Following Giorgio Armani's death, major luxury companies like LVMH, L’Oréal, and EssilorLuxottica have expressed interest in acquiring his fashion group, with potential stakes to be sold over the next few years. Armani's will designates the Armani Foundation to oversee the company's future, emphasizing brand continuity, strategic growth, and cautious diversification, while maintaining control within the family and key partners like Leo Dell'Orco.
A proposed class action lawsuit has been filed against luxury brand Hermes, alleging that the company engages in unlawful tying practices by requiring customers to purchase other luxury items in order to acquire its coveted Birkin handbags. The lawsuit, filed in California, accuses Hermes of breaching federal and state antitrust laws and seeks class action certification, an injunction, damages, and other relief. The plaintiffs claim they were told they needed to buy additional Hermes items to have a chance at purchasing Birkin bags. Hermes, which strictly prohibits tying sales of certain products, has a market capitalization of 252.72 billion euros.
Meghan Markle, known for advocating for the underprivileged, faced criticism for launching her luxury lifestyle brand, American Riviera Orchard, featuring high-end products like cookbooks, tableware, and preserves. PR experts questioned the brand's resonance with the public and criticized the contrast between her advocacy for the underprivileged and the luxury image portrayed in the brand's promotional video.
Louis Vuitton's Fall 2024 Ready-to-Wear show marked Nicolas Ghesquière’s 10-year anniversary at the brand, with notable attendees including First Lady Brigitte Macron and Blackpink’s Lisa Manoban. The collection featured futuristic sportswear and ice-cool tailoring, but the enigmatic designs left many puzzled. Ghesquière, known for his originality, has renewed his contract with Vuitton for another five years, yet remains elusive, eschewing post-show interviews. The event left non-VIP attendees feeling excluded, highlighting the designer's paradoxical visibility and elusiveness.
Chinese automaker BYD has unveiled its new electric supercar, the U9, under its luxury brand Yangwang, boasting a top speed of 309.19 km/h and acceleration to 100 km/h in 2.36 seconds, comparable to high-end models like Ferrari. Priced at $233,000, the U9 will be powered by the e4 Platform and BYD's DiSus-X Intelligent Body Control System, featuring a lithium iron phosphate battery. With ambitions for global expansion, BYD aims to open its first factory in Europe, while China remains a key market for its new-energy vehicles.
Cadillac plans to complete its lineup of all-electric SUVs with the introduction of the three-row Vistiq, which will replace the gas-powered XT6. The Vistiq will be Cadillac's fifth electric vehicle and will fit between the Lyriq and the upcoming Escalade IQ. Pricing and availability details have not been disclosed, but the Vistiq is expected to go on sale in the U.S. in 2025. Cadillac aims to offer EV options in most luxury SUV segments by 2030, alongside its traditional internal combustion engine vehicles.
Shares of luxury giant LVMH plunged after the company revealed a sharp slowdown in sales growth, leading to speculation about who may one day lead the luxury brand.
Jennifer Lopez turns heads at the Coach show during New York Fashion Week, sporting knee-high snakeskin boots and an oversized fringe suede jacket. Seated front row with Anna Wintour and Edward Enninful, Lopez showcased a silver shoulder bag from the Coach Shine Collection. The show was disrupted by PETA members protesting Coach's use of leather. Other celebrities in attendance included Camila Mendes, Chase Stokes, Lil Nas X, and Dove Cameron. Lopez recently moved into a $60 million Beverly Hills mansion with her husband Ben Affleck.
RH, the luxury furniture brand, has opened its first international location, RH England, in Aynho Park, a 17th-century manor in the Cotswolds. The brand plans to open galleries in London, Paris, Madrid, Milan, Düsseldorf, and Brussels over the next two years. RH's CEO, Gary Friedman, has been on a mission to transform the brand into a genuine luxury brand, with the goal of joining the ranks of Hermès, Louis Vuitton, and Cartier. However, the opening of RH England has been met with skepticism, with critics questioning whether the product and location are right for the UK market. Despite this, Friedman remains confident in the brand's ability to succeed in Europe.
