💎 Brilliant Cut No. 20:
Rolex Sales Soar, McLaren NFT, Metaverse Fashion Week, Vestiaire Puppets, More Billionaires, Short-Form Videos Big in China, A$AP Rocky X Mercedes, Apple Leather, Luxury Spending Could Decline
Welcome to this edition of Brilliant Cut, a free monthly newsletter that helps you smartly navigate the most important luxury marketing stories and insights.
Issue #20 | April 1, 2022
Who owns American fashion? Ralph Lauren undertakes a mission to highlight the Black contribution
(WWD via Yahoo) Polo Ralph Lauren’s newest tie-up with Morehouse College and Spelman College is working to bring a more inclusive answer to the question: who owns American style? Read more
Rolex sales rocket to over CHF 8 billion
(WatchPro) Sales of CHF 8 billion at wholesale for Rolex translates to over CHF 12 billion at retail, excluding VAT. The Morgan Stanley estimate — which Rolex will not confirm — increases the brand’s stranglehold on the global market for luxury Swiss watches, giving it a 29% share of total sales at retail. Read more
Tiffany & Co. CEO Anthony Ledru outlines plans to modernize historic jeweler
(WWD via Yahoo) Tiffany & Co. chief executive officer Anthony Ledru is a man fast on the move. In his first year on the job, the tenured luxury executive has been hot-pressed to revitalize Tiffany — a brand he labeled an “American cultural icon.” He is keen to see the bulk of the changes implemented over the next 36 months, a quick turnaround that mirrors the cadence at which he speaks. Read more
Chanel duels South Korean resellers in luxury boom
(International Business Times) As COVID curbs cut travel and duty-free shopping, South Koreans are driving a luxury goods boom at home that has left Chanel barring nearly a third of would-be shoppers to stop bulk buyers snagging $10,000 bags for resale with markups of 20% or more. Read more
Profile picture NFTs are hot. Fashion is starting to dress them
(Vogue Business) NFT profile pictures, or PFPs, have become covetable property for those with cash to splurge on Web 3.0 assets. As PFPs get flashier, fashion is spying an opportunity. Read more
McLaren to mint NFTs of luxury supercars in InfiniteWorld partnership
(CoindDesk) McLaren Automotive is to create and mint non-fungible tokens (NFT) of its luxury supercars in partnership with metaverse infrastructure platform InfiniteWorld. Read more
Gucci launches customization vault project for NFT initiative
(WWD via Yahoo) Gucci is bringing customization to a new level, designing a digital identity in an alternative virtual world, generated through the codes of the brand. Read more
Metaverse Fashion Week draws big brands, startups
(WSJ) Brands including Forever 21, DKNY and Estée Lauder have joined in the first Metaverse Fashion Week, which began Thursday and runs through Sunday in the virtual world called Decentraland. Read more
Kim Cattrall stars in Farfetch campaign alongside Steve Lacy
(Highsnobiety) Taking inspiration from our current obsession with Y2K fashion icons, Farfetch has cast Cattrall in its latest campaign, along with actor Josh Hartnett, Steve Lacy, and María Isabel. Each of the stars have their own story, and their own style, which is highlighted by the retailer through the campaign. Read more
Louis XIII Cognac celebrates the Earth with Solange Knowles
(Marketing Dive) Louis XIII Cognac, owned by the Rémy Cointreau Group, unveiled a two-and-a-half-minute video that celebrates female change-makers in the fields of film, music and fashion. Read more
Vestiaire Collective: Long Live Fashion by Droga5
(The Drum) Pre-loved fashion marketplace Vestiaire Collective has launched its debut campaign with agency partner Droga5 featuring a rallying cry to the industry that clothes should last forever – with the help of some sustainably stylish puppets. Read more
The global ultra-wealthy population grew 9.3% in 2021
(Barron's Penta) The number of ultra-high-net-worth individuals (UHNWIs), or those with US$30 million or more in net assets, increased 9.3% annually, to total 610,568 last year, according to Knight Frank’s annual wealth report. Read more
More than 90% of wealthy crypto investors are self-made
(Barron's Penta) Among wealthy individuals around the world, nearly 90% of those with a general interest in cryptocurrency are self-made, with just 0.5% relying solely on inheritance, according to a Wealth-X report. Read more
The world’s billionaire population tops 3,381, adding 3 each week last year
(Barron's Penta) The world added 153 billionaires last year, or three billionaires each week, to a total of 3,381, according to the Hurun Global Rich List. Read more
Pandemic-fueled luxury car boom is to here to stay: J.D. Power
(Yahoo Finance) If you think you are seeing more expensive cars on the road these days, the numbers actually say you are right. Read more
Ferrari races into luxury fashion. Will China buy?
