catwalks to carats: luxury sector heats up

Transcription

global luxury and Fashion Summit
REUTERS/Jessica Rinaldi
catwalks to carats:
luxury sector heats up
From the United States to China, from jewelry to sports cars,
upscale goods and services are growing faster than expected.
L
uxury is spreading. Sales of upscale
goods and services are growing more
quickly than expected and across the board
– be it the world’s largest luxury market
in the United States or the fast-growing
may 23-25, 2011
markets of China, Russia and Brazil. From
expensive jewelry and designer clothes
to cosmetics, glamorous hotel rooms and
sports cars, rich consumers everywhere are
pursuing those special purchases that set
them apart from the crowd. Top executives
from New York, Paris, London and Hong
Kong told the Reuters Global Luxury and
Fashion Summit of May 23-25 that steadily
rising sales in the sector are likely to last.
Global Luxury and Fashion summitMay 23-25, 2011
Luxury execs see
strong 2011, more M&A
CHAMPAGNE ANYONE?: Bar 3 at Le Bristol Paris in an undated photo. REUTERS/Guillaume De Laubier/ cOMPANY HANDOUT
By Astrid Wendlandt and
Phil Wahba
PARIS/NEW YORK May 24
L
uxury goods makers expect 2011 to
be one of their strongest years in recent
history, thanks to fast-growing China and a
return of global consumer confidence, luxury
executives said on Monday.
Whether it is five-star hotels, sportscars,
fancy dresses or expensive face creams,
consumers are splurging again and putting
behind them the dark days of the financial
crisis, executives told the Reuters Global
Luxury and Fashion Summit.
Sportscar maker Lamborghini, L’Oreal’s
luxury unit division, Cerruti, Roberto Cavalli,
Parisian five-star hotel Le Bristol and Coach
Inc all gave upbeat outlooks for this year in
spite of Japan’s woes and debt worries in
Europe.
Nicolas Hieronimus, head of L’Oreal’s
luxury unit division, said there was no reason
to believe consumption in Europe would
deteriorate and he expected the maker of
Lancome creams and Yves Saint Laurent
lipstick to beat market growth this year.
Meanwhile, Roberto Cavalli, known for
its lavish animal prints and colorful cocktail
dresses, said sales should surge by as much
as 30 percent this year, boosted by travel
shoppers and and strong demand from Asia.
index
Forecast................................................2-3
Furstenberg.............................................4
China........................................................5
M&A.........................................................6
Visa........................................................7-8
Raw Materials.....................................9-10
Lamborghini............................................ 11
Sheiseido.................................................12
Coach......................................................13
Yoox.........................................................14
Moda Operandi.......................................15
Watch Sales............................................16
Artisans.............................................. 17-18
2
Lamborghini Chief Executive Stephan
Winkelmann said he expected to sell around
1,500 cars this year, up from 1,302 last year,
depending on deliveries of its new Aventador
model which starts at 300,000 euros
($421,000) and can reach 600,000 euros in
China.
Coach, a leather goods maker, is selling
more of its pricier handbags now, CEO Lew
Frankfort said in New York.
The Bristol hotel in Paris, which recently
won the right from the French government
to call itself a “palace,” said the year had
started very well and it expected first-half
revenues to be up 10-15 percent against the
same period in 2010.
UPTICK IN M&A
The U.S. is the undisputed leader in consuming luxury goods while Greater China is quickly
closing the gap with Japan. Hong Kong is No. 1 on a per capita luxury spending basis.
Luxury goods market ranking by country, 2010
estimate - € billion
Growth,
’09/’10 est.
Luxury goods spending per capita
ranking by country, 2010 estimate - €
U.S.
16%
Hong Kong
Japan
0%
Italy
Greater
China
23%
France
Italy
7%
U.S.
France
6%
U.K.
China
30%
Japan
U.K.
7%
South Korea
Germany
4%
Germany
South
Korea
10%
Russia
Russia
9%
Greater China
Hong
Kong
15%
China
0
10
20
Source: Bain & Co., government authorities
30
40
50
0
200 400 600 800
19/05/11
The positive outlook in the industry is
also triggering a fresh round of mergers and
acquisitions.
Just after Bally-owner Labelux said it
would acquire fashion brand Jimmy Choo
on Sunday, Roberto Cavalli Chief Executive
Gianluca Brozzetti told the summit in London
potential buyers were queuing up to buy the
Italian brand.
“We have a long queue that is coming to us,
because they can smell there is something
positive going on,” Brozzetti said.
And some buyers are coming from the East.
Hong Kong luxury meanswear operator
Trinity which last year bought Italy’s Cerruti
fashion house, said it was keen to acquire
more heritage brands in Europe to fuel its
expansion in China, set to become the world’s
biggest luxury market.
Pascal Berclaz, head of small Swiss luxury
watchmaker Quinting, said buyers were back
in 2011 and his brand was getting approached
about two or three times a month as opposed
to once every six months last year.
Meanwhile, fast-growing French fashion
brand Zadig & Voltaire, said it was also
getting approached but the door remained
closed.
“I have a lot of people knocking on my door
but I usually don’t answer them as it is a loss
of time,” Zadig & Voltaire founder and Chief
Executive Thierry Gillier told the summit in
Paris.
Earlier this month, U.S. consultancy Bain
raised its 2011 growth forecast for luxury
sales to 8 percent at constant currencies from
a 3-5 percent range after sales data from
major luxury groups such as LVMH, Burberry,
PPR and Tod’s beat market expectations.
Bain expects sales in Europe and the
United States to be 7-8 percent and
Luxury spending: total value vs. per capita
Note: Greater China includes China, Hong Kong, Taiwan and Macau
Reuters graphic/Van Tsui
QUEUING UP: Roberto Cavalli CEO Gianluca Brozzetti attends the Reuters Global Luxury and Fashion Summit
in London May 23, 2011. REUTERS/Benjamin Beavan
25 percent in China.
Overall, luxury goods sales should total at
least 185 billion euros in 2011, up from 172
billion euros in 2010, Bain estimates.
“The selling at wholesale for the fall and
winter of 2012 is actually going fast and that
is yet another good sign,” said Marc-Andre
Kamel, head of Bain & Company’s Retail and
Luxury Practice for Europe, Middle East and
Africa.
Still, bumpy stock markets elsewhere could
hurt luxury spending, experts said.
