Saks Finalises Acquisition of Neiman Marcus Group
The $2.7 billion merger counts Amazon, G-III Apparel Group and Authentic Brands Group as investors.
luxury / Watches
Luxury
The Best of BoF 2024: Designer Reboots and a Rocky Market
The luxury industry was under pressure in 2024 as customers pulled back on high-end purchases. Brands from Chanel to Valentino to Fendi changed their creative lineups, hoping to jump-start demand. But the struggles at Gucci and Burberry show how tricky executing a designer relaunch can be.
The Best of BoF 2024: Designer Reboots and a Rocky Market
The luxury industry was under pressure in 2024 as customers pulled back on high-end purchases. Brands from Chanel to Valentino to Fendi changed their creative lineups, hoping to jump-start demand. But the struggles at Gucci and Burberry show how tricky executing a designer relaunch can be.
Luxury
How LVMH’s Hublot Plans to Rise Above a Watch Market Downturn
New CEO Julien Tornare plans to reinforce the brand’s value proposition by investing in bold design, craftsmanship and growing the company’s cultural impact beyond football. “It’s not just because something is luxury that people are willing to pay any price,” Tornare said.
How LVMH’s Hublot Plans to Rise Above a Watch Market Downturn
New CEO Julien Tornare plans to reinforce the brand’s value proposition by investing in bold design, craftsmanship and growing the company’s cultural impact beyond football. “It’s not just because something is luxury that people are willing to pay any price,” Tornare said.
Luxury
How Grand Seiko Is Seizing Japan’s Luxury Shopping Moment
Tourist shoppers have flocked to Japan to take advantage of top-quality shopping and a weaker yen. Seiko Group president Akio Naito breaks down how the watchmaker’s high-end brand — sometimes referred to as the ‘Japanese Rolex’ — plans to keep up momentum after beating the market this year.
How Grand Seiko Is Seizing Japan’s Luxury Shopping Moment
Tourist shoppers have flocked to Japan to take advantage of top-quality shopping and a weaker yen. Seiko Group president Akio Naito breaks down how the watchmaker’s high-end brand — sometimes referred to as the ‘Japanese Rolex’ — plans to keep up momentum after beating the market this year.
Luxury
Ulysse Nardin and Girard-Perregaux Chart a Post-Kering Future
Two underdog watchmakers with centuries-old histories have had to furlough workers in a slowing luxury market. But CEO Patrick Pruniaux sees opportunity ahead as the brands endeavour to stand on their own in the wake of a sale by Gucci-owner Kering.
Ulysse Nardin and Girard-Perregaux Chart a Post-Kering Future
Two underdog watchmakers with centuries-old histories have had to furlough workers in a slowing luxury market. But CEO Patrick Pruniaux sees opportunity ahead as the brands endeavour to stand on their own in the wake of a sale by Gucci-owner Kering.
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Swiss Watchmakers Seek State Aid Amid Luxury Downturn
Some brands say they are furloughing workers to avoid permanent cuts.
Swiss Luxury Watch Market Succumbs to a Brutal China-Led Slump
The double-digit drop in sales seen in the latest results mark a stunning reversal of fortune for an industry that enjoyed an unprecedented sales boom during the pandemic-era.
Richemont Names New Brand CEOs
The Cartier and Van Cleef & Arpels owner is reshuffling its top management team once again amid wider succession planning.
Where Breitling’s CEO Is Placing His Bets
Georges Kern talks to BoF about the state of the Swiss watch sector, next steps for the Breitling brand and why brands hiking prices without product upgrades will suffer.
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How Watches Took Over Wedding Culture
The role of watches in the wedding industry is growing. More than just a nuptial gift, some couples are choosing to exchange them in lieu of — or in addition to — engagement rings.
The Luxury Watches Downturn, Explained
The Swiss watch sector’s slide appears to be more pronounced than the wider luxury slowdown, but industry insiders and analysts urge perspective.
Do Watch Buyers Really Care About Sustainability?
IWC’s chief executive says it will keep leaning into its environmental message. But the watchmaker has scrapped a flagship sustainability report, and sustainability was less of a focus overall at this year’s Watches and Wonders Geneva.
Hermès Takes on Rolex, Chanel With Sports Watch Aimed at Women
Watch revenues at the French leather goods powerhouse have surged since the launch of its H08 sports range in 2021. Now Hermès is hoping to keep up the momentum with a mechanical sports watch aimed at women called Cut.
The News in Brief
Model Rights Bill Signed into Law in New York
The new law will give models working in the state greater protection from exploitation, harassment and AI.
L’Oréal Acquires South Korea’s Dr.G in Skincare Deal With Migros
French cosmetics giant L’Oréal said on Monday it had agreed to buy Gowoonsesang Cosmetics, which includes South Korean skincare brand Dr.G., from Swiss retailer Migros.
Boohoo Shareholders Vote to Block Mike Ashley From Joining Board
Investors representing 64% of Boohoo’s stock voted against appointing Ashley and Mike Lennon at a special meeting on Friday morning called by Ashley’s Frasers Group.
Walmart Says to Miss Climate Targets as Green Challenges Mount
Previous pledges to reduce operational greenhouse gas emissions by 65% by 2030 and 35% by 2025 are probably not achievable, and the company will consider reviewing its climate targets next year.
Lilly’s US Weight-Loss Drug Shortage Ends, Curtailing Copycats
Sales of cheaper compounded versions must stop within 90 days. Novo’s rival shots, Ozempic and Wegovy, remain in short supply.
Prada Group and EssilorLuxottica Renew Ten-Year Eyewear License
Building on an existing twenty-year partnership, Prada Group and the Franco-Italian eyewear conglomerate EssilorLuxottica have renewed their licensing agreement for ten years.
Sofie Pavitt Face Gets Picked Up By Sephora
The “acne whisperer” for A-list Gen Z celebrities inks her biggest retail partnership yet.