and located in different regions, namely, Taiwan, Malaysia, Australia, the United States, and Europe.

    “The Mills was interested in Eoniq, knowing that we were assembling the watchmaking on our own, and asked if we could make the watchmaking process transparent so that the visitors could see the process of watchmaking. Thus, we have been given a space on the ground floor at The Mills, which became our current flagship store.”

    For the Automatic Tourbillon design workshop, customers can engrave their name, special phrase, signature or pattern on the watch. With the assistance of a watchmaker, guests can assemble the watch by themselves.

    Guests can also add personal elements to the dial, such as handwritten words or patterns, and there is a traditional printing machine to allow customers experiencing the traditional printing method on the surface of the watches.

    “Our brand is getting bigger, so I hired more masters in watches, including a watchmaker who had previously worked in Omega. In addition to allowing our guests to design their own watches, we want to let more people understand the value of watchmaking.”

  • Onitsuka Tiger store in Singapore is biggest yet

    Onitsuka Tiger store in Singapore is biggest yet

    Onitsuka Tiger Singapore has opened its largest boutique in Ngee Ann City. As part of its efforts to become recognised as a fashion lifestyle brand beyond its sneaker business, the Japanese footwear firm’s new 165sqm store – the label’s fifth in Singapore – exclusively stocks the label’s Nippon Made collection as well as its usual retail offerings, focused on hand-made shoes following traditional Japanese methods.

    The store also sells Japanese-designed athleisure apparel and accessories in a store space fitted out with plush tiger toys.

    Onitsuka Tiger is owned by Asics.

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  • Louis Vuitton celebrates the launch of Virgil Abloh’s SS19 collection

    Louis Vuitton celebrates the launch of Virgil Abloh’s SS19 collection

    For those that have been patiently waiting to get their hands on Virgil Abloh‘s debut Louis Vuitton collection, the highly anticipated Spring/Summer 2019 offerings are now available online. The online release comes shortly after Virgil opened up an exclusive pop-up at Chrome Hearts’ New York City flagship.

    The Yellow Brick Road Hand-Knitted Crewneck, Poppies Dorothy Graphic Windbreaker and colorful Calfskin Cut Away Vest serve as notable garments from the collection. Standout carrying options include the iridescent take on the classic Keepall Bandouliere 50, Soft Trunk Messenger Bag, Mini Polochon Messenger Bag and a host of holster-style utility pouches. Rounding things up is Virgil’s take on LV’s iconic Millionaire Sunglasses, early Jordan Brand model-inspired LV Trainer Sneakers, and the LV Creeper Ankle Boot Timberland homage.

    Check out some of the items above and head over to louisvuitton.com now to shop Louis Vuitton’s SS19 collection.

    In case you missed it, Virgil Abloh recently launched a comprehensive archive of his work.

  • Handsome markets brands in Paris Fashion Week

    Handsome markets brands in Paris Fashion Week

    Handsome, a Korean fashion brand owned by Hyundai Department Store, brought two of its labels to Paris Fashion Week in an effort to expand on the global stage. System for Women and System Homme, the two Handsome brands, showcased their fall and winter collections in a rented showroom for eight days starting from Jan. 17. The Handsome event included a presentation of the collections followed by showroom events, where item were modeled for clients.

    The brands are presenting their new collection one season early to major buyers in the fashion industry.

    In addition to 180 buyers, the event was attended by the Wall Street Journal, Vogue and GQ as well as by fashion influencers.

    It was the first time Handsome has taken its brands to a foreign showroom since being founded in 1987.

    System for Women debuted in 1990 and System Homme in 2008. The company has also introduced other names, including Time, Mine and SJSJ.

    Handsome was acquired by Hyundai Department Store Group in 2012.

    At the Paris event, which featured 200 items for men and women, around 40 department stores from 14 countries participated. Samples were purchased ahead of possible quantity orders.

    It was a buyers’ who’s who. The list included representatives from Bloomingdales, France’s Le Bon Marche, Hong Kong’s Lane Crawford, Japan’s Isetan and Shanghai’s 10 Corso Como. Inquiries also came in from parties in Switzerland and Israel.

    “We predicted the number of businesses that would visit our showroom would be 40 at maximum. But since System Homme was introduced via major media outlets and social media after the presentation on Jan. 18, a great number of fashion businesspeople visited,” said a source from Handsome.

    The company said that visitors appreciated the designs as being unique and set apart from other major Asian brands.

    “In the case of businesses that received the samples, they will decide on quantity purchases in February, and in June, the main products of System [for Women] and System Homme will be sold at department stores and in multibrand shops of each country,” said a source from Handsome.

    Handsome is planning to use the Paris showroom event as a stepping stone for its international expansion efforts.

    In line with the strategy, it will complete its product development earlier and present new design concepts to the market one season ahead.

