Affected by the performance of LV's parent company, luxury goods stocks collectively fell

According to Fashion Business News data, LVMH's revenue fell 2% to 60.75 billion euros in the first three quarters of this year, falling short of analysts' expectations. Its revenue in the third quarter fell 4.4% to 19.07 billion euros, the worst performance in nearly three years. The fashion and leather goods division's revenue in the third quarter fell 5% to 9.15 billion euros, and its performance slowed down significantly.

The CFO of the group, Jean Jacques Guiony, told analysts that consumer confidence in the luxury goods market in mainland China has reached its lowest point since the outbreak of the pandemic. Jeffrey analysts believe that China's recently announced stimulus policies are unlikely to reverse the decline of the luxury goods market.

Analysts from Barclays Bank stated that LVMH's lower than expected revenue in the third quarter was mainly due to the deterioration of the luxury goods market in China and the lack of improvement signals in other markets. The decline in the group's performance will have a negative impact on other companies in the luxury goods industry.

Affected by LVMH's declining performance, as of yesterday's close, Cartier's parent company Richemont Group's stock price fell by 1.2%, Herm è s Group's stock price fell by 1.6%, Gucci's parent company Kering Group's stock price fell by 1.1% during the transition period, and beauty giant L'Oreal's stock price also fell by 2.3% at one point.

LV boss drops from world's richest man to fifth place

Affected by the slowdown in performance, the personal wealth of Bernard Arnault, chairman of LVMH, the world's largest luxury goods giant, has shrunk to $174.5 billion, falling to fifth place on the global billionaire list. According to Forbes' global billionaire list released in April this year, Bernard Arnault and his family ranked first with a wealth of $2330, surpassing Tesla founder Elon Musk and Amazon founder Bezos.

Swiss watch exports drop 12% in September

According to data from the Swiss Watch Industry Federation, the overall export value of Swiss watches fell by 2.7% in the first nine months of this year. In September, the export value dropped by 12.4% to 1.9 billion Swiss francs, about 15.7 billion yuan. Among them, the export value to China plummeted by 50%, mainly due to weak sales in the Asian market.

It is worth noting that in the first seven months of this year, Switzerland's watch exports to India increased by 20% year-on-year to 140 million Swiss francs, about 1.15 billion yuan, a significant increase of 41% compared to the same period in 2022, which is the largest growth rate recorded by the Swiss Watch Industry Federation in recent times.

Ulta Beauty plans to expand its store range to 1800 in the next three years

Beauty retailer Ulta Beauty plans to open 200 new stores in the next three years, accelerating its goal of opening over 1800 stores, as part of the group's long-term growth strategy. The group also plans to expand its membership to 50 million by 2028 and continue to enhance its stores and digital experiences. In addition, Ulta Beauty has approved a $3 billion stock buyback plan.

According to Fashion Business News data, Ulta Beauty's Q2 revenue increased by 0.8% to $2.55 billion, compared to $2.53 billion in the same period last year, falling short of analysts' expectations of $2.61 billion. Net profit was $253 million, compared to $300 million in the same period last year. The company expects annual sales to be between $11 billion and $11.2 billion, up from the previous estimate of $11.5 billion to $11.6 billion.

Adidas' lightest running shoes to be released soon

The shoe model ADIZERO ADIOS PRO EVO 1, designed and developed by German sportswear brand Adidas, will be released on October 24th at a price of 3999 yuan. The shoe features a new Lightweight Upper mesh upper and weighs only 138 grams, making it the lightest running shoe in Adidas' history.

According to Fashion Business News data, Adidas expects to generate approximately 1.2 billion euros in operating profit in the third quarter, higher than the previous forecast of approximately 1 billion euros. The company stated that its revenue excluding exchange rate factors will increase by about 10% in 2024, while previously expected to achieve high single digit percentage growth, mainly due to the continued hot sales of retro sneakers such as Samba, as well as the increasing sales brought by the continuous reduction of Yeezy shoe inventory.

I-D Magazine Appoints Global Creative Director and Editorial Director

Fashion magazine i-D has announced the appointment of Jamie Reid as Global Creative Director and Steff Yotka as Global Editorial Director. Jamie Reid has previously served as Artistic Director for magazines such as Dazed and Confused, Pop, and Arena Homme+, and will be responsible for i-D's visual image. Steff Yotka has previously worked for Vogue and Style.com, and served as the head of digital content for Ssense, where she will be responsible for i-D's print, digital, and social media content.