“Bottom line is you take a market like New
York City and it is levered to the stock market,
it’s not just the bonuses down on Wall Street,
it’s employment,” said Shawn Kravetz, who
runs Boston-based hedge fund Esplanade
Capital.
Despite the upbeat outlook, some
executives say that consumers remain
cautious and still seek out bargains.
“Our positioning as a democratized luxury
brand has never been more in vogue than it is
today, Coach’s Frankfort said.
(Editing by Bernard Orr and
Erica Billingham)
3
Furstenberg works
for her children
By Astrid Wendlandt and
Victoria Bryan
PARIS, May 25
REUTERS VIDEO
Click to check out the
video on Reuters.com:
D
esigner Diane von Furstenberg,
famous for her floral prints and
wrap dresses, is developing a perfume, a
cosmetics range and a home line in a bid to
rebuild a fashion empire she can pass on to
her descendants.
The designer, who bought back her own
brand in the late 1990s after it went dormant
with licence-holders, told the Reuters Global
Luxury and Fashion Summit her company
was growing healthily, generating an
estimated $1 billion in annual sales.
“I want to leave a legacy, something
behind ... I want to leave something that will
last after me,” Furstenberg told the summit
in Paris.
“Already my granddaughter wants to be
me and is better than me,” Furstenberg said.
The designer, who is also president of the
Council of Fashion Designers of America,
said she had given the company to her
daughter and son but retained effective
control through golden shares.
Furstenberg was in Paris to prepare the
http://r.reuters.com/
qum79r
September launch of her perfume called
“Diane.” She teamed up with a little-known
French company called ID Beauty which will
also develop her cosmetics line.
“I went with a small company because
I thought they would work really hard for
EYE ON LEGACY: A model presents a creation at the Diane Von Furstenberg Fall/Winter 2011 collection during
New York Fashion Week February 13, 2011. REUTERS/Jessica Rinaldi
me and they’re very good in skincare,” she
explained, sporting an iPad with a leather
cover based on her very first print.
She said she expected the skincare line to
be launched possibly as early as next year.
In addition, she planned to add furniture to
the home range.
But while she was building the business,
she said she was also preparing it to grow on
its own.
Last year, Furstenberg said she hired as
the fashion brand’s creative director Yvan
Mispelaere, who previously worked at Prada,
Chloe, Valentino and Gucci. She said she was
very satisfied with her choice.
“When you hire a creative director, it is like
marriage, it is a total lottery but I congratulate
myself for my choice. He understands what
the brand is about,” she said.
Furstenberg put in the executive seat Paula
Sutter who used to work at Donna Karan.
While she expected to be “less and less”
involved in the creative work of the business,
she said she planned to continue designing
prints and growing the homewear line which
was launched in February in the United States.
(Additional reporting by Silke Koltrowitz;
Editing by Matthew Lewis)
4
Luxury goods makers
speeding along in China
By Antonella Ciancio
PARIS, May 25
L
uxury goods makers may boast
familiarity with China, but the pace
of change in the world’s fastest-growing
country still startles them.
The world’s biggest luxury market within
five years has become a second home for
brands such Hermes, Prada and Tiffany & Co
that tap Chinese appetite for fast super sports
cars, 10,000-euro ($14,060) handbags and
diamonds.
Top executives of groups such as Italian
car maker Lamborghini and jeweller Harry
Winston Inc told the Reuters Global Luxury
and Fashion Summit this week that Chinese
rapid change can befuddle them.
“The biggest surprise you get in China is
the speed of change,” Lamborghini’s chief
executive Stephan Winkelmann told the
Reuters Summit in Paris.
The head of Harry Winston, the luxury
jewellery and watch retailer whose brand
was immortalised by Marilyn Monroe, said
the passion for true luxury in China has no
limits.
“Nothing is too big, nothing is too beautiful,
nothing is too expensive for the Chinese
today. They are on a quest for true luxury,”
Harry Winston’s chief executive Frederic
de Narp said in a telephone interview from
Shanghai, where the company plans to open
two stores by the end of the year.
Italian online fashion retailer Yoox, which
opened the first western fashion brand’s
online store in China last year, said techsavvy Chinese shoppers are the most up-todate.
“Chinese fashion people are changing. They
are getting more and more sophisticated with
a speed that I have never seen in my life with
any customer,” Yoox’s Federico Marchetti
said.
“In two years from now they will be the
most sophisticated customers of fashion in
the world”.
Yoox is planning to bring more high-end
designers to China, with all online stores in
Mandarin and transactions offered in yuan.
Last year Hermes launched China-focused
label Shang Xia, which means “up down” in
Mandarin.
For Belgian-born designer Diane von
Furstenberg, whose wrap dresses symbolised
women’s freedom in the 70s, China has
always been a dream. She plans to open a
website for the country.
“I was obsessed with China, still am,” the
designer told the Reuters Summit in Paris.
“Two years ago my New Year’s resolution was
to be known in China and I am now,” she said.
Money is running in China as fast at fairs
and showrooms as it is on the Internet, other
executives said.
“During the Basel watch fair, a Chinese
retailer offered to buy our entire annual
production of the automatic Golden Bridge
model,” Swiss watchmaker Corum’s chief
executive Antonio Calce said.
Lamborghini’s Winkelmann said new
wealth comes hand-in-hand with a passion
to own the finer things in life.
“They come with their suitcases of money
to buy. For me it’s still astonishing that these
things exist. It’s the child-like enthusiasm
for the things, which is something for me
unknown in the western world”.
(Additional reporting by Astrid
Wendlandt, Pascale Denis, Nathalie OlofOrs in Paris, S. John Tilak in Toronto, Phil
Wahba and Dhanya Skariachan in New York)
China to become biggest luxury market
China’s luxury consumption to account for over a fifth of global market by 2020
80
China’s luxury consumption forecasts
Luxury consumption
% of global luxury mrkt
Bln EUR
20
China’s key consumer sectors
Compound annual growth rate 2009-2014 – %
Luxury
goods
25%
60
15
20%
40
Gaming
10
17%
20
Communication
5
16%
0
'10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
0
0
5
10
15
Education
20
25
30
35
Sources: Euromonitor, CLSA
Reuters graphic/Christine Chan
19/05/11
MADE FOR WALKING: A model presents a creation
by Prada during the Autumn/Winter 2011 women
collection show at Milan's Fashion Week February 24,
2011. REUTERS/Stefano Rellandini
5
Luxury brands
under M&A pressure
By Antonella Ciancio and
Jessica Hall
PARIS/NEW YORK, May 24
B
ig luxury goods companies will be
pressured to make acquisitions to grow
even as stocks of high-end retailers and
brands make deals pricey and some targets
are reluctant to even listen to offers.
