From fashion and new stores to new world records in property sales and LVMH becoming a trillion-dollar company here’s looking at the luxury news wrap for this week.
Pavitra Rajaram’s collection Majnun in collarboration with Jaipur Rugs
Taking India and traditional handicrafts to the global front is the new Jaipur Rugs collection, in partnership with Pavitra Rajaram, launched Majnun. Showcased at the Milan Design Week 2023, it is a collection of carpets that celebrate ancient weaving traditions, generational craftsmanship, the power of purposeful design, the old, the new, and everything in between. The Majnun Collection, while entrenched in the ancient culture and weaving traditions from Persia, China, and India, is a decisive step towards contemporizing history. Speaking on the partnership, Pavitra Rajaram, said “Design is always in a continuum. With Majnun, I wanted to create a collection that is as old as it is new, with roots steeped in the iconic carpet traditions from India, Persia, and China, but interpreted in a modern idiom.” Mr. Yogesh Chaudhary, Director of Jaipur Rugs shared, “We are happy to be partnering on collaborations like Majnun, that are not only visually stunning and luxurious but also bring a sense of social responsibility and commitment to ethical manufacturing practices.”
Payal Singhal opens a flagship bridal store in Mumbai’s Kalaghoda
When it comes to the luxury news wrap, Payal Singhal’s flagship bridal store in the historic neighbourhood of Kala Ghoda – the hub of all things art deco. The 800sq ft space is designed by Laila Malpani Design and marks the debut of “Modern Mughals”, the new Spring-Summer collection. “Kala Ghoda is Mumbai’s coolest precinct, and has become the city’s fashion hub in addition to being the art district! I envisioned this space as an elevated and inviting experience, akin to walking into a cosy boudoir! What makes this store very close to my heart is that it is in the exact same location where I had my first design internship 27 years ago,” shared Payal Singhal
Tom Ford showcases his last-ever women’s collection
Tom Ford implicitly announces his departure from his eponymous brand with a final collection celebrating his most notable looks. Dubbed ‘Tom Ford Archive’, the fall 2023 collection looks to the past to pay homage to Ford’s design legacy with re-issued versions of his favourite looks over the years. Famous pieces include the spring 2020 sculpted pink breastplate and maxi skirt, the designer’s white cape gown that Gwyneth Paltrow famously wore to the 2012 Oscars, as well as the sheer black lace gown seen on his fall 2020 Hollywood runway. Beyond apparel, Ford also pays tribute to his most popular shoes with hits like the stiletto-heeled gladiator boots and the crystal-encrusted yellow leopard-printed slingback heels.
Gucci opens private clients-only store in Los Angeles
Debuting a deluxe concept store in the US. Gucci took to the upscale shopping hub of Los Angeles Melrose Place to place its new Gucci Salon: a private. client-only destination for the fashion house’s most premiere habitués in a 4.380-square-foot space that was previously a Marc Jacobs boutique. This is the luxury news wrap we’ve all been waiting for!
LVMH is Europe’s first half-trillion-dollar company
Making it to the luxury news wrap this week is LVMH’s new achievement. It has become Europe’s first half-trillion-dollar company worth The firm behind Louis Vuitton bags, Moet & Chandon Champagne and Christian Dior gowns has seen surging demand despite soaring inflation, lifting its share price and helping tip its market value past $500 billion. The achievement comes less than two weeks after the Paris-listed firm joined the ranks of the world’s 10 biggest companies. Bernard Arnault, currently the world’s richest person, has spent decades grooming his children to run his globe-spanning luxury goods company, LVMH Moët Hennessy Louis Vuitton.
Tiffany & Co.’s Fifth Avenue store reopens
After a three-year renovation project, Tiffany & Co.’s store is finally open on Fifth Avenue in New York. With an emphasis on luxury. The Landmark, as it’s now known, is designed to cater to an even more elite clientele. Laid out over 10 floors, it includes an 8,000-square-foot penthouse reserved for the most exclusive customers – “maybe one, two, three, maybe zero VIP clients a day,” according to CEO Anthony Ledru. Ledru won’t reveal how much the refit cost, except to say it was less than $1 billion. It is, however, the largest investment ever made by luxury juggernaut LVMH in a single store.
A plot of land on an artificial island in Dubai sold for $34 million
A plot of land on an artificial island in Dubai has sold for 125 million dirhams ($34 million), setting a record in a market that continues to benefit from an influx of foreign wealth. The buyer, who doesn’t live in the United Arab Emirates, is planning to build a family vacation home on the 24,500-square-foot site.