Vogue Business

Brands from across Africa came to #LagosFashionWeek to present their Spring/Summer 2025 collections. The five-day event, which ran from 23 to 27 October, had nearly 4,000 people in attendance and over 60 designers on its schedule. For emerging African designers, having a presence during Lagos Fashion Week is an important opportunity to connect with buyers, press and other key industry leaders. This year, that included figures from the UK’s Bicester Collection, London-based Moda Operandi and #Nordstrom in the US, as well as local luxury retailers such as Alara and Temple Muse. This season marked a significant uptick in international buyers, according to Lagos Fashion Week, many of whom had been previously curious about the event. From business lessons to the international influencers in town for the week, Ezreen Benissan breaks down three key takeaways from Lagos Fashion Week. https://lnkd.in/eYevgKpW

Moncler Group’s revenues dropped 3% year-on-year in the third quarter to €632.5 million, thanks to poor wholesale demand, the company said on Tuesday. Despite that, the group, which includes the Moncler brand and Stone Island, said sales are up 6% in the first nine months of 2024. Moncler’s results, while modest, outpace the market, which is facing an overall slowdown spurred by soft demand in China and a backlash to price hikes. Sales in LVMH’s fashion division fell 5%, while Kering was down 16% in the same quarter. Maliha Shoaib has the story. https://lnkd.in/eWyx5Gzm

Estée Lauder Companies (ELC) has appointed Stéphane de la Faverie as chief executive officer and president of the American beauty conglomerate. Faverie, who currently serves as the executive group president, steers the company’s integrated planning and end-to-end business operations. The portfolio of brands he oversees includes #EstéeLauder, Aerin Beauty, #JoMalone London, Kilian and Deciem (The Ordinary and Niod), to name a few. He has held the position since 2020. Faverie must shake up ELC’s strategy as the company’s latest earnings reflect a challenging landscape. Amid a prestige beauty net sales decline in China and a tempered performance in skincare and makeup (down 3% for 2024), ELC is re-navigating the success of its latest acquisition, Tom Ford Beauty. There’s also the need for innovation and investment. “Estée Lauder needs a much clearer strategy in terms of appealing to consumers — including acquiring new ones across its various brands. At present, the group seems to be very muddled in terms of its brands, their position in the market and the distribution strategy. Overall, the company feels cumbersome,” says Neil Saunders, managing director and retail analyst at data research firm Globaldata. Here, Nateisha Scott has more. https://lnkd.in/esAyb-Q3

Luxury is sinking deeper into a downturn. A number of factors are at play. Consumer confidence in China “is back in line with the all-time low reached during Covid”, LVMH chief financial officer Jean-Jacques Guiony told analysts. Raised prices, a wait-and-see attitude stateside linked to the upcoming election and a stronger yen in Japan, are also contributing to a deceleration in the market. So, what now? “It should improve in 2025. I think the second half of 2024 is likely the worst that is to come,” Bernstein luxury analyst Luca Solca says, citing the fact that in the US, the Federal Reserve has started to cut rates and that the Chinese are “seriously” intervening to support their economy. Here, Laure Guilbault outlines the key takeaways from the third quarter’s luxury earnings so far.

This week, #VogueBusiness's Maghan McDowell and Madeleine Schulz will delve into how #luxury brands are strategising around #socialmedia platforms in the current climate and learning to tap into the world of online #streaming to reach consumers. Listen in to find out the winning opportunities for #fashion and #beauty brands.

Paid partnership | Through collaborations with industry bodies in the East, Evolved By Nature is scaling its silkworm-derived #leather innovation. In recent years, transformation in leather goods, the #luxury gateway category and one that’s key for new customer acquisition has been slow. The race for #vegan leather alternatives has produced interesting results, with Hermès’s experimentation in mushroom leather and HUGO BOSS trialling pineapple-leather shoes. Evolved by Nature, a life sciences company specialising in Activated Silk™peptides, believes its new biofinishing system for leather could radically improve the sustainability of natural leather at scale. Find out how they have made the latest move towards #sustainability in fashion, here: https://lnkd.in/eaidiiNi

What the Tapestry-Capri Holdings Limited verdict means for American luxury. On 24 October, Tapestry and Capri Holdings Limited’s American fashion conglomerate pipe dream was forced to a halt when a US judge blocked the hotly debated merger. Despite the holding companies’ plans to appeal (filed on 28 October), legal experts deem an overturned ruling “unlikely”. While legal experts highlight the challenges of appeal, many remain surprised by the verdict, largely due to the ‘accessible luxury’ category being far more robust than the FTC claimed. So, what happens from here? Now, without a two-sided growth engine or a chance to establish the US as a bigger player relative to its European counterparts, the verdict poses major implications. Here, Madeleine Schulz breaks down future predictions for Tapestry, Capri Holdings Limited, and the US industry at large: https://lnkd.in/ePHHzETH

Which designers won at the 2024 #CFDA Fashion Awards? Last night (28 October), the 43rd edition of the #CFDA Fashion Awards took place at the American Museum of Natural History, celebrating the best in US fashion. Hosted by #CynthiaErivo, who wore a custom Gap by #ZacPosen look (inspired by her upcoming role as Elphaba in Wicked), the evening honoured a range of noteworthy designers. The ceremony transformed the museum into a fashion playground, with celebrities embracing bold, risk-taking styles to match the spirit of honouring this year’s innovative designers. Model #AlexConsani wore a cutout handprint look by AREA, while Addison Rae donned a 2018 Thom Browne, Inc. skirt and #KylieJenner selected a look from #HaiderAckermann’s guest-designed spring 2023 collection for Jean Paul GAULTIER. Beyond AREA’s Willy Chavarria, LUAR WORLD’s Raul Lopez and SCHIAPARELLI’s Daniel Roseberry, here, read the full list of winners: https://lnkd.in/eCPQwU_W

Why #luxury brands are embracing high perfumery. Ultra-luxury perfumes with sky-high price tags are gaining traction as the lines between fragrance, luxury and art blur. Swiss luxury watchmaker Jaeger-LeCoultre recently introduced three fragrances in collaboration with French perfumer Nicolas BONNEVILLE, while Italian jeweller Bvlgari unveiled two exclusive scents at its 140th anniversary event back in May. “We’ve recognised the demand for these exclusive creations and made high-end perfumery a strategic focus,” says Laura Burdese, Bvlgari’s new deputy CEO, on its most expensive releases to date (over $200,000 per bottle). In order to appeal to high-net-worth individuals, luxury brands are betting on high perfumery as a category for growth. A strategy supported by Bain & Company’s latest report, which showed resilience in beauty, with LVMH posting steady single-digit growth in perfumery. That said, entering new product categories carries both opportunity and risk. While successful ventures can strengthen a brand’s image, perceived misalignment in quality may pose a threat to its core reputation. Here, Milena Lazazzera explores the risks and opportunities for luxury brands diving into ultra-premium fragrances: https://lnkd.in/eTaiiVzK

Who are the top luxury brands of 2024? Register below to find out. Tomorrow, to celebrate the latest edition of the #VogueBusiness Index, join the team behind the H2 2024 report as they dive into the newest findings live. From uncovering the factors behind Loewe’s five-spot rise in the rankings to hearing expert insights on what makes a winning digital strategy in 2024, this interactive session will cover everything you need to know. #VogueBusiness head of custom insights Anusha Couttigane and senior associate Amy Rollinson will discuss the trends gaining momentum and the toughest challenges facing the industry today. Complete the registration here: https://lnkd.in/eBV9sFYm