“If I’m a Gucci or LVMH, I am confident I can
do more faster with a given asset by the virtue
of owning it,” said Shawn Kravetz, president
of Esplanade Capital.
“The buyer just says I can do even more
with that. I can take a 10-year growth plan
and make it happen in five, I can enter two
times as many countries, I can build five new
stores instead of two,” Kravetz said at the
Global Luxury & Fashion Summit in New
York.
So far this year, luxury mergers and
acquisitions have doubled the pace set for
all of 2010, according to data from Thomson
Reuters. Luxury M&A totaled nearly $6.0
billion through May 20, compared with $2.9
billion for full-year 2010.
On Sunday, upscale shoe-maker Jimmy
Choo agreed to be sold to German luxurygoods firm Labelux GmbH, which owns Swiss
shoe brand Bally, as well as the Derek Lam
fashion house and British jeweler Solange
Azagury-Partridge.
“A lot of these larger companies are going
to be under even greater pressure to find
ways to grow. And when they’ve penetrated
even more of these international hamlets,
acquisitions are going to be the way to grow,”
Kravetz said.
Hong Kong luxury menswear operator
Trinity Ltd, which last year bought Italy’s
Cerruti fashion house, said it is looking to
acquire more heritage brands in Europe to
fuel its expansion in China, set to become the
world’s biggest luxury market within the next
decade. In January, Trinity raised $95 million
specifically to fund acquisitions.
Retailers operating in greater China, such
as Trinity and YGM Trading Ltd, have been
acquiring European brands as increasingly
wealthy Chinese consumers turn to expensive
GIRLS DON'T CRY: Actress Hilary Swank arrives at the 83rd Academy Awards in Hollywood, California,
February 27, 2011. Swank is dressed by Gucci. REUTERS/Lucas Jackson
foreign brands for suits, handbags and shoes.
“What we’ve seen obviously is that
companies have a lot of cash on their balance
sheets, confidence again. We’ve passed the
financial crisis,” said Scilla Huang Sun, Swiss
& Global Asset Management told the Reuters
Summit in Paris.
“Many companies are planning IPOs and
we think consolidation in the luxury sector
will continue. That’s positive because it will
lift luxury stocks,” said Laurent Belloni, a
fund manager at Pictet Premium Brand.
Pictet Premium says luxury stocks are
trading at 17 times future earnings, but could
rise to 20 to 22 times earnings, in line with
historical averages.
SUITORS LINING UP
Italian fashion house Roberto Cavalli
said it has a long line of suitors, but wants to
deliver on its turnaround plan before looking
at a sale or initial public offering.
“We have a long queue that is coming to us,
because they can smell there is something
positive going on,” Gianluca Brozzetti told
the Reuters Global Luxury and Fashion
Summit in London.
Clothing brands such as fast-growing
French fashion brand Zadig & Voltaire and
Swiss luxury watchmaker Quinting also said
they have been approached several times
over the last two years.
They said they eventually turned down the
offers as they preferred to keep control of
their companies. “It was not our intention to
sell,” Quinting CEO Pascal Berclaz said.
“I have a lot of people knocking on my door
but I usually don’t answer them as it is a loss
of time,” Zadig & Voltaire founder and Chief
Executive Thierry Gillier told the summit in
Paris.
Initial public offerings are seen as a viable
alternative to selling to a larger brand.
Moncler, Prada, Ferragamo are often cited as
prime IPO candidates.
Kravetz said such companies are likely
to move slowly towards the public markets
since they many luxury brands are family
owned and bogged down in history and
bureaucracy.
“These companies move at a glacial pace.
But a $10 billion IPO for Prada could get the
family’s attention,” Kravetz said.
(Additional reporting by Pascale Denis,
Astrid Wendlandt and Phil Wahba;
Editing by Richard Chang)
6
Luxury sector wants
easier U.S. visa rules
By Phil Wahba
NEW YORK, May 26
A
INDUSTRY LOBBIES GOVERNMENT
Earlier this month, the U.S. Travel
Association urged the government to
overhaul its visa system, saying it serves as a
Asian countries are some of the fastest growing in terms of tourism spending in the U.S. with
Brazil and Canada also up. European visitors are lagging and even down in France and Ben-Lux.
2010/2009 change in travel spending, excluding passenger fares - %
$ - billion
Americas
Brazil
Canada
Argentina
Mexico
Venezuela
4.2
16.5
1.5
6.1
1.7
Europe
Italy
Netherlands
Germany
U.K.
France
Bel-Lux*
2.3
1.3
4.5
8.6
3.1
0.6
Asia Pacific
3.8
0.5
3.3
1.0
3.4
0.5
2.9
10.2
China
Singapore
South Korea
Taiwan
Australia
Hong Kong
India
Japan
-5
0
Source: U.S. Commerce Department
5
10
15
20
25
30
35
40
19/05/11
n unfriendly U.S. tourist visa system
is bad for the luxury business and the
government needs to ease its rules, according
to industry officials.
The expense of applying for a tourist visa
for the United States, followed by an often
weeks-long wait to get the document, is
turning off a lot of wealthy tourists from
Russia, Brazil and China and leading them to
choose Europe for their shopping vacations,
several executives said.
“We absolutely want to support the safety
of the U.S., but what’s unclear to me is how
waiting three months to get a visa because
there’s a backlog, as opposed to two weeks,
makes the country any safer,” Starwood
Hotels and Resorts Chief Executive Frits van
Paasschen told the Reuters Global Luxury
and Fashion Summit this week.
International visitors spent $103.1 billion
in the United States in 2010, up 10 percent
from a year earlier. Spending by Chinese and
Brazilian tourists rose 39 percent and 30
percent, respectively.
That growth could be even higher if the
United States eased its visa rules, executives
said.
“If you go to Paris, to Galeries Lafayette
and Printemps, you go to London, you go
to Harrod’s, the Asian tourists, the Brazilian
tourists, the Russian tourists are very brandconscious, very luxury-focused,” Saks Inc
CEO Steve Sadove said.
