Citi analysts believe that Hermes has the potential to overtake IV as the largest luxury brand
In a report published on 12 April, Thomas Chauvet, an analyst at Citibank Group, stated that Hermès has the potential to overtake LV, owned by LVMH Group, as the luxury industry’s highest revenue-generating brand in the next few years. Hermès shares have risen by 20% so far this year, outperforming other luxury stocks. The industry’s gauge has risen by just 6.8% over the same period, while LVMH Group is up 8.2%. Hermes will release a first-quarter sales update on 25 April.
This Olympics, Nike plans to invest more than in prior years
In a recent interview, Heidi O’Neil, president of American sportswear brand Nike, stated that Nike is investing more in the 2024 Paris Olympics than in any previous Olympics. She also revealed that Nike’s total marketing spend for the latest quarter was $1 billion, a 10% increase on the same period last year. Furthermore, she highlighted that brand marketing is now the company’s “number one priority investment”. Nike has also signed a wide range of talent to participate in the Games. Nike has signed up a number of athletes for the Games and has collaborated on 13 futuristic running shoes. The company is pursuing a strategy of brand marketing in order to regain sales and win the competition.
Unilever stops using AI in adverts
Following the announcement of AI technology last year, Unilever Group has recently taken the decision to prohibit its use. Dove, the Group’s personal care brand, has released its annual survey which indicates that women are becoming increasingly sceptical as the idealised definition of beauty becomes more prevalent, with nearly 90% of respondents stating that they are unable to shake their anxiety about beauty due to the amount of false content they see online. Dolce & Gabbana aims to establish digitally authentic beauty standards, rather than relying on algorithmic decisions.
Dolce & Gabbana accelerates its entry into the Middle East
Italian luxury brand Dolce&Gabbana is rapidly expanding its presence in the Middle East, having recently formed a partnership with the Diriyah Gate Company in Saudi Arabia. The partnership will see the development of a 2,000-square-metre flagship store, which will offer ready-to-wear, accessories, jewellery, coffee and more. Additionally, the brand is launching a collection of exclusively designed robes, which will be available in the Middle East.
Saint Laurent Productions films selected for Cannes International Film Festival 2024
Three feature-length films produced by Saint Laurent Productions have recently been selected for the Official Selection of the 2024 Cannes International Film Festival. These are Jacques Audiard’s Emilia Perez, David Cronenberg’s The Shroud, and Paolo Sorrentino’s Parthenope. Saint Laurent Productions is a registered subsidiary of the French fashion house of Saint Laurent, set up by its creative director Anthony Vaccarello. Its designs echo the artistic temperament of cinema.
New York’s Metropolitan Museum of Art will use AI and other digital technologies in this year’s costume exhibition
The Metropolitan Museum of Art will use a variety of digital technologies, including AI, to enhance the multi-sensory experience of visitors to its “Sleeping Beauties: Reweakening Fashion” fashion exhibition, which opens in May. The Met Gala, which precedes this year’s exhibition, will be held on 6 May with a costume theme of “The Garden of Time”, and will be hosted by the likes of Zendaya and Jennifer Lopez.
