Vogue Business

Prada continues to defy the ongoing slowdown in the #luxury market – thanks to Miu Miu sales, which soared 93% in H1. Sales for Prada Group are up 17% year-on-year to €2.55 billion in the first half of 2024, which ended 30 June. Miu Miu’s Autumn/Winter 2024 show was well received for its wearable silhouettes and playful styling, and the brand has delivered strong performance across categories (particularly leather goods, driven by a new campaign and the Miu Miu Upcycled project). The company also called out the success of Miu Miu’s first literary club, Writing Life, and the launch of #MiuMiu Summer Reads. In a call with investors, #Prada Group CEO Andrea Guerra said Miu Miu’s roots were initially in the Asian market, but increasingly Europe is competing with high demand (North America is now a focus, where demand is smaller comparatively). Maliha Shoaib looks at what the numbers will mean for the company: https://lnkd.in/eAm8mUdS

London-based Georgian designer David Koma is the new creative director of #Blumarine. Known for his red carpet occasionwear, Koma launched his eponymous London-based fashion house in 2009, and has built a robust client base for his sculptural, bold silhouettes. “David Koma’s aesthetic captured me from the beginning. I am sure that David will be able to interpret #Blumarine’s codes to perfection, thanks to his vision and stylistic sensitivity, characterised by an overwhelming femininity,” said Marco Marchi, sole director of Exelite, the holding company that owns Blumarine, in a statement. Koma’s first collection will be pre-fall 2025. Lucy Maguire finds out more: https://lnkd.in/eCwbvG78

Nowadays, it's commonplace for #GenZ and #GenAlpha to flaunt their pimple patches carefree. Whether it's #NorthWest with her #TikTok go-to bed routine or #HaileyBieber and #JustinBieber adorning their faces with his and hers, the pimple patch is embraced. A shift largely directed by the cult brand, Starface World . The numbers don’t lie. With 434 million videos that mention the term “best pimple patch” on TikTok. And 54.7 million posts that mention “Starface pimple patch”, pimple patches, particularly Starface’s, are trending. The brand’s distinctive, colourful and instantly recognisable designs were the first to hit the mainstream in 2019. Now, in an unexpected move, Starface is launching clear patches in response to changing consumer demand. Here #VogueBusiness’ senior trends editor Lucy Maguire reveals the rationale behind the brand’s plans to go clear for the first time: https://lnkd.in/epSaJQyk

The next best ticket in town outside of the #Olympics itself? Luxury’s latest activations. First a mesmerising #Olympic opening ceremony, then a fashion-fuelled after party. True to its nature, fashion is celebrating the best of world-class sports in style and Omega House’s new pop-up was no exception. Over the past few days, stars including #NicoleKidman and daughter Sunday, #CindyCrawford and #KaiaGerber have gathered in the current city of sport to celebrate. Marking #luxury’s continued involvement in the Olympics and fashion’s inspiration from sport, Omega’s longest-standing ambassador and Supermodel #CindyCrawford expressed admiration for the athletes, “for so many of these athletes, it’s pure passion… they’re putting themselves through that, just because they love it. That to me is really awesome,” enthused Crawford. This summer’s Paris Olympics and Paralympics is marking Raynald Aeschlimann’s fourth games as CEO of Omega, the official timekeeper of the event. He’s excited for it. “A sponsor is someone who puts their name forward to try to raise their profile. A partner like us is someone who is part of the emotion, and an important thing is to see the games inside the city,” he tells VogueBusiness. Read the on-the-ground intel from #VogueBusiness' Paris correspondent Laure Guilbault: https://lnkd.in/edq2u_xe

How Bvlgari became a global phenomenon. With cross-category iconic designs and social-media friendly, celebrity filled events, LVMH's jewellery brand Bvlgari has undoubtedly set itself up for success. So much so, it’s become a reference for other houses. But in a competitive environment, how exactly has #Bvlgari pulled off doubling its revenues? The clear-cut strategy of its CEO, Jean-Christophe Babin - playing the “opposite game of the market leader,” he says. “If the market leader keeps its icons separate…we mixed them,” he says of the decision for cross category icons. The result? A simplified narrative for sales assistants and more cost-effective advertising. If it's a sparkly party to mark an 140th anniversary and a 75th birthday of a beloved icon is anything to go by, Babin’s vision has paid off. After a decade of climbing revenues from approximately €1.5 million to over €3.5 million, according to Morgan Stanley’s estimates, how will it fare in volatile market conditions? Here #VogueBusiness outlines its most promising strategies: https://lnkd.in/dhixU5Zc

Will the challenging luxury market continue to impact fashion? So far, 2024 has marked a challenging year for luxury #fashion. With unstable market conditions created by a combination of a post-Covid euphoria wearing off, pressurised middle-class consumers, higher interest rates and weakened reliance on China, a performance rebound looks unlikely for the rest of the year. The most heavily impacted? Kering - “it’s the perfect storm,” comments the managing director of Ortelli&Co, on the conglomerates net profit drop (down 50% this year). Despite portfolio bright spots - Bottega Veneta (+4%) and Kering Eyewear (+5%) - Ortelli acknowledges that a “very challenging market environment,” has likely stunted the turnaround of their fallen hero brand, Gucci, combined with slowing sales for Saint Laurent (-9%). LVMH also reported modest sales growth, compared to previous years which saw double digits. Mirroring a mixed bag for fashion, Richemont reported a modest 1% sales increase in Q2. Deviating from the pattern, Hermès (+13%)and The Prada Group (who are yet to report numbers) expect a YoY increase for its popular brands, Miu Miu and Prada Group. Here, Laure Guilbault unpacks luxury companies’ Q2 earnings: https://lnkd.in/d75Esfcy