“They would clearly love to see the U.S.
cities as much as some of the European
cities,” he added. Saks’ flagship store on
Manhattan’s Fifth Avenue is a major tourist
attraction.
At Starwood’s famed St. Regis Hotel in
Manhattan, 35 percent of guests are foreign
tourists.
International visitor spending in U.S.
*Belgium-Luxembourg
“how DOes waiting three months to get a
visa make the country any safer.”
virtual “keep out” sign.
The trade group wants the U.S. State
Department to extend its visa waiver
program to more countries, and ensure it
has enough staff to quickly process visa
applications. It says the steps would boost
tourism and tourist spending in the United
States, creating 1.3 million jobs.
“If those (visa) regulations were lightened,
would it help the tourism business?
Absolutely,” said Neiman Marcus Group CEO
Karen Katz. The chain’s Bergdorf Goodman
store in Manhattan is also a big draw for
tourists.
A State Department official told Reuters
the Obama administration understands
the industry’s concerns and its role in the
U.S. economy, but must weigh security and
immigration issues, hence the need for in-
person interviews for visas.
Department officials met with U.S. Travel
Association representatives earlier this
month.
Western Europeans, Canadians and
Australians are among those who do not
need visas when they visit the United States
as tourists. Citizens of most other countries
need visas.
The State Department says it has issued
13.4 percent more visas so far this fiscal year
than in the same period a year earlier. It says
the number of tourist visas issued to Chinese
nationals has risen 124 percent in the last five
years.
Chinese travelers are among the world’s
biggest spenders. snapping up Louis Vuitton
LVMH bags and jewelry at Tiffany & Co in the
world capitals they visit.
7
I'D LIKE TO THANK THE ACADEMY: An eight-foot golden Oscar statues are delivered to the St. Regis Hotel in preparation for the official Oscar night celebration in New
York, February 21, 2007. REUTERS/Shannon Stapleton
They are set to overtake their Japanese
counterparts as the second-largest luxury
spender behind the United States within a
few years.
A U.S. Commerce Department study
forecast the number of Chinese tourists
visiting the United States will more than
triple in the next five years.
“Quite frankly, the Chinese tourist is today
the dominant influence in the gateway
cities,” Polo Ralph Lauren Chief Operating
Officer Roger Farah said on a call with Wall
Street analysts on Wednesday.
Tourists’ dollars don’t only benefit stores or
hotels.
“Our sales at duty free are mindboggling,”
said Bernd Fritz, chief executive of the
perfume company Coty.
(Reporting by Phil Wahba; additional
reporting by Jeremy Pelofsky;
Editing by John Wallace)
LITTLE BLACK NUMBER: A model presents a creation at the Ralph Lauren Fall/Winter 2011 collection during
New York Fashion Week February 17, 2011. REUTERS/Jessica Rinaldi
8
GOLDEN RINGS: An employee reaches for a gold bracelet at a jewellery shop in Hong Kong May 23, 2011.REUTERS/Tyrone Siu
raw material costs
to hurt margins
By Silke Koltrowitz and
Nathalie Olof-Ors
PARIS, May 24
R
ecord high prices for raw materials
such as gold, silver, diamonds, leather
and cashmere will squeeze the margins of
luxury goods makers this year because price
increases will only absorb part of the hit.
As the global economic recovery picks up
speed and emerging markets like China see
booming growth rates, commodity prices
spiral, boosting input costs for companies.
Prices for precious metals, seen as
alternative investments, have soared,
supported by a weak U.S. dollar and low
interest rates. Other raw materials, such as
leather, cotton or cashmere, have become
scarce due to high demand from Asia.
“Companies are concerned about high
raw material and production costs,” fund
manager Scilla Huang Sun told the Reuters
Global Luxury and Fashion Summit. “In the
luxury space, high raw material prices will,
however, have a smaller impact than at other
consumer companies because they represent
a smaller percentage of their cost base.”
Comfortable gross margins of 55-75
percent, production mainly located in Europe
where wages do not explode as in China,
and strong pricing power offer luxury goods
groups some shelter from cost pressures,
said Huang Sun, who manages a luxury fund
at Swiss & Global Asset Management.
entrepreneur Martin Rapaport’s benchmark
price list showed.
“I think diamonds’ price will continue to
rise until interest rates go up,” Rapaport told
Reuters in an interview.
Higher interest rates prompt diamond
cutters to sell more stones, thus increasing
supply in the market, as they seek to lower
their inventory costs, while also making
consumers more wary about spending and
“High raw material prices represent a
smaller percentage of their cost base.”
Gold has rallied almost 40 percent in a
year to a record high above $1,575 an ounce
in early May, but has since retreated as the
U.S. currency bounced from lows, making
dollar-priced commodities more expensive
for holders of other currencies.
At the end of April, average prices of
certified polished diamonds were 19.6
percent higher than a year earlier, diamond
giving potential diamond investors good
reasons to keep their money in the bank.
“High raw material costs hurt our margins
because you cannot raise prices every time
input costs rise,” Jean-Marc Jacot, head of
upscale watchmaker Parmigiani, told the
summit in Paris. “For Parmigiani, these
costs have doubled over the last two to three
years.”
9
Jacot said, however, that wealthy Chinese
and Russians are ready to loosen their purse
strings for top-quality items.
Management consulting firm McKinsey
& Co conducted research that showed 28
percent of people in China were ready to
pay full price for luxury items compared with
only 6 percent in Europe and 9 percent in the
United States.
North American jewelry retailer Harry
Winston Diamond Corp said colored stones
have grown increasingly popular with
Chinese consumers.
“Because of the prohibitive price of white
diamonds, I believe that they start to love
colored stones as an alternative, which can
have a nice volume at a moderate price,” the
company’s chief executive, Frederic de Narp,
told the Summit in New York.
He said Harry Winston has benefited from
soaring diamond prices because of a 40
percent stake it owns in a diamond mine.
CHEAPER SILVER
Mid-range
jewelry
makers
and
watchmakers, whose customers are more
price-sensitive, may find it harder to raise
prices and will look at other solutions,
including using cheaper materials.
Even though silver prices have nearly
doubled over the past year to a record high
“you cannot raise prices
every time input costs rise.”
of $49.51 per ounce late last month, the
less-costly metal could replace gold in some
jewelry.
“With an increase in the price of gold, I
think silver jewelry will see a new season in
the market,” Italian fashion house Roberto
Cavalli’s CEO, Gianluca Brozzetti, told the
summit.