(Jing Daily) Camouflage prints of red, blue, and black. Cargo trousers covered in black crystals. Structured suits in metallic fabrics. Colorful, sleek, and street — these are not the works of Off-White or Versace but none other than Ferrari. Read more
Secondhand luxury is key for China’s first time buyers
(Jing Daily) If 2021 was a year defined by mainland Chinese consumers spending more than ever on luxury goods at domestic boutiques, 2022 could be defined by a secondhand luxury boom. Read more
Short-form video platforms are luxury’s new playground in China
(Vogue Business) Luxury brands are experimenting with short-form video platforms in China that offer new ways to get in front of an engaged audience. Read more
Why do Gen Z and millennials love second-hand luxury watches?
(South China Morning Post) In Hong Kong, China and Singapore, pre-owned watches are now accepted as sound investments, with half of Phillips Auctions’ watches bought by Asian buyers. Read more
Luxury players race to feed VIPs with fancy takeaway amid Shanghai lockdown
(WWD) Luxury players such as Louis Vuitton, Cartier and Bulgari are racing to feed their VIP customers amid Shanghai’s two-phase lockdown, which saw the Eastern part of the town enter an eight-day shutdown on Monday, and the Western part of the city entering a five-day quarantine starting Friday. Read more
A$AP Rocky and Mercedes-Benz collaborate for a 90s-inspired fashion collection
(Designboom) On March 17th, American rapper and record producer A$AP Rocky posted a preview video of his collaboration with Mercedes-Benz and AWGE on his Instagram with the caption ‘pha$e 1 Mercedes-Benz x AWGE’ followed by three fire emojis. The 16-second video overviews the new collection of the rapper with the car brand, a set of fashion merchandise inspired by the 90s. Read more
Porsche is making a road-legal Sally Carrera 911 with Pixar
(Motor1) After 20 years, it's time for Porsche to get inspired by the animated character and create a one-off, road-going Sally Carrera. In fact, the automaker has announced that it's indeed making one. Read more
The Omega x Swatch Moonswatch has dropped
(Designboom) Swatch has collaborated with Omega in the new bioceramic MoonSwatch 11-piece collection, reimagining the Omega Speedmaster Moonwatch. The unexpected, provocative and visionary partnership erupted during the weekend, creating a shopping frenzy in many Swatch stores around the world. Read more
Zenith offers upcycling for your wrist
(New York Times) Watch straps made from upcycled fabrics are a new offering from Zenith, which worked in partnership with another LVMH enterprise, Nona Source, a start-up platform that buys deadstock from the group’s fashion houses and resells it online. Read more
Good Company: Moët Hennessy’s commitment to sustainable viticulture
(Barron's Penta) Moët Hennessy, the wine and spirits division of LVMH, is the largest luxury wines and spirits company in the world, currently encompassing 23 prestigious houses including Moët & Chandon, Veuve Clicquot, Dom Pérignon, Ruinart, and Krug Champagnes, as well as spirits brands such as Belvedere, Glenmorangie, and Ardbeg. Read more
Why apple leather is the latest vegan trend in luxury bags and shoes
(Fast Company) Chances are, you’ve heard of vegan leather. You’ve probably even heard of mushroom leather, but what about apple leather? Read more
The Luxury Item is podcast is the #1 podcast on the business of luxury. Listen to my recent interviews with Laura Azari (L’Oreal) and Todd Snyder (Todd Snyder).
💄 Laura Azaria, gm of couture brands at L’Oréal, talks about the surge in prestige beauty sales and rebranding Valentino Beauty. Listen: Apple / Spotify / YouTube
👖 Todd Snyder, one of the leading American menswear fashion designer, discusses launching and growing his namesake company Listen: Apple / Spotify / YouTube
Don’t forget to listen and subscribe to The Luxury Item podcast wherever you get your podcasts.
Mixed Gems: Featured writers on luxury, fashion, and culture
✨ How The Battle Between Mass and Niche Brands Will Reshape Luxury (By Susanna Nicoletti in Luxury Society). Read it here
✨ Global Luxury Spending Could Decline Due to the Ukraine War (by Fang Block in Penta) Read it here
✨ Less Bling, More Investing Drives U.S. Boom in Swiss Watches (by Corinne Gretler & Andy Hoffman in Bloomberg) Read it here
Thank you for reading this issue. - Scott
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