    It is rare for a ready-made brand to utilize this sort of advanced development.

    “Our brand is still new in the global fashion market, but we will elevate awareness to the point where we could open an exclusive fashion show at a foreign fashion week,” said Kim Hyung-jong, the CEO of Handsome.

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  • The coolest men’s sneakers from Paris Fashion Week

    The coolest men’s sneakers from Paris Fashion Week

    Paris Fashion Week Men’s was not lacking in head-turning street-style looks this year. Attendees brought their sartorial A-game to take in new fall ’19 collections from the hottest designers. A guest paired trendy Off-White socks with shiny silver Maison Margiela sneakers that featured a chunky platform sole and an iridescent finish. Cuffed denim jeans highlighted the pairing perfectly.

    Elsewhere, a guest showed off J.W. Anderson’s new Converse collab sneakers, which feature a rubber jagged platform sole. The high-tops debuted on the catwalk at Anderson’s spring ’19 show.

    Meanwhile, Adidas x Alexander Wang Turnout Mint White runners caught our attention with its chunky midsole design, a mash-up inspired by several previous Adidas sneakers.

    The Nike x A-Cold-Wall Zoom Vomero +5, designed by Samuel Ross, undeniably stands out with its enlarged heel counter. The style, which dropped in November, blends retro and futuristic elements.

    Lastly, the oversized red and white contrast leather sneakers by Alexander McQueen, which Timothée Chalamet has worn on the red carpet, of course, made an appearance at fashion week.

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  • Sandro parent unphased by trade spat

    Sandro parent unphased by trade spat

    The parent of affordable-luxury fashion labels Sandro, Claudie Pierlot and Maje appears unphased by the Sino-US trade spat, vowing to continue its expansion in the region. SMCP’s CEO Daniel Lalonde said in an interview that the company plans to continue to open new stores in Mainland China and invest in e-commerce across the region.

    “From our perspective, everything is still intact [in China]. Any slowdown in our business is related to the comparison base … and we still expect to grow that market by more than 20 per cent this year,” Lalonde said. “We’re still confident on the region.”

    France-based SMCP is controlled by Chinese company Shandong Ruyi. This week it reported an 8.1 per cent increase in fourth-quarter sales to €276.1 million.

    SMCP has doubled its annual sales during the past four years, reaching €1 billion last year, largely due to rapid expansion in Mainland China. Asia is now SMCP’s third-largest geographic market behind France and the rest of Europe, with China accounting for the bulk.

    However, he said sales in Hong Kong were “a little softer” as a result of currency fluctuations between the Hong Kong dollar and the renminbi.

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  • LVMH is “eyeing stakes” in OFF-WHITE‘s parent company

    LVMH is “eyeing stakes” in OFF-WHITE‘s parent company

    LVMH is “eyeing stakes” in OFF-WHITE‘s parent company, New Guards Group, WWD reports. If the rumors are true, the move would bring LVMH Moët Hennessy Louis Vuitton even closer to fashion’s main man, Virgil Abloh, the founder of OFF-WHITE and artistic director of menswear at Louis Vuitton.

    New Guards Group Holding SpA is a Milan-based holding company that also looks after OFF-WHITE as well as Palm Angels, Heron Preston, and Marcelo Burlon County of Milan.

    This is not the only venture on the cards over at LVMH at the moment, either. The company is reportedly also making moves to create Rihanna her own luxury fashion house.

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  • Patek Philippe may come up for sale

    Patek Philippe may come up for sale

    Patek Philippe, the closely held maker of $10,000-plus Calatrava watches, may be coming up for sale, according to analysts at Berenberg who cited industry talk. The 180-year-old Swiss watchmaker could fetch 7 billion to 9 billion euros ($8 billion to $10 billion), analysts led by Zuzanna Pusz wrote in a note. Patek Philippe has been owned by the Stern family for almost a century, and Thierry Stern became the company’s chairman in 2009.

    A Patek spokeswoman declined to comment except to say deal speculation tends to occur during the annual watch fairs in Switzerland, including last week’s Geneva show. A sale of Patek Philippe would upend the watch industry and could lead to a bidding war, as it is one of the last prize assets that hasn’t fallen into the hands of a luxury conglomerate. Swatch Group AG, which has bought up brands including Omega, and Richemont, which owns Cartier, make more than half of Swiss watches.

    Patek Philippe has sales of 1.5 billion francs, according to Berenberg estimates. On its website, the company says its “intention is to independently pursue the path that led to its success.”

    “We understand that one of the largest conglomerates in the sector would likely be interested in the asset given its currently relatively low exposure to the watch category,” the analysts wrote. Pusz was not immediately available to comment further.

    Two years ago, family-owned Breitling was sold to private-equity owners CVC Capital Partners for more than 800 million euros.