Italian goldsmiths have experimented
with gold-plated silver jewelry and launched
silver collections even for the upscale market
to soften the impact of metal prices for
consumers.
Fashion and accessories makers have to
cope with rising prices for cotton, cashmere
and leather.
Thierry Gillier, founder and owner of
fashion brand Zadig & Voltaire, said demand
for cashmere is strong and he does not expect
prices to fall anytime soon.
“For the time being, this is not a problem.
Our margins are big enough to absorb this,”
he said, adding he is trying to keep prices
stable.
Leather prices are also up. The chief
executive of Hermes, Patrick Thomas, told
Reuters earlier this month that the price of
various leathers used by the luxury group
had, on average, risen by 10 percent in the
last year.
Changing eating habits in Western Europe
may be one of the reasons why calfskin, a
favorite for luxury handbags, has become
scarce.
“Tanneries use waste products from
the meat industry. People eat less veal
nowadays, so these skins are harder to get,”
Stefano Giannotti, manager of Italian leather
broker Fargo said.
He also said China, a country that used
to export raw hides, has now turned into an
importer. Domestic demand for skins has
risen and production has dropped as Chinese
farmers have left the countryside for the
cities.
Cavalli’s Brozzetti said the significant
growth in accessory consumption has led to
leather sourcing problems.
“There are some of the biggest players
who are buying tannery companies to make
sure they get the supply of the material they
need,” he said.
(Additional reporting by Mark Potter in
London, Phil Wahba and John Tilak in New
York; Editing by Matt Driskill)
WATCH OUT: A visitor looks at watches at the Parmigiani booth during the opening day of the "Salon International de la Haute Horlogerie" at Palexpo in Geneva,
January 19, 2009. REUTERS/Denis Balibouse
10
Lamborghini to launch
new ‘everyday’ model
ITALIAN MAGIC: The new Lamborghini Aventador LP700-4 is pictured during the second media day of the 81st Geneva Motor Show at the Palexpo in Geneva March 2,
2011 REUTERS/Denis Balibouse
By Antonella Ciancio and
Helen Massy-Beresford
PARIS, May 23
I
talian supercar maker Lamborghini is
considering adding an “everyday” model
to its line-up, its chief executive Stephan
Winkelmann said at the Reuters Global
Luxury and Fashion Summit.
Lamborghini, a unit of Volkswagen’s Audi
brand, whose sleek cars bear the charging
bull logo, sees the luxury super sportscar
market returning to the record levels seen in
2007 by 2013-14, Winkelmann said.
Around 35,000 super sports cars were sold
in 2007, compared with about 26,000 last
year, he said.
Strong demand from emerging regions
such as China and Russia is boosting sales of
high-end models. Referring to plans for a third model,
Winkelmann said: “We are going to have
a third model. It has to be an everyday
car. We want to have a car which is able
to be used on a daily basis.”
Lamborghini, which competes with fellow
Italian brand Ferrari, has not yet decided
which segment the car will belong to, he said,
adding that once that decision was made, the
group would need about four years to get the
car on the road.
The group does not plan to work with a
partner on the new model, Winkelmann said,
but he added: “We will use synergies where
possible within the (Volkswagen) group.”
Founded in 1963 by passionate self-made
man Ferruccio Lamborghini, the company
was hit hard by the global economic crisis in
2009. It sold 2,430 cars in 2008, its record
year.
Winkelmann said Lamborghini could sell
around 1,500 cars this year, compared with
1,302 in 2010, although he stressed that this
was not a fixed sales target and depended on
deliveries of the new 313,000 euro Aventador
it will launch in the second half.
Lamborghini also sells the Gallardo, which
starts at around 180,000 euros, and stopped
making the Murcielago in May last year.
“We will be growing but on a level which
for the time being is not so important for us
as the fact we are building up a new order
bank,” Winkelmann said.
The Aventador supercar, which like its
predecessors is named after a fighting bull, is
already sold out for the first year and a half of
production, he added.
Lamborghini should sell over 300 cars
in China this year, Winkelmann said at the
Reuters Summit, held at the Reuters office
in Paris on Monday, about a fifth of its total
likely sales for this year.
Last year it sold 206 cars in China,
excluding Hong Kong.
Analysts at IHS Automotive see China’s
premium segment growing to 909,946 units
in 2011 and 1.6 million in 2015, compared
with 727,227 last year.
(Additional Reporting by James Regan
and Astrid Wendlandt;
Editing by Will Waterman)
11
Shiseido aims to beat
China market growth
By James Topham and
Ritsuko Shimizu
TOKYO, May 25
S
hiseido, Japan’s top cosmetics firm,
is aiming to grow its Chinese cosmetics
business faster than the market and is
considering boosting the use of local raw
materials to lower production costs.
“I want Shiseido to surpass the overall
growth rate in the Chinese market and to
reach the mid-to-high teens,” Hisayuki
Suekawa, Shiseido’s president, said in an
interview for the Reuters Global Luxury and
Fashion Summit.
One of the world’s oldest cosmetics
companies, Shiseido has been relying on
China, where it has 5,000 speciality stores,
as a growth engine as its profits slip in Japan,
where the population is shrinking.
But Shiseido, with its namesake line of
cosmetics and others such as Maquillage
cosmetics and Cle de Peau Beaute prestige
products, has also been grappling with
higher wages and increased competition in
China, prompting it to look for ways to lower
costs.
“When we brought the production
technology over from Japan, the (supply)
POWDER AND BLUSH: A woman passes Japanese cosmetics company Shiseido's counter at a department
store in Tokyo January 15, 2010. REUTERS/Yuriko Nakao
deals came as well, so much of raw materials
used still come from Japan,” Suekawa said at
the firm’s headquarters in Tokyo.
“The focus previously was (on procurement
from Japan), but we have made a list of local
Chinese suppliers and are now trying to
match our needs to them.”
Suekawa said that slightly more than half
of the raw materials used at its two Chinese
factories come from China.
