The famous Florentine luxury retailer has finalized the sale of a 40% stake to Italian investment fund Style Capital. Founder Andrea Panconesi, has retained his role as president, while Alessandra Rossi has become CEO.
Sales at French luxury group LVMH's fashion and leather goods division rose strongly in the third quarter even though overall revenue growth in Asia and the United States eased from their stellar first-half performance.
Shying away from the oversize installations of previous editions, luxury labels like Gucci, Off-White and Givenchy took advantage of the Milan Design Week to showcase an array of new projects and offbeat initiatives.
The Milanese event was not held in 2020, and will be back on September 5-10 with a new format. Fashion names like Hermès, Missoni and Rick Owens will notably feature at Fuorisalone, the event’s parallel programme.
Firmenich expects continued strong demand for the rest of 2021 after the Swiss maker of scents including Ariana Grande's R.E.M, Calvin Klein's CK One and Yves Saint Laurent Black Opium reported accelerating sales growth.
Louis Vuitton and Bulgari on Tuesday joined a legion of brands in dropping Chinese-Canadian pop idol Kris Wu, as sexual assault allegations swirling around the star drew condemnation across Chinese social media.