According to BOF, the French luxury industry is using its riches to save the historic monument, the Notre-Dam after the devastation of a mysterious fire destroyed the famous church.
The families behind luxury groups LVMH and Kering, two of France's largest companies, have pledged to donate a combined €300 million to help rebuild historic Notre-Dame, the 856-year-old cathedral, which survived two world wars, but was devastated by fire Monday night.
Kering chief executive Francois-Henri Pinault and his billionaire father, Francois Pinault, said around midnight local time that they would donate €100 million via the family investment vehicle Artemis to help finance repairs to the building, which was declared a world heritage site by UNESCO in 1991.
Bernard Arnault, chairman and chief executive of rival luxury group LVMH, followed the gesture with a pledge of €200 million.
LVMH employees will also serve as volunteers — "including creative, architectural and financial specialists" — to support the reconstruction of the cathedral, which is already in progress.
Michael Kors ( Capri Holding ) is in the process of buying Italian fashion house Versace for a value of approximately $2.12 billion, including debt, the company announced on Tuesday. That's 2.5 times the brand's current revenue. The primarily cash deal is expected to close in the fourth quarter of 2019.
In a presentation released to investors, Capri Holdings, outlined its plans for Versace, including increasing its global retail footprint from 200 stores to 300, building out e-commerce and expanding men's and women's accessories and footwear.
Under the new organisation, John D Idol will remain chairman and chief executive of Capri Holdings and also chief executive of the Michael Kors brand. Versace chief executive Jonathan Akeroyd will continue on, as will creative director Donatella Versace.
“This is a very exciting moment for Versace,” she said in a statement, adding that her brother Santo and daughter Allegra's stake in Capri "demonstrates our belief in the long-term success of Versace and commitment to this new global fashion luxury group."
“I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves," she said. "Santo, Allegra and I recognise that this next step will allow Versace to reach its full potential."
This will position the accessible the conglomerate, which acquired high-end shoemaker Jimmy Choo in July 2017 for $1.2 billion, to take a bigger slice of the high-end luxury market.
Versace is a world-famous name part of popular culture, but has been struggling to grow its business of similar scale for years. With the brand running losses from the late 1990s to 2011, the family sold a 20 percent stake to Blackstone in 2014 — a deal that valued the fashion house at $1.4 billion.
Nothing but nostalgic magic. At Versace’s SS18 show Donatella Versace walked down with the 90's icons for the finale. The shows collection reinvented Gianni’s iconic prints from the Vogue look to Animalier to Barocco. 2017 marked the 20th anniversary to the gruesome death of Gianni Versace.
Business Of Fashion talk about how times have changed and now you need to go to specific schools, where globals brands have started academic programmes to help them recruit top talents. Such feeder programmes, offering both bachelors and masters degrees, are key to landing entry level positions in global brands.
The brand behind Vogue, New Yorker and Vanity Fair are forced to take some austerity measures after losses of up to $120 Million last year. They have taken measures to cut spending and be more digitally savvy, but it is expected to adopt strategies to ensure that it does not disappear completely.
After Boston Consulting Group did a monthlong audit of their internal systems, Robert A. Sauerberg Jr., the chief executive of Condé Nast, plans to address senior staff members on August 8th.
The company having lost more than $120 million last year, plans to put three of its 14 magazines — Brides, Golf Digest and W — up for sale, three executives said. The marquee titles, including Vogue, Vanity Fair and The New Yorker are safe, for now.
The decades-long magazine boom that made the ostentatious possible, is a thing of the past. A shift in media-consumption has elevated Instagram, Snapchat and YouTube above the printed page. Before Time Inc. was sold to the Meredith Corporation, it experienced sharp declines in annual revenue. The ad buying firm Magna projects print magazine ad sales will fall by a double digit rate this year.
The $120 million loss in 2017 came about because of a sharp decline in ad revenue generated by the print magazines. Gains in the digital arena have helped offset the loss, but not enough to make the company profitable. Condé Nast reached its decision to entertain offers for Brides, Golf Digest and W partly on the recommendation of Boston Consulting Group.
This story appeared in the New York Times.