Shiseido forecast a 40 billion yen ($488
Shiseido sales regions, top cosmetics makers
Japan’s largest beauty products firm was the world’s No. 3 premium cosmetics maker in 2010
Shiseido’s sales by geographical region, FY2010
Bln yen (% of net sales)
L’Oréal
Japan
382.9
(57.1%)
Europe
78.2 (11.6%)
Americas
87.6
(13.1%)
2010 Top 10 premium cosmetics makers
Market share – %
Estée Lauder
7.2%
Shiseido
LVMH
Procter & Gamble
TOTAL
670.7
bln yen
Kao
Coty
Asia/
Oceania
122.1
(18.2%)
Chanel
Clarins
Kosé
0
5
10
15
Sources: Company, Euromonitor
Reuters graphic/Christine Chan
19/05/11
million) operating profit for the year that
started in April, a 10 percent decline
from its previous year amid expectations
of weaker consumer demand in its core
Japan market and increased marketing
investment.
To help it offset sliding demand at home,
the company, which began as Japan’s first
Western-style pharmacy in 1872, is looking
overseas for profit growth and has set a goal
of having multiple global brands that exceed
a scale of 50-100 billion yen a year in sales.
In a three-year strategic plan announced
in April, Shiseido said it plans to spend an
additional 20 billion yen, 13 billion of which
marked for use overseas, in its current
financial year, on marketing and investment.
Suekawa also said the company which
competes with France’s L’Oreal and Estee
Lauder EL.N in sales of high-end cosmetics,
would look into acquisitions as part of its
growth strategy.
Last year, Shiseido purchased U.S.
cosmetics firm Bare Escentuals for $1.7
billion.
Earlier this month, Shiseido was outbid
by Spanish perfume maker Puig to buy a 45
percent stake in French fashion house JeanPaul Gaultier from Hermes. Shiseido’s Parisbased unit has a perfume licence contract
with Gaultier.
(Editing by Nathan Layne and Matt Driskill)
12
Coach focuses on
priciest bags again
By Martinne Geller and
Phil Wahba
NEW YORK, May 23
T
High-end brands Coach and Tiffany are ramping up store openings in China—the fastest
growing luxury market—even as they reduce their exposure to Japan.
350
U.S.
Japan
China
Coach
Tiffany
100
300
80
250
60
200
150
40
100
20
50
0
2008
Source: company filings
2009
2010
2011
0
2008
2009
2010
2011
19/05/11
he fanciest Coach handbags priced
over $400 are finding more buyers,
allowing the company to move upmarket
after introducing more lower-priced bags in
the wake of the 2008 financial crisis.
The change means Coach Inc can appeal
to luxury shoppers who are spending more
freely now. Coach’s pricing power allows it
to offset rising production costs that dent
margins.
At the same time, the retailer and
manufacturer of leather goods and
accessories will not raise prices despite
higher costs for leather and labor in China,
bucking an industry trend.
“We’re not contemplating raising prices in
the future,” Coach CEO Lew Frankfort said at
the Reuters Global Luxury & Fashion Summit
on Monday. “Our customers are looking for
excellent value.”
The shift to fancier bags effectively raises
Coach’s average bag price to about $300,
from about $288 during the recession after it
launched the lower-priced Poppy line.
“Customers have embraced them (bags
above $400) and are buying them at
increased rates,” Frankfort said.
Several executives for retailers such as
Gap Inc have said in recent weeks that
they planned to raise prices. But Coach is
diversifying production sites, substituting
materials and manufacturing more efficiently
to offset rising raw material and labor costs
in China, where it makes 85 percent of what
it sells.
In April, when Coach reported its fiscal
third-quarter results, Chief Financial Officer
Mike Devine said bags over $400 accounted
for about 18 percent of sales, up from 10
percent a year earlier. He said the growth was
fueled by a fashion trend favoring leather
bags over ones made of fabric.
Frankfort said that despite gains in luxury
spending, consumers are still seeking
bargains, benefiting his company which
offers more affordable products than higherend rivals such as LVMH Moet Hennessy
Coach, Tiffany stores: U.S., Japan and China
Note: China includes Hong Kong
“Our positioning
has never been
more in vogue than
it is today. ”
NOT RAISING PRICES: Lew Frankfort, chairman and CEO of Coach, Inc., speaks at the Reuters Global Luxury
Summit in New York, June 1, 2010. Brendan McDermid
Louis Vuitton SA.
“Our positioning as a democratized luxury
brand has never been more in vogue than it is
today,” Frankfort said.
(Reporting by Phil Wahba and Martinne
Geller; Editing by Matthew Lewis and
Richard Chang)
13
Yoox open to
tech sector buy
By Antonella Ciancio
PARIS, May 24
O
nline fashion retailer Yoox would
consider buying a technology provider
if an opportunity arose but is not currently
planning acquisitions, its founder and chief
executive said on Tuesday.
The company has enough room to expand
as it looks to add 5-6 brands a year and
focuses on boosting its position in the fastgrowing Chinese market, Federico Marchetti
told the Reuters Global Luxury and Fashion
Summit.
“For now, (an acquisition) is not part of
the plan,” Marchetti said. “But we are in the
market for opportunities.
“Any investment we can make in technology
is something that is worth investigating at
least,” he added.
Yoox’s revenue is continuing to grow at
“more or less” the same pace as the last 15
months, Marchetti said, without giving a
specific forecast for the year.
Yoox, which powers websites for top
brands such as Valentino and Roberto Cavalli
alongside its own multi-brand sites, saw sales
rise 39 percent to 69.7 million euros ($98.04
million) in the first quarter. Revenue grew 41
percent to 214.3 million in 2010, helped by its
corner.com and yoox.com sites.
The company sees China, where it debuted
last year with the launch of an Emporio
Armani online store, becoming one of its top
three markets by 2015, with the United States
overtaking Italy to become No. 1 this year.
The online retailer, which serves more
than 100 countries, does not plan to enter
the emerging markets of India and Brazil in
the near future, however, as it already has
enough opportunity to grow, including in
China, the CEO said.
“Everybody claims to be global, but we
claim to be local,” Marchetti said. “If you
want to compete on that market (China) you
need to compete with the local players and
China, rest of Asia help boost luxury sales
The breakdown of the luxury goods market share has stayed largely the same except for a longterm decline in Japan and growth in China. The U.S. has been buoyed by Wall Street bonuses.
180
150
Wall St. bonuses - $ billion
Luxury goods market by region - € billion
Europe
Americas
Japan
Asia
China
Rest of world
35
30
120
25
90
20
60
15
30
10
1997
1998
Source: Bain & Co.
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
5
19/05/11
0
you need to be local and that’s our strategy.”