    In 2014, Stern told Swiss newspaper Le Temps that the company may eventually need to leave Geneva or put itself up for sale if its tax burden was not reduced. Months later, the company announced a 450 million-franc ($451 million) investment plan in the canton.

    Stern’s wife, Sandrine, works in design at Patek Philippe. Their children are in their teens, and Patek’s chairman has said he wouldn’t push them into the business if they did not want to join.

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  • Kering faces €1.4 billion Italian tax bill

    Kering faces €1.4 billion Italian tax bill

    Kering is facing an Italian claim for €1.4 billion (£1.2 billion) in unpaid taxes. The company’s Swiss-based Luxury Goods International (LGI) subsidiary has been under investigation for allegedly avoiding tax on earnings generated elsewhere. The probe has largely centred on Gucci, Kering’s star brand and biggest revenue driver. Italy’s tax police carried out checks at Gucci’s Florence headquarters and Milan offices in 2017, and drew up the report that has now been handed to Kering, a source close to the investigation said.

    Kering has consistently denied avoiding tax, saying its activities were fully compliant with all tax obligations.

    In its statement on Friday, the group said the Italian tax authorities’ findings for the years 2011-2017 had yet to be finalised by their own enforcement team.

    “Kering challenges the outcome of the audit report both on the grounds and the amount,” the company said, adding that it “does not have the necessary information” to record a provision against any potential bill for back taxes or penalties.

    The company has said that LGI is a substantial firm in its own right, with 600 employees handling inventory, billing and supply-chain logistics, with a business model “known to French and other competent tax authorities”.

    According to reports by France’s Mediapart newspaper and Germany’s Der Spiegel, Kering’s wholesale activities – the sale of products to retailers such as department stores – have come under particular scrutiny.

    Some business carried out by Kering employees in locations including Milan and Paris was billed through the Swiss unit, incurring lower tax rates, according to those reports.

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  • Record results for LVMH in 2018

    Record results for LVMH in 2018

    The world’s largest luxury retailer LVMH shrugged off broader market pessimism overnight reporting record revenue of €46.8 billion last year, up 10 per cent over 2017. Excluding the closure of the unprofitable Hong Kong airport duty-free business in December 2017, the group’s organic growth was 12 per cent. Every business division delivered what the company described as “excellent performances”.

    Group profit rose a staggering 21 per cent to €10 billion with operating margin reaching 21.4 per cent, an increase of 1.9 percentage points.

    “LVMH had another record year, both in terms of revenue and results,” said chairman and CEO Bernard Arnault. “The desirability of our brands, the creativity and quality of our products, the unique experience offered to our customers, and the talent and the commitment of our teams are the group’s strengths and have once again made the difference.”

    Arnault said this year the company would continue to innovate and target investments combining tradition and modernity.

    “In an environment that remains uncertain, we can count on the appeal of our brands and the agility of our teams to strengthen, once again, our leadership in the universe of high-quality products.”

    The company’s flagship Louis Vuitton business was a standout for the group, contributing much of the 15 per cent organic sales growth of the fashion and leather goods business division where profit from recurring operations was up 21 per cent.

    “Christian Dior had an excellent first full year within LVMH thanks to the creativity of Maria Grazia Chiuri for the women’s collections and to the arrival of Kim Jones, the new artistic director of Dior Homme,” the company said in its earnings statement.

    “Fendi and Loro Piana continued to assert their know-how throughout their collections. Celine entered a new and ambitious stage of its development with the arrival of Hedi Slimane as artistic, creative and image director of the brand.”

    Givenchy, Loewe and Kenzo “progressed well” while the other brands, Berluti and Rimowa continued to gain momentum.

    Watches and jewellery profit soars

    LVMH’s watches and jewellery business recorded organic revenue growth of 12 per cent – and a stunning 37 per cent increase in profit from recurring operations.

    “Bulgari performed very well and gained market share. Its iconic jewellery and watchmaking lines Serpenti, Diva’s Dream, B.Zero1, Lvcea and Octo grew strongly.”

    Chaumet’s growth was driven by the success of the Liens and Joséphine collections, particularly in Asia.

    In the watchmaking sector, Tag Heuer continued to expand its range and Hublot enjoyed strong growth, partly due to high visibility as the FIFA World Cup official timekeeper.

    DFS returns to profit

    A return to profitability for the travel-retail business DFS after it exited its Hong Kong airport concessions at the end of 2017 was a highlight of LVMH’s ‘selective retailing’ business unit last year. The business group achieved a 12 per cent improvement in organic revenue growth (excluding the airport business from the 2017 base comparison) and a 29 per cent improvement in profit.

    “DFS progressed strongly thanks to a particularly good performance in Hong Kong and Macau. The recently opened Gallerias in Cambodia and Italy also grew rapidly,” said LVMH.

