On January 22 (local time), FASHIONPHILE, the luxury resale platform, announced that it achieved a 67% year-over-year increase in profits for 2024, marking the highest growth in its history.
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On January 9, Macy’s, the iconic American department store chain, announced the closure of 66 additional stores as part of its “Bold New Chapter” strategy.
On January 9, Paris-based fashion brand Y/Project, renowned for its avant-garde designs, announced it would cease operations, marking the end of 14 years of innovative and boundary-pushing creativity in the fashion world.
On January 7, Spanish textile giant Sociedad Textil Lonia (STL) announced its acquisition of the iconic French fashion brand Christian Lacroix.
On January 2, Carmell, a company specializing in the bio-aesthetics sector, announced that it had signed a definitive agreement to acquire Elevai Skincare’s skincare and haircare business.
The Challenges Faced by the Luxury Industry in 2024: LVMH, L’Oréal, and Kering Suffer Massive Losses
In 2024, the leading figures of France’s luxury industry encountered unprecedented challenges.
On December 23, Saks Global announced the completion of its acquisition of Neiman Marcus Group for a total enterprise value of $2.7 billion.
On December 23, L’Oréal Group has announced an agreement to acquire Gowoonsesang Cosmetics Co., Ltd., a subsidiary of Swiss retail group Migros, which includes the South Korean skincare brand Dr.G.
Kering, a leading conglomerate in the luxury industry, is moving forward with plans to bring in external investors for a new entity that will manage approximately €4 billion ($4.2 billion) worth of real estate assets spread across Milan, New York, and Paris.
On December 16, New York-based brand management firm WHP Global announced an agreement to acquire the intellectual property (IP) of the VERA WANG brand, led by renowned fashion designer Vera Wang.