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This week, Saks Global partners with Authentic Brands Group on luxury venture, Target is focused on growing in mass market beauty, and more.
RETAIL NEWS
LVMH and Formula 1 Announce 10-Year Partnership
LVMH and Formula 1 on Wednesday announced a decade-long partnership to begin in 2025. As part of the deal, several LVMH brands including Louis Vuitton, Moët Hennessy and TAG Heuer will enjoy sponsorship opportunities across the sport.
Strategic Leasing Is Driving The Future Of Luxury Retail
When it comes to luxury retail, location matters more than ever. From prime corridors like New York’s Madison Avenue to the Beverly Hills Triangle, to Class A malls, luxury is back and it’s bigger than ever. U.S. luxury sales reached over $75 billion in 2023 — an 8.9% increase from the previous year, according to the latest JLL Luxury Report. Top-tier brands are claiming their spots and transforming the future of the retail landscape.
After Years of Building Brand Heat, Salomon Opens First US Sportstyle Concept Store in NYC
Salomon opened its first U.S. retail store in the SoHo neighborhood of New York City, which will serve as a test for the brand as it plans to open five stores in 2025, beginning with a permanent space in New York City.
Gen Z is currently 14-27 years old, representing a wide range of spending power based on age. After all, someone five years into their career can typically afford much more than an early teen. But as the demo grows up, they are deciding what luxury will mean to them — and that definition is shifting in real-time. At this point, it seems Gen Zers idea of luxury is shifting away from dupe culture, they are embracing the secondhand market and relishing the thrill of securing items that are hard to come by.
Mytheresa Acquires Yoox Net-a-porter From Richemont
Mytheresa will acquire 100 percent of Yoox Net-a-porter group from Richemont with the ambition of creating a 4-billion-euro online juggernaut in the luxury fashion space. Richemont will sell YNAP to Mytheresa with a cash position of 555 million euros and no financial debt, in exchange for shares.
Another rough year for department stores
It’s been another rough year at U.S. department stores so far, at least for those making their financial filings public. Several of them — public and private — have embarked on turnarounds or are contemplating changes that could be a final test of a challenged retail model.
Rinascente Secures Landmark Location in Milan for Its Beauty Ambitions
Through a total investment of 40 million euros, the department store will revamp a historic cinema hall adjacent to its Duomo location and turn it into a new beauty destination in town.
Burberry Brings British Chic Back to 57th Street With a Modernized Flagship
The three-level flagship underwent a 16-month renovation to create a fresher, more spacious ambience with vintage styles on exhibit and interior touches reminiscent of London.
Edgy Meets Essential With Gap’s Latest Collaboration With Cult Gaia
Gap, known for its steadfast durability and bestselling essentials, has partnered with LA-based brand Cult Gaia on a 35-piece collection of women’s apparel. Cult Gaia pieces are created to be works of art that are functional enough for everyday wear, while Gap knows a thing or two about a core day-to-day wardrobe. The collaboration brings Hekmat’s nuanced approach to a wider audience, with a focus on fabrication, hardware, stitching, and pieces that feel special yet practical.
How Can Luxury Brands Lure the Ultra-high-net-worth Consumers?
Luxury’s skyrocketing prices may have left aspirational consumers with window shopping as their sole comfort, but high- and ultra-high-net-worth individuals don’t seem to be skimping on their shopping sprees, undaunted by the dampened macroeconomic landscape. Over the past 12 months, Europe, as well as Japan, has been swarming with UHNWIs eager to splurge on luxury products and, most importantly, experiences.
Saks Global Partners With Authentic Brands Group on Luxury Venture
Saks Global and the Authentic Brands Group are forming a joint venture to grow luxury brands. The new venture, called Authentic Luxury Group, will initially focus on Authentic Brands-owned luxury and accessible luxury names including Barneys New York, Judith Leiber Couture, Hervé Léger and Vince.
