Luxury Weekly News
LVMH sales down 2% in Q1
On 16 April, LVMH Group released its financial results for the first quarter of 2024, showing a 2% year-on-year decline in revenues to €20.7 billion. By business, fashion and leather goods declined by 2% year-on-year. However, innovation and selective distribution drove 3% growth in the fragrance and cosmetics division. Conversely, wine and spirits revenues declined by 16%, watches and jewellery declined by 5%, and boutique retail grew by 5%. By region, Chinese consumers drove a 32% organic increase in Japan, with the US and Europe both up 2% in comparison. Asia ex-Japan declined 6% but remained the largest market.
Swiss watch exports decline by 16% year-on-year
The Federation of the Swiss Watch Industry (FHWI) has announced that Swiss watch exports experienced their largest decline in 2020, with exports falling by 16% to CHF2 billion in March compared to the same period last year. The Federation of the Swiss Watch Industry (FHWI) has announced that the number of watches exported from Switzerland fell by 25% in March, with retailers withdrawing orders.
Fendi and Sotheby's International Realty launch luxury private homes in Switzerland
Italian luxury goods company Fendi and leading Swiss property development company Sotheby's International Realty have announced the launch of a luxury private residence in Klein-Montana, Switzerland. The residence, located in the Swiss Alps, has been designed by Italian architect Marco Costaniz and blends materiality and design concepts to create a project that blends wonderfully with the surrounding landscape. Fendi has integrated materiality and design concepts into the project's architecture, resulting in a harmonious blend with the surrounding landscape.
Bulgari and Tadao Ando have joined forces to create a unique Serpenti Collection watch
Italian jewellery house Bulgari has recently collaborated with Japanese architect Tadao Ando on the inaugural crossover art collaboration watch in the Serpenti Tubogas collection. The brand has drawn inspiration from the theme of the natural beauty of the seasons, which Tadao loved, and used green aventurine, tiger's eye and white or pink mother-of-pearl to present the seasons of the forest on a classic serpent-themed timepiece.
Gucci to present Spring 2025 collection at Tate Modern, London
Gucci, the Italian brand owned by Kering Group, has announced that it will present its Spring 2025 collection at London's Tate Modern on 13 May. This marks Creative Director Sabato De Sarno's first resort show at the helm of the brand. Additionally, Gucci is in the process of establishing a three-year partnership with the Tate to support the 'Electric Dreams' exhibition in the autumn.
