On January 25, French luxury conglomerate LVMH announced that it recorded revenue of €86.2 billion in 2023, equating to organic growth of 13% with respect to 2022.
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In-depth analysis of the business, strategy, and economics shaping the global fashion and luxury industries. Covering conglomerates, market trends, startups, retail strategy, and the people driving the business of fashion.
In this article, following Summary of Memorable News in the Fashion Industry 2023, OSF’s editorial team has carefully selected the most notable news that occurred in the fashion business industry in 2023.
On December 23, The Shiseido Americas Corporation, a Shiseido Company subsidiary, announced the acquisition of DDG Skincare Holdings LLC, which owns Dr. Dennis Gross Skincare.
On December 20, Frasers Group, the retail group owned by Mike Ashley, a successful British high street business, will acquire the luxury e-commerce site Matchesfashion for just 52 million pounds ($63 million).
On December 18, luxury e-commerce platform Farfetch, which was on the verge of bankruptcy, was reportedly being acquired by South Korean e-commerce giant Coupang for $500 million.
On December 12, Prada Group announced its participation in the United Nations Global Compact Initiative.
Spanish fast fashion brand ZARA’s latest campaign images released last week have been strongly bashed by consumers for being reminiscent of the victims of the ongoing Gaza conflict.
Korea is one of the most advanced countries in the world in the beauty industry, but the popularity of Korean beauty is not limited to Asian countries; it is also creating a huge boom in the North American market.
On November 5, Amazon.com Inc. made an important move by cutting fees for merchants selling clothing priced below $20, signaling its readiness to compete on price with Chinese fast-fashion Shein.
NYC Jewelry Week 2023 was held in New York City for seven days from November 13 to 19. Jewelry Week is an annual event held in New York City in November, featuring a week of events and workshops by many jewelry brands and industry professionals.