Luxury Market News 06-12 May 🚀
IWC Schaffhausen Launches New Flagship
Swiss watchmaker IWC Schaffhausen has inaugurated a new flagship store on Madison Avenue. The sleek, monochromatic boutique includes an atelier and an on-site product testing lab, elevating the shopping experience.
China's Luxury Spend Dips, Confidence Remains
Despite a downturn in spending, Chinese consumer confidence in luxury remains resilient. A joint study by Vogue Business and Barclays Research shows a continued slowdown, with significant reductions in spending tiers reaching their lowest in Q1 2024.
LVMH's Olympic Torch Relay Program
In anticipation of Paris 2024, LVMH has unveiled a torch relay program, featuring events across France hosted by its various maisons, running through June 30, 2024.
Loro Piana and Wildlife Conservation
Loro Piana has contributed to the revival of Peru's vicuña population, though recent critiques highlight the need for better community engagement in its supply chain practices.
Prada Linea Rossa Sponsors Record Break
Prada's technical sports line, Linea Rossa, was spotlighted as Japanese ski jumper Ryōyū Kobayashi set a world record, supported by Prada's high-performance attire.
Roberto Coin Inc. Acquired for $130M
Watches of Switzerland has acquired luxury jewelry brand Roberto Coin Inc. for $130 million, securing exclusive distribution rights in the Americas.
Chanel's Repeat Cruise Show in Hong Kong
Chanel reaffirms its connection to Hong Kong with a repeat showing of its Cruise 2025 collection on November 5, celebrating the city’s vibrant culture.
2024 Loewe Craft Prize Awarded
Mexican ceramicist Andrés Anza clinched the 2024 Loewe Craft Prize for his innovative ceramic work, as Jonathan Anderson continues to champion craftsmanship in luxury fashion.
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Awesome Collection! Giorgio Armani