Industry updates from the luxury sector
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Ruhi Gilder- 14 minutes read
Ruhi Gilder
The first week of February has been eventful. From the announcement of the Financial Budget in India to the reports of growth amongst luxury brands all over the world. Scroll to see the latest news you must know.
Union Budget 2022-23
Gemstones and diamonds
Finance Minister Nirmala Sitharaman announced that the government will encourage export of jewellery through e-commerce platforms. It will implement a “simplified regulatory framework” by June this year.
The FM also announced that import duty on cut and polished diamonds and gemstones will be reduced to 5 per cent while on sawn diamond to nil in order to give a boost to the sector.
Automobiles
Finance Minister Nirmala Sitharaman on Tuesday in her Union Budget 2022 speech also announced a couple of measures to boost the Indian auto industry. These include a new battery swap policy to encourage the adoption of more EVs or electric vehicles.
Fastest-ever SUV
British marquee automaker Aston Martin unveiled its 2022 DBX707, that they claim to be the fastest SUV till date. A top speed of 310kmph, and a 4.0-litre twin-turbocharged V8, the car achieves 707hp (metric horsepower) and 900Nm of peak torque. The car’s production will start in Q1 of 2022, the first deliveries are scheduled to begin during early Q2 of 2022.
Learn more about this SUV here.
A watch with a car engine
Luxury watch manufacturer Jacob & Co. and carmaker Bugatti have geared up to launch the third timepiece to come out of their partnership. Released on January 26, the watch took a year to develop. The Bugatti Chiron Blue Sapphire Crystal comes built-in with a miniature of the 16-cylinder engine used in Bugatti’s Chiron hyper sports car. The high-precision model will be sold for an astonishing $1.5 million.
Learn more about this unique timepiece here.
Michael Kors, Jimmy Choo, Versace show growth
Capri Holdings Limited, formerly Michael Kors Holdings Limited, a global fashion luxury group, that also owns Jimmy Choo and Versace announced good growth for the third quarter of 2021. Their revenue increased 24%, with better than anticipated results across all three luxury houses. Gross profit was $1.0 billion compared to $848 million of the previous year.
Minnie Mouse’s makeover
British designer Stella McCartney and Disney plan to give legendary cartoon character a fashion-forward avatar in time for Women’s History Month (March) and Disneyland Paris’ 30th anniversary. From her signature red and white polka dot ensemble, Minnie will change into a black dotted navy-blue pantsuit with black pumps and a matching bow.
Learn more about the collaboration here.
Givenchy’s estate goes under the hammer
Hubert de Givenchy, founder of French Maison, Givenchy’s estate will be auctioned by Christie’s this June. The auction house announced the sale of 1,100 works of art, sculpture, and furniture on February 2, a date that marks the 70th anniversary of Givenchy’s first haute couture show in Paris. The collection of Old Masters paintings, contemporary sculptures and neoclassical armchairs and other furniture comes from Givenchy’s homes, including the Hôtel d’Orrouer in Paris and the Château du Jonchet in Loire Valley.
Ferrari’s first SUV
The Italian group is gearing up with the launch of their first-ever SUV called the Purosangue, with deliveries expected to start in 2023. Ferrari also set a new sales record last year by delivering 11,155 vehicles, up 22% compared to 2020. The price tag for the luxury SUV is expected to be over £200,000.
Beauty brands report double-digit growth
The Estée Lauder Companies Inc. reported net sales of $5.54 billion for its second quarter ended December 31, 2021, and an increase of 14% from $4.85 billion in the prior-year period. 11 brands owned by the conglomerate revealed double-digit organic sales growth, including Estée Lauder, MAC Cosmetic, Too Faced and Smashbox in makeup, and La Mer and Clinique in skin care.
Meta’s wipeout
On Thursday, February 3, Meta’s (Facebook) stock plunged 26% overnight. The significant drop led to a fall of $29 billion in CEO Mark Zuckerberg’s net worth and erased over $200 billion from Meta’s market capitalization. The loss came after Meta released its disappointing earnings report, in which it showed a quarterly drop in the number of daily active users on Facebook. The company also reported that it did not hit profit expectations, blaming Apple Inc’s privacy changes and increased competition. It marked the company’s worst one-day loss since its introduction into the market.
Ulysse Nardin shoots for the sun
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