Photo&col;Gilbert Flores/WWD via Getty Images
The stories made headlines in the fashion world on Friday.
Capri Holdings sales down 16.4%
Capri Holdings, the parent company of Versace, Jimmy Choo and Michael Kors, released its second-quarter fiscal 2025 results on Thursday, reporting a 16.4% revenue decline. It reported second-quarter net income of $24 million, or $0.20 per diluted share, compared with $90 million, or $0.77 per diluted share, last year. “Overall, we are disappointed with our second quarter results as weak global demand for fashion luxury goods continues to impact results,” John D. Idol, the company’s chairman and chief executive, said in a statement. “Despite the challenging global retail environment, we remain focused on executing our strategic initiatives to achieve long-term sustainable growth for all three of our luxury brands. ” {Capri Holdings}
LVMH acquires minority stake in Our Legacy
LVMH Luxury Ventures has acquired an undisclosed minority stake in Swedish menswear brand Our Legacy. Prior to this, Our Legacy achieved sales of 40 million euros ($43.6 million) in the year ended June 30, 2024, up from 30 million euros the previous year and 8 million euros in 2021. Investing from a cash flow perspective – our revenue figures have doubled three years in a row and we’re achieving really healthy profitability,” said co-founder Jockum Hallin. fashion business. “As we build the next era, it’s more about looking to the future.” {fashion business/paywall}
Human-derived skin care ingredients are no longer taboo
Stem cell science is expected to drive growth in the luxury skin care market. Angela Caglia Skincare launched Cell Forté Serum in October 2023, driving 437% annual sales growth and retail expansion into Nordstrom. The serum is powered by “Humanized Adipose Mesenchymal Stem Cell Conditioned Medium” derived from human fat donated by young, healthy plastic surgery patients and then processed in the laboratory. Glossy reports that “stem cells are removed from tissue and placed in a human-like environment where they secrete growth factors, cytokines and proteins that are then used in serum.” Human-derived ingredients are still in short supply, but Angela Caglia Skincare and FactorFive Brands of human-derived products are growing. {glossy/paid}
Richemont Group sales fell 1%
Richemont, which owns Cartier and Van Cleef & Arpels, reported on Friday that its first-half sales fell 1% to 10.1 billion euros. The company reported sales growth in all regions except Asia Pacific, with double-digit growth in the Americas. In October, Richemont Group sold Yoox Net-a-Porter to Mytheresa, and the transaction is expected to be completed in the first half of 2025. .
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