What to know about setting up shop in #SinCity What happens in #Vegas stays in Vegas, right? Not so fast. A vibe shift is afoot in Sin City, where — thanks to massive investment, #sports and #entertainment are now set to rival gambling, clubbing and conference-hopping as the city’s key attractions. Naturally, #Luxury brands — and customers — are following the money. “Vegas has always been the destination for the convention-goer, the gambler and the person who wants to do naughty things — let’s be honest,” says Velda Turan, SVP of luxury leasing at Simon Property Group. Noting, “In 2024, it’s no longer just that.” As luxury brands look outside of NYC and LA to tap into the US’ wealthiest consumers, Las Vegas is making its case for a revisit. “It’s the Vegas mindset — loose wallets,” says Michelle Perry, Ted Baker's regional clienteling manager for the West Coast. A brand among many fashion players reporting its Vegas store location is its top-earning door. #Vogue Business Americas editor Hilary Milnes breaks down how brands can hit the high-gross jackpot in Vegas. With photography by Bridget Bennett, Milnes reveals the pivotal factors leading luxury players to hedge their bets: https://lnkd.in/eaiakYbk

Is #TikTok’s “morning shed” trend pushing #beauty standards too far? Wake up and meet the “morning shed”: one of the many trends doing the rounds on TikTok. It’s an extreme overnight beauty regime that claims to snatch jawlines, plump skin and prevent signs of ageing. Proponents film themselves the morning after “shedding” their mouth tape, under-eye patches, double chin-reducing face straps and heatless hair rollers. Essentially, appealing to the #Beyonce fuelled Gen-Z and millennial desire to master an effortless “I woke up like this” level of beauty. Skeptical? The success of TikTok creator Mayte Myers — whose top three shed videos have amassed 9.5 million views and 456,400 likes — makes a convincing case. But is this popular trend problematic? There’s growing concern about the messaging. “I think we hold a lot of the harm that previous generations give us, and push it forward; but then social media has pushed more,” observes cultural commentator, Seema Rao. Here, #VogueBusiness dissects the darker side of TikTok beauty and unpacks the reasons why brands should tread carefully when jumping on trends: https://lnkd.in/eGyPfsmY 

#Marketers move on: A new era of data-informed #personalisation Despite years of marketers preparing for the disappearance of third-party cookies following Google's plans to phase out the data-tracking tool to enhance user privacy, Google is yet to kill the cookie. Instead, it’s just announced plans to give users a choice. “While the announcement feels like a big deal, realistically, the challenge of getting customers to share data about themselves isn’t easing up,” says Stephanie Liu, privacy and marketing analyst at research firm Forrester. Threats of its removal have helped many marketers pave the way for a new era of data-informed personalisation. With many embracing first-party data (tracking behaviour on their owned properties) and #AI personalisation. “First-party data can offer a more accurate and contextually relevant view of customer behaviour and preferences”, says Eduardo Garcia, analyst at software marketplace Capterra. “Most media dollars already don’t use them,” notes Martin Kihn, SVP of market strategy at Salesforce Marketing Cloud. An observation in reference to the increased relevance of “sentiment data”, AI personalisation models and increased regulation surrounding transparency, privacy and disclosures faced by brands. #VogueBusiness’ senior innovation editor Maghan McDowell breaks down what Google’s reversal strategy means for marketers and outlines which methods to leverage for optimised data capture: https://lnkd.in/eKzNxB57

How did fashion steal the spotlight at the #Olympics opening ceremony? Despite pouring rain cascading over the Seine in Paris on 26 July, the excitement surrounding the Olympic Games and fashion’s involvement lit up the scene. “When you love the games, you don't let a few raindrops bother you,” said Tony Estanguet, president of the #ParisOlympics and #Paralympics Organising Committee. In collaboration with Thomas Jolly — artistic director of the ceremonies, Estanguet orchestrated a spectacle of various scenes unfolding around Paris monuments. Which sponsor garnered the most attention from audiences? LVMH, of course. Sealing the conglomerate's premium Olympics partnership, the fashion powerhouse put on show-stopping performances. From #LadyGaga, #Celine Dion, #AyaNakamura all performing in Christian Dior Couture, to Paris Opera’s Guillaume Diop dancing in Louis Vuitton, it was maximum exposure for LVMH. Especially with predicted numbers of over 320,000 visitors at the banks on the Seine, plus the 2 to 3 billion viewers expected to tune into the global broadcast. Surmising the events perfectly, French fencer and LVMH/Louis Vuitton Olympics ambassador, Enzo Lefort said it best: “Soaked but so happy.” Clearly, Olympic fashion week has begun. #VogueBusiness' Paris correspondent Laure Guilbault delves into the on-the-ground intel of the most eyebrow-raising fashion moments that took centre stage from LVMH and beyond: https://lnkd.in/ejt7-bKA