I-D magazine was acquired by supermodel Karlie Kloss's Bedford Media from subculture commercial media Vice in November 2023.

LV Men's Fashion Creative Director, Personal Brand CEO from Off White

Humanrace, a consumer brand founded by Pharrell Williams, the creative director of LV Men's Wear, announced yesterday the appointment of Andrea Grilli, former Off White CEO, as the new CEO, replacing Rachel Muscat, who co founded Humanrace with Pharrell Williams in 2020. The appointment is effective immediately.

Earlier this month, LVMH announced the sale of Off White to brand management company Bluestar Alliance, which owns brands such as Tahari, Bebe, and Scotch&Soda.

Humanrace also announced yesterday that it has received a growth investment from London investment firm One Luxury Group, but did not disclose specific transaction information. The latter had previously invested in Hailey Biber's personal beauty brand Rhode.

Prada enters the field of space suits

Italian luxury brand Prada and American aerospace startup Axiom Space announced yesterday a collaboration to create a space suit that aims to combine functionality and aesthetics. This spacesuit will be used for NASA's Artemis 3 space mission scheduled for 2026.

Prada's Chief Marketing Officer Lorenzo Bertelli stated in a statement that this is the first step in Prada's long-term partnership with Axiom Space.

ANTA says over 140 core suppliers join green transformation efforts

Anta CEO Lai Shixian stated at the 2024 ESG Global Leaders Conference that over 140 major core suppliers have joined the group in green transformation efforts, and it is expected that by 2030, Anta Group will increase its green and sustainable share in various aspects such as products, materials, packaging, energy use, and transportation to 50%.

According to Fashion Business News data, ANTA's FILA brand experienced a single digit decline in sales in the third quarter, while ANTA's product revenue grew in the mid single digits and other brand revenue increased by 45% to 50%. The group confirmed in its earnings conference call that ANTA and FILA's quarterly performance was 10% lower than expected.

Prada and other contract manufacturers, Jiuxing Holdings, saw a 5% increase in revenue to $1.2 billion in the first three quarters

Jiuxing Holdings released its latest performance data yesterday, showing that the group's unaudited comprehensive income increased by 5.1% to $1.16 billion in the first three quarters ending September 30, with unaudited comprehensive income increasing by 0.6% to $390 million in the third quarter.

As of yesterday's close, Jiuxing Holdings' stock price fell slightly by 0.9%, with a current market value of approximately HKD 12.6 billion.

LV Boss Holdings Group confirms negotiations to acquire Paris Football Club

LVMH Chairman Bernard Arnault and his family holding group Agache announced yesterday that they have entered into exclusive negotiations regarding the acquisition of Paris Football Club, but have not disclosed specific transaction information.

According to sources, Agache will acquire a 55% stake in Paris Football Club and then buy the 30% stake held by club president Pierre Ferracchi in 2027, while Red Bull will acquire the remaining approximately 15% stake in Paris Football Club.

It is rumored that Jack Ma's family office will acquire a minority stake in French fashion brand S é zane

According to French media L'Inform é, New York based private equity fund General Atlantic plans to sell a portion of its 35% stake in French fashion brand S é zane, and Jack Ma's family office may become the ultimate buyer, which could push the brand into the Asian market and expand offline channels. S é zane's sales are expected to reach 500 million euros this year.

Public information shows that S é zane was founded by Morgane S é zalory in 2013, and its main products include dresses, jackets, and handbags. In 2022, the brand's annual revenue is approximately 250 million euros, and it currently has offline long-term pop-up stores in Milan, Washington, and Austin.

Face cream brand 3LAB exits the Chinese market

The brand 3LAB, known as Hermes in the face cream industry, is about to withdraw from the Chinese market. The brand official released a statement saying that the 3LAB Tmall overseas flagship store will be closed on December 31, 2024, and some products will be promoted at 50% discount. The brand was founded by Erica Chung with the goal of creating skincare products that combine functionality and luxury.

In addition, at least 17 skincare brands including BAUM, Shijia Xiu, and Skin Philosophy have also withdrawn from the Chinese market since the beginning of this year.