The cost of setting up in China partially hit
net profit in the first quarter, when it fell 16.2
percent to 1.7 million euros. Profits more than
doubled to 9.1 million in 2010.
Yoox is aiming to improve margins by
innovating its central operations and
distribution platform. It plans to invest
around 20 million euros in the next five years,
mainly in innovation.
Launched 11 years ago, Yoox aims to add
around 5-6 new names to its mono-brand
business a year over the next five years,
with the aim of reaching 50 by 2015. New
openings include the launch of the online
store for outerwear maker Moncler in Europe
and in the U.S. in the third quarter.
“We don’t want to grow faster than that,
Marchetti said. “We want to keep the quality
of our service very, very high.
“We will continue to focus on the top
brands, but not necessarily Italian,” he said,
citing opportunities in Britain, the U.S. and
Europe.
The multi-brand business accounts for 76
percent of the group’s turnover, but Marchetti
said he expected the mono-brand business
to grow faster.
Yoox, which has a market value of 641
million euros, almost half that of British rival
ASOS, floated in Milan at the end of 2009.
Shares in Yoox were up 3 percent to 12.36
euros by 1320 GMT, outperforming Milan’s
all-share index.
(Editing by James Regan)
OTHER SUMMIT INFO
For information about all of Reuters
upcoming summits click:
http://www.reuters.com/summits
“Any investment we can make in technology is
something that is worth investigating at least.”
14
Moda Operandi taps
VC interest in fashion
By Phil Wahba
NEW YORK, May 24
M
oda
Operandi,
a
fashion
e-commerce site, is raising its second
round of venture capital funding as investor
interest in online luxury retailers grows.
The company, founded in February during
New York Fashion Week, operates designer
“trunk shows” online. It lets members
pre-order designer clothes straight off the
runway rather than have to wait for them to
be available in stores.
Chief
Executive
Officer
Aslaug
Magnusdottir, speaking on Tuesday at the
Reuters Luxury and Fashion Summit in New
York, declined to say how much she was
raising but said she has been approached by
several investors.
“The recent successes of Gilt (Groupe), Rue
La La and Net-a-Porter being sold has really
Magnusdottir hopes
membership will hit
100,000 by the end
of the year.
made this a much more interesting sector
for a lot of investors,” Magnusdottir said,
referring to recent deals.
Last year, Moda Operandi got a first round
of funding from Boston-based venture capital
firm New Atlantic Ventures.
Magnusdottir, a native of Iceland and
graduate of Harvard Business School, was
vice president at online discount site Gilt
Groupe and co-founded TSM Capital, an
early investor in fashion brand Rachel Roy,
half of which was later sold to Jones Group.
She said her service allows designers to sell
garments that might otherwise not get sold.
“We kept hearing from designers that they
created these beautiful collections and only a
very limited portion of the collections would
ever make it to the stores,” Magnusdottir
said. “They felt that stores weren’t necessarily
making the right decisions about which items
to buy.”
PROFITABLE BY END 2012: Aslaug Magusdottir, CEO of Moda Operandi speaks during the Reuters 2011
Global Fashion and Luxury Summit in New York, May 24, 2011. REUTERS/Mike Segar
Magnusdottir said she is hoping Moda
Operandi’s membership will hit 100,000 by
the end of the year, up from 15,000 at launch.
Members must apply; some are denied entry.
She expects the company to be profitable
by the end of 2012. The company does not
disclose its results.
Moda Operandi has done trunk shows
for designers such as Alexander Wang
and Proenza Schouler. Preorder and
trunk shows make up about 10 percent of
global sales of designer fashions, she said.
(Editing by Phil Berlowitz)
15
Hong Kong watch sales
shine in 2011-sotheby's
By Lee Chyen Yee and Donny Kwok
HONG KONG, May 24
Swiss watch exports
Swiss watch exports by country Jan-Mar 2011
Other (27.6%)
Hong Kong (19.3%)
UK (3.4%)
USA (10.8%)
101.2%
Oman
79.1%
Kuwait
66.0%
Russia
55.8%
Netherlands
China
Jan-Mar 2011
exports
CHF3.9 bln
Japan (4.4%)
China (8.4%)
38.9%
29.9%
South Korea
29.4%
Thailand
28.3%
France
26.7%
Australia
Global market
25.6%
14.7%
Singapore (6.2%)
Germany (4.7%)
Italy (5.3%)
23/05/11
UAE (4.5%)
Austria
France (6.3%)
S
Fastest growing export markets 2011/2010
Source: Federation of the Swiss Watch Industry
Reuters graphic/Vincent Flasseur,Silke Koltrowitz
WATCH WHAT HAPPENS: A pink Patek Philippe watch ref. 2499 is pictured at Sotheby's auction house in
Geneva November 12, 2008. REUTERS/Denis Balibouse
To follow Reuters Summit coverage on
Twitter, click here:
http://link.reuters.com/dav69r
“we are constantly
getting new blood,
new people coming
to transact.”
otheby’s, the world’s largest publicly
traded auction house, expects its auctions
for watches to increase by a quarter this year
in Hong Kong, now its biggest market for
such auctions, an executive said on Tuesday.
Sotheby’s, which competes with privatelyheld Christie’s, the world’s largest auction
house, sees Hong Kong as an increasingly
important market because it is now its
biggest market for fine wines and Chinese art
as well as watches.
It has sold a total of HK$73 million ($9.6
million) worth of wristwatches and other
time-pieces so far in 2011 and expects the
current pace to continue through the rest of
2011.
“I think it’s very do-able to repeat that in
the next season,” Vanessa Herrera, director
of China and Southeast Asia and head of the
watches department, told the Reuters Global
Luxury Summit in Hong Kong.
Sotheby’s sold HK$109.3 million worth of
time-pieces in Hong Kong in 2010.
“For us, we are constantly getting new
blood, new people coming to transact. In our
sales, 30 percent of the buyers are new,” said
Herrera, who herself wears a Rolex. “Watches
are a very affordable luxury.”
Last year, Sotheby’s auctioned watches
totalling $43 million worldwide, including
buyers’ premiums.
In Hong Kong, Sotheby’s achieved record
sales of HK$3.49 billion, driven by Chinese
art, watches, wine and jewellery.
Sotheby’s reported net income of $2.4
million for the first quarter of 2011, reversing
a loss of $2.2 million a year earlier.