BEAUTY NEWS
Fashion and Beauty Brands Unveil Their Swankified ‘Wicked’ Collabs
As active and retired theater kids around the world prepare to see "Wicked" in theaters on Nov. 22, fashion and beauty brands are cashing in on the community's eager festivating by collaborating with the movie itself. Though the "Wicked" musical and its Broadway merchandise have been around for more than 20 years in New York City, the upcoming global release of the film and its growing list of brand partnerships are opening the door for a whole new group of Ozians to celebrate the magic of Elphaba and Glinda's story.
Beauty Brands Draw the Line Between Dupes and Fakes on Amazon
Search for any viral beauty product on Amazon and you’re bound to find it sitting alongside a lineup of imposters — bizarre knockoffs intended to pass as dupes. Poised to become the largest beauty retailer in the US next year, Amazon is attracting a growing number of premium beauty brands, like Kiehl’s and Clinique, hoping to meet their customers where they already are. But in doing so, they’re also increasingly encountering unknown merchants hawking ambiguously branded counterfeits — and realising the e-commerce giant may also be an outsized source of intellectual property issues.
Kering Beauté CEO Raffaella Cornaggia Unveils Strategy
Raffaella Cornaggia, chief executive officer of Kering Beauté, is on a singular mission: construct a beauty behemoth internally and from scratch. Cornaggia’s strategy is to differentiate Kering Beauté via innovation, creativity and sustainability, developing products through the lens of each brand. “Beauty is a natural extension of the Kering houses’ universe, and it was strategic for Kering to develop the expertise of beauty in-house,” Cornaggia said. “In addition, we have a portfolio of very elevated brands. So the idea of developing a category that is, by definition, more accessible, just amplifies the universe and creates a natural entry point for our customers.”
Teen Boys Have Elaborate Skin-care Routines, Too
The TikTok-fueled adolescent beauty boom isn’t just about girls shopping at Sephora.
Clinique reinvents Happy for the body mist generation. Will Gen Z take a whiff?
Now Clinique is hoping to reignite Happy (the citrus floral scent launched in 1997) with a new generation of fragrance consumers. On October 1, the Estée Lauder-owned beauty brand launched a body mist version of the ’90s scent to target Gen-Z fragrance buyers. According to data from consumer research firm Circana, sales revenue for body mists and sprays more than doubled in the first half of 2024 compared to the first half of 2023.
The Sweet-Smelling Revival of Hair Perfume
Slow to catch on but booming post-pandemic, scents specifically made for hair are helping both fragrance houses and haircare brands grow.
Ulta Beauty’s CMO shares how the beauty retailer is approaching the holiday season
As the calendars flipped to October, retailers switched into holiday mode, or, in the case of the beauty category, haul-iday mode. Ulta Beauty is preparing for those beauty hauls and the shopping behaviors that drive them to look a bit different this year, however, as consumer wallets remain pressured.
Merit Wants to Be a Fragrance Brand, Too
Merit is staking its claim in a new category is introducing its fragrance. Called Retrospect Extrait de Parfum, the $92 “vintage-inspired” scent features notes of vanilla, aldehydes, pear and jasmine and was developed alongside IFF perfumer Fanny Bal, a mentee of master perfumer Dominique Ropion and a nose behind more than 80 fragrances, including Valentino’s newest Anatomy of Dreams collection.
How Target Is Bucking Industry Trends and Growing in Mass Market Beauty
Beauty’s mass market might be in a state of flux, but Target Corp. is only heading upward. The secret sauce is the right brand mix, a bevvy of price points, an integrated digital strategy and a willingness to jump on trends early.
Will Beauty Remain Resilient this Holiday Season?
US consumer sentiment and intentions related to the 2024 holiday shopping season are improved compared to the last two years, but are still falling short of 2021 levels in most cases, according to experts at Circana, a leading advisor on the complexity of consumer behavior. Most holiday shoppers plan to spend about the same as last year, but there is an increase in those planning on spending more, according to Circana’s annual holiday purchase intentions consumer survey. On average, consumers plan to spend $771 on holiday shopping this year, which is 2% higher than last year’s spending intentions, but still 2% below their plans in 2021.
COMINGS & GOINGS
