News that made headlines in luxury
- Business Featured
Schenelle Dsouza- 12 minutes read
Ruhi Gilder
As we move into the fourth month of the year, let’s get up to date with all that’s happened in the international luxury world over the last week. Brands like MAC Cosmetics and Guerlain have launched their own NFTs, both for worthy causes. As two events came to an end, Lakmé Fashion Week and Metaverse Fashion Week, Watches and Wonders in Geneva just began and has already announced the release of several noteworthy timepieces. Scroll on to know more about this week’s important news.
MAC Cosmetics’ NFT
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MAC is launching an NFT collection in collaboration with the Keith Haring Foundation to mark America’s National Youth HIV/Aids Awareness Day. A collection of three collectibles and charitable NFTs is to go on sale, the proceeds of which will be donated to local organizations supporting youth living with or affected by HIV/AIDS.
Guerlain Cryptobees
A land parcel in the biodiverse Millière Valley in France will be divided into 1828 parcels, each represented by one cryptobee. These crytpobees will be sold as NFTs to raise funds to rewild the 69-acre area. Each Cryptobee is unique, made of a combination of rocks and flowers that are part of the valley’s natural landscape. The owner of the NFT will have access to holder-exclusive events, contests, priority in future NFT collections and exclusive access to the area. The collection will be available in April-end.
Trump Hotel Washington to transform into Waldorf Astoria
In a $375 million deal, Trump International Hotel in Washington DC’s lease will be transferred to the Miami-based CGI Hospitality Opportunity Fund, who plans to turn it into a Waldorf Astoria hotel. The Trump hotel is housed in the historic old Post Office, a Romanesque Revival building that’s just minutes away from the White House.
Cheval Blanc wins 3 Michelin stars
Already a winner of three Michelin stars at Cheval Blanc’s Saint-Tropez restaurant, Chef Arnaud Donckele has now doubled this number by winning three more at Cheval Blanc in Paris. Barely six months after the opening of Plénitude at the LVMH-owned hotel, this new haute cuisine restaurant in Paris has won three Michelin stars.
White diamond to go on auction for US$30 million
Christie’s recently unveiled a 228.31-carat white diamond, simply known as “The Rock,” that will be offered during the Geneva Magnificent Jewels sale in May, with a presale estimate between US$20 million and US$30 million. The diamond is said to be the largest white diamond ever, joining the ranks of the Cullinan diamond, Hope diamond and the Star of Sierra Leone.
Watches and Wonders ‘22
In Geneva, one of the most important industry events, Watches and Wonders, began on March 30 and is scheduled to end on April 5. The highlights as of the date of publishing include a new skeleton dial version of the Cartier Privé Tank Chinoise, Patek Philippe Annual Calendar Travel Time, a watch that merges the brand’s patented Annual Calendar with its Travel Time feature, and the introduction of a dark green hue to the Pilot’s Watch Chronograph series. Another legacy watch brand, Panerai introduced the Submersible QuarantaQuattro, a QuarantaQuattro eSteel™ version and a QuarantaQuattro LUNA ROSSA.
Lanvin to go public on the NYSE
Lanvin Group, a global luxury fashion group that owns French couture house Lanvin, Italian luxury shoemaker Sergio Rossi, American womenswear brand St. John Knits, amongst others, plans to become publicly traded on the NYSE via a partnership with Primavera Capital Acquisition Corporation. The transaction values the Lanvin Group at a pro forma enterprise value of US$1.5 billion, with a combined pro forma equity value of up to US$1.9 billion.
Lululemon records high revenue
Lululemon Athletica on Tuesday forecasted full-year profit and revenue above estimates for 2022. This led the shares of the brand to rise about 8%, as Lululemon also reported above estimate fourth-quarter adjusted earnings. The cult leggings brand forecasted 2022 revenue between $7.49 billion and $7.62 billion. The company also reported that it will be selectively increasing its prices.
First-ever Metaverse Fashion Week
An event that was the first of its kind, organised by Decentraland, a 3D universe, went on from March 24-27. The four-day long fashion week hosted runway shows, after-parties, immersive experiences, shopping, and panel talks as well. Legacy luxury fashion houses like Tommy Hilfiger, Etro, Dolce & Gabbana, in addition to digital-native brands showcased their wearable collections, pop-up stores, and activations during MVFW.
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Highlights from FDCI x Lakmé Fashion Week