Last year proved one of the best for both
auction giants, with Christie’s posting a
record $5 billion in sales and Sotheby’s
making $774 million in revenue, six times
more than 2009 and its second-highest after
2007’s record. It was a far cry from 2009’s
drop in sales amid the global financial crisis.
(Additional reporting by Rachel Lee and
Alison Leung; Editing by Jacqueline Wong,
Chris Lewis and Matt Driskill)
16
WHERE HAVE ALL THE ARTISANS GONE?: A special ring and an ornamental key created by Romanian jeweller Ovidiu Paraianu, which he hopes to give to Britain's
Prince William and Kate Middleton for their wedding, are seen during an interview in Bucharest, April 15, 2011. REUTERS/Radu Sigheti
Luxury firms struggle
to find artisans
By Silke Koltrowitz and
Nathalie Olof-Ors
PARIS, May 25
W
hile many admired the elegance
of the dress in which Kate Middleton
married Britain’s Prince William last month,
too few youngsters are interested in learning
the skills required to make such garments.
Luxury goods sales have rebounded
around the globe, boosted in particular by
the ravenous appetite of China’s new rich for
classy handbags, fine jewellery and quality
timepieces, but many brands struggle to
keep up with demand for the lack of qualified
artisans.
“Finding artisans and motivating the young
generation for this type of work is a problem.
Manual labour has been devalued by French
society,” said Elisabeth Ponsolle des Portes
of French luxury lobby Comite Colbert.
“For example, it is very difficult to find
furriers today or to motivate young people to
learn this skill,” she said.
Comite Colbert, which represents 75
French luxury houses, organises visits to
fashion or goldsmith ateliers in the hope of
piquing young people’s curiosity about the
professions.
Upmarket British jeweller Theo Fennell
said finding apprentices was a challenge.
“You think there’d be a queue round the
block to become apprentices, but there’s
not,” creative director Fennell told the
Reuters Global Luxury and Fashion Summit
in London.
He said many young people were not
willing to devote much time and energy
acquiring the huge skill base while making
less money than most of their friends.
“The idea of doing a great day’s work,
producing something really beautiful ... it’s
contrary to contemporary culture, the whole
idea of instant fame and money without any
effort,” Fennell said.
PASS ON KNOWLEDGE
French lacemaker Sophie Hallette, which
saw two of its lace motifs on Middleton’s
wedding dress, made in utmost secrecy by
fashion house Alexander McQueen, started
weaving lace in Caudry in Northern France
in 1887 and attaches great importance to
transmitting its art to the next generation.
“Each apprentice works in a team with an
experienced artisan,” said Maud Lescroart,
who manages the family enterprise with her
“You think there’d be a queue round the
block to become apprentices.”
17
brother. “Training a lacemaker, who will be
in charge of the Leavers loom, takes seven
years,” she said.
Sophie Hallette, which employs 200
people and hires about 20 new staff every
year, works regularly for fashion houses such
as Valentino, Christian Dior, Givenchy or
Jean-Paul Gaultier.
Competitor and neighbour Solstiss, which
also had one of its lace motifs on the royal
wedding dress, said it was not easy to find
young people willing to work on noisy 19thcentury machines.
“They have to work long hours, and there
are very busy times ahead of the fashion
shows,” marketing head Herve Protais said.
He said, however, that lacemakers, who
earned up to 3,000 euros a month, enjoyed
high prestige in Caudry, the cradle of French
lacemaking. The industry suffered during the
economic crisis and had to lay off staff but
tried to retain its precious lacemakers.
The same holds true for the Swiss
watch
industry,
where
experienced
watchmakers are in short supply.
Big player Swatch Group insisted on the
importance of keeping qualified staff during
the crisis and is looking to hire 1,000-1,500
people this year to boost production capacity.
Rival Richemont, owner of the Cartier
brand, said it would add 800 jobs in
production this year. “We accept that we will
have to train people up for the jobs that we
“it'S not easy to
find young people
to work on 19thcentury machines.”
have. We expect that many of the people
to be recruited may be new to the watch
industry,” spokesman Alan Grieve said.
Richemont trains about 65 watchmakers
a year and brands like Jaeger-LeCoultre or
Vacheron Constantin rely on experienced
employees to train the young.
“We have 12 apprentices today, and
the number will go up to 16 in two years,”
Vacheron Constantin Chief Executive
Juan-Carlos Torres said, adding most of
the newcomers would be hired after their
apprenticeship.
But it takes more than a watchmaker
to make a watch, and recruiting micromechanics, who make the watch components,
can be even more difficult.
“Young people seem to turn their backs
on these professions. If they disappear,
however, the whole watchmaking industry
will be affected,” said Paul-Andre Hartmann,
director of a specialist school in Switzerland’s
famous watchmaking centre Le Locle.
According to figures published by the
Convention Patronale de l’Industrie Horlogere
Suisse, 318 watchmakers and associated
professionals were trained in 2010.
(Additional reporting by Mark Potter in
London; Editing by Will Waterman)
CROWN JEWELS: Britain's Prince William and Catherine, Duchess of Cambridge travel to Buckingham Palace in the 1902 State Landau, along the Procession Route,
after their wedding in Westminster Abbey, in central London April 29, 2011. REUTERS/Kieran Doherty
18
summit speakers
Bernd Beetz
Chief Executive Officer
Coty
Theo Fennell
Creative Director and
Founder
Theo Fennell
Scilla Huang Sun
Fund Manager
Swiss & Global Asset
Management
Federico Marchetti
YOOX
Pascal Berclaz
President
Quinting Manufacture
d’Horlogerie
Jennifer Fleiss
Co-Founder and President
Rent The Runway
Jean-Marc Jacot
Parmigiani Fleurier
Florent
Perrichon
Cerruti
Gianluca
Brozzetti
Roberto Cavalli
Lew Frankfort
Coach
Eric Jennings
Fashion Director, Men's
Wear, Home, Gift & Goods
Saks Fifth Avenue
Steve Sadove
Saks Inc
Antonio Calce
Corum
Laurence Geller
Strategic Hotels &
Resorts
Karen Katz
Neiman Marcus
Guy Salter
Deputy Chairman
Walpole
Alan Chan
Group Branding
Director
Chow Tai Fook
Thierry GillIer
Zadig & Voltaire
Shawn Kravetz
President
Esplanade Capital
Henri Sebaoun
Carven
Paolo DE Cesare
Le Printemps
William Halimi
Barbara Bui
Bernard