The pandemic has forced luxury goods companies to use social media, video and virtual showrooms to woo their wealthy customers in Europe when tourists, especially from China, have been absent for more than a year.
If anybody needed confirmation of how important fashion resale has become, it came on Monday with the announcement by France’s Vestiaire Collective of a new €178m financing round backed by Kering, among others.
French luxury goods group Kering is looking at possible mergers and acquisitions seriously, but M&A is not indispensable for its future growth, Chairman and Chief Executive Francois-Henri Pinault said on Wednesday.
As many luxury brands struggle, we spoke to Sergey Arkhangelskiy, boss of Reality technology start-up Wanna – which is working with the likes of Gucci, Farfetch and Puma – and aiming for a 200% growth rate this year.
Top luxury groups are taking concrete steps to promote ethical fashion, especially in the areas of diversity, inclusivity, environmental and social responsibility, as shown by recent projects by Capri, Prada and Kering.
The opening day of Paris haute couture week ended with three experienced designers -- Giambattista Valli, Julie de Libran and Olivier Theyskens at Azzaro -- showing collections that captured the couture's energy.