    Sephora enjoyed unspecified growth in sales and market share, with strong online sales growth in Asia and North America. About 100 new stores opened worldwide, including the new Nanjing Road store in Shanghai and the first Sephora-branded stores in Russia.

    Scents of success

    The perfumes and cosmetics business division achieved organic revenue growth of 14 per cent, driven by the performance of its flagship brands, with profit from recurring operations up 13 per cent.

    “Parfums Christian Dior experienced remarkable growth and increased its market share in all regions of the world. The launch of its new perfume Joy and the exceptional worldwide success of Sauvage and the other iconic perfumes J’adore and Miss Dior are behind the strong growth of the Maison,” said LVMH.

    “Makeup and skincare also grew rapidly. Guerlain progressed well, driven in particular by the success of Abeille Royale in skincare and Rouge G in makeup. Benefit strengthened its leading position in the eyebrow segment and Parfums Givenchy accelerated its performance, thanks in particular to makeup and its new perfume L’interdit. Fresh and Fenty Beauty by Rihanna continued their exceptional growth.”

    Strong spirits

    The wines and spirits business group achieved organic revenue growth of 5 per cent and profit from recurring operations also increased by 5 per cent.

    “The business group reaffirmed its leadership position by pursuing its value strategy and balanced geographic development.”

    The Hennessy business enjoyed “strong momentum” in Mainland China, LVMH said.

  • Lanvin names Bruno Sialelli as its new creative director

    Lanvin names Bruno Sialelli as its new creative director

    Luxury fashion house Lanvin announced the appointment of Bruno Sialelli to the role of creative director. A relative unknown in the fashion world, Sialelli has worked for other luxury companies including most recently, Loewe, where he was head of menswear, under the guidance of the Spanish company’s creative director, Jonathan Anderson. Chinese conglomerate Fosun, who acquired Lanvin in 2018, said that the 31-year-old Frenchmen was hired to take the company in a “pivotal new direction,” a crucial call for the world’s oldest couture house.

    Lanvin’s chief executive Jean-Philippe Hecquet harmonised the sentiment.

    “We’re thrilled to welcome Bruno as the new creative director of Lanvin,” commented Hecquet. “His singular and very personal vision, his audacity, his culture, his energy and ability to build a strong creative team definitely convinced us. I can’t wait to discover Bruno’s first collections which will fully bring back to life this beautiful and unique fashion house, and once again inspire a passion among our customers.”

    In what has been a rollercoaster of a ride for the high-end French brand, Sialelli will take the top design spot as the fourth creative director to work at Lanvin in just four years.

    In 2015, Lanvin announced the shock departure of the label’s acclaimed designer Alber Elbaz, who was let go after disagreements with its previous owner, Taiwanese media magnate Shaw-Lan Wang. Elbaz had worked as Lanvin’s creative director for 14 years prior.

    Since then, it has been a tough slog for the 130-year-old company, which at its peak in 2012, was reportedly made 235 million euros, but sales have been steadily dropping ever since.

    In 2016, Lanvin reported a massive 18.3 million euro loss, after ten years of profitability.

    Following Elbaz’s departure, Bouchra Jarrar joined Lanvin, but quit as creative director after just a year-and-half, making way for Olivier Lapidus, who also quit, making way for Siaelli, the brand’s ray of hope.

    Before coming to Lanvin, Sialelli has also held design roles at brands like Paco Rabanne and Balenciaga. He is a fashion graduate of Studio Berçot in Paris.

  • Pronovias enters China with Shanghai store opening

    Pronovias enters China with Shanghai store opening

    Spanish bridalwear firm Pronovias has launched its first Chinese location in Shanghai. The 500sqm store is opening in luxury shopping centre Plaza 66, which hosts a range of high-end brands including Chanel and Dior. The move sparks off a greater strategy for the region, in which the Shanghai location will serve as Pronovias’s flagship.

    The brand was founded by BC Partners explicitly to tackle the difficult Chinese and American markets. China is the world’s largest producer of wedding dresses, and local custom is often to hire rather than buy the dress.

    The firm is simultaneously moving to expand in the US, with eight openings planned for the American East Coast.

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  • Diamanti Per Tutti makes debut in Singapore

    Diamanti Per Tutti makes debut in Singapore

    Belgian jewellery brand Diamanti Per Tutti has launched its first standalone store in Singapore at Raffles City Shopping Centre. Positioned as an affordable luxury label, Antwerp-based Diamanti Per Tutti retails 925 Sterling Silver items gilded with 18 carat pink or yellow gold vermeil or white rhodium, set by hand with real, ethically-sourced natural diamonds and gems.

    The brand, which has outlets in Beijing, Shanghai and Hong Kong, plans to open its second Singapore location in March.

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