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Luxury Market

All articles tagged with #luxury market

real-estate1 year ago

Ken Griffin Exits Chicago, Sells Properties at Significant Loss

Billionaire Ken Griffin has sold his unfinished penthouse at Chicago's No. 9 Walton for $19 million, incurring a 44% loss from his 2017 purchase price of $34 million. This sale is part of Griffin's broader exit from Chicago, following Citadel's headquarters move to Miami and other property sales. The significant markdown highlights struggles in Chicago's luxury real estate market, which Griffin attributes to poor city governance. Despite the losses, Griffin continues to invest in real estate in cities like New York and Miami.

via New York Post |
#chicago#citadel#ken-griffin
fashion1 year ago

"Texas Woman's Expertise in Identifying Fake Chanel Handbags Amid Growing Counterfeit Purses"

Zekrayat Husein, known as the 'Coco Chanel of authentication,' has built a business analyzing hundreds of handbags every week and shares her tips for spotting fake Chanel bags, including checking serial numbers, color consistency, material quality, and signs of return fraud. With the secondhand luxury market booming, authenticators like Husein and Michelle Peeters play a crucial role in identifying counterfeit items, while Chanel has been winning lawsuits against consignment sites reselling fraudulent bags and emphasizes the importance of purchasing directly from the brand for assurance of authenticity.

via Daily Mail|
#authentication#chanel#counterfeit
business1 year ago

"Antitrust Lawsuit Alleges Hermès' Unfair Birkin Bag Sales Practices"

Two customers in California have filed an antitrust lawsuit against Hermès, alleging that the company's sales tactics for its coveted Birkin handbags constitute a violation of antitrust law. The customers claim that Hermès requires them to purchase other products before being allowed to buy a Birkin bag, alleging that this tying conduct is anticompetitive. The lawsuit faces challenges in proving Hermès as a monopoly and the illegality of its product tie-in strategy, but it has already drawn attention to the exclusive and elusive nature of Birkin bag purchases.

via CNN|
#antitrust-lawsuit#birkin-bags#business
business1 year ago

Macy's Announces Closure of 150 Stores, Shifts Focus to Luxury Market

Macy's plans to close approximately 150 stores nationwide, focusing on luxury sales and reorganizing its business. The company will pivot to a greater focus on luxury sales, with plans to close "underproductive" locations and expand its Bloomingdale’s and Bluemercury brands. CEO Tony Spring stated that the company is making necessary moves to improve customer relationships and shopping experiences. Macy's has been under pressure from investor activists seeking an outright sale of the company, but recently rejected a takeover offer.

via NBC News|
#business#luxury-market#macys
business-luxury-goods1 year ago

"China's Lunar New Year Travel and Spending Trends: A Mixed Bag for Luxury and Recovery"

China's upcoming Lunar New Year holiday is expected to boost the luxury goods market as consumers are anticipated to splurge on high-end items, signaling a potential fresh start for the industry. This surge in consumer spending during the holiday period could provide a much-needed economic recovery for luxury brands, particularly in light of the challenges posed by the pandemic.

via Financial Times|
#business-luxury-goods#china#chinese-new-year
business1 year ago

Estee Lauder's Workforce Cut Spurs Stock Surge

Estee Lauder plans to cut 3% to 5% of its global workforce due to squeezed margins from reduced demand for luxury products in China, leading to a surge in shares. The company witnessed a small reduction in market share in China and expects to incur charges before taxes. Its annual profit forecast was also lowered for the second time as U.S. business slowed down, while L'Oreal's shares have outperformed Estee Lauder's stock since 2022.

via Reuters|
#business#china#estee-lauder
real-estate2 years ago

2024 Housing Market Predictions: Lower Prices, Higher Sales, and Lingering Affordability Crisis

Real estate experts predict that in 2024, buyers who left the market due to high interest rates will re-enter, interest rates will eventually fall, it will be a good market for foreign buyers, inventory will pick back up, and the luxury market will continue to thrive. Additionally, real estate prices may dip but are expected to go up again, and fixer-uppers may become more attractive to buyers compared to turnkey properties.

via GOBankingRates|
#housing-market#interest-rates#inventory
real-estate2 years ago

Luxury Market Thrives Amidst Record Low U.S. Home Sales

Despite a 13-year low in overall home sales and an increase in existing home prices, the luxury real estate market remains strong. In the third quarter of 2023, the luxury market grew at three times the rate of the mainstream market, with a record high median price of $1.1 million, up 9 percent from last year. Cash purchases accounted for 42.5 percent of luxury home sales, allowing wealthy buyers to weather high mortgage rates. Affluent Americans continue to spend big due to pandemic savings and resilient housing and stock values.

via Robb Report|
#cash-purchases#high-net-worth-buyers#home-prices
real-estate2 years ago

Elton John's Atlanta Condo Sells for Record-Breaking Price

Elton John's Atlanta condo has sold for $7.225 million, 45% over the asking price, after only a few weeks on the market. The four-bedroom unit, which served as the singer's U.S. home base, attracted significant interest due to its unique floor plan and connection to John. The buyer, who remains unidentified, paid in cash and is a local resident. The sale is one of the priciest condo sales in Atlanta's history and highlights the softening luxury market in the city.

via Mansion Global|
#atlanta#cash-buyer#condo
fashion2 years ago

Meghan Markle's Potential Fashion Deal with Dior Raises Eyebrows.

Rumors are circulating that Meghan Markle may sign a contract with Dior, making her the face of the brand and earning her a reported $20 million over three years. This move comes after the cancellation of her podcast and negative publicity surrounding her and Prince Harry's relationship with the royal family. Dior has a history of high-profile celebrity spokespeople, and the brand's recent appointment of Thai actors as ambassadors highlights the growing luxury market in Asia.

via Euronews|
#celebrity-endorsement#dior#fashion
fashion2 years ago

Louis Vuitton's Pre-Fall 2023 Show in Seoul wows with star-studded after party.

Louis Vuitton held its first womenswear show in South Korea, showcasing its Pre-fall 2023 collection on Seoul's Jamsugyo Bridge. The event marked a milestone for both the luxury brand and the city, which has yet to become a regular stop on the fashion industry's schedule. The show was overseen by Nicolas Ghesquière, Louis Vuitton's artistic director for womenswear, and attended by a star-studded audience, including Chloe Grace Moretz and Jaden Smith. Louis Vuitton has been expanding its presence in South Korea, which is now the world's biggest luxury shopping market, with an annual spend of $325 per capita.

via CNN|
#fashion#fashion-show#louis-vuitton
luxury-watches2 years ago

The Cult Celebrity Favorite: A Surreal 'Dripping' Watch.

The Cartier Crash, a watch with a warped, asymmetric case, has become a cult favorite among celebrities and watch collectors, despite its difficult-to-read Roman numerals and sword-shaped hands. The watch's origin story is disputed, but its rarity and unique design have contributed to its skyrocketing prices on the resale market. Celebrity endorsements, including from Kanye West and Tyler the Creator, have further boosted its popularity. The Crash's appeal may also reflect wider aesthetic trends, such as renewed interest in Surrealism.

via CNN|
#cartier#cartier-crash#celebrity-endorsements
fashion2 years ago

Dior's Mumbai Show: Bollywood Stars and Whimsical Style.

Dior held its first official show in India, showcasing a pre-fall collection that paid homage to the country's artisans and aesthetic traditions. The show raised the stakes for everyone involved, including Dior's push to access the Indian luxury market. The collection spliced familiar Indian tropes into familiar Diorisms while dancing on the verge of cliché. The show was seen as an acknowledgment of India's importance and its aesthetic traditions, though some commentators saw the idea that such Western approval was even desirable as simply another version of colonialism.

via The New York Times|
#cultural-appropriation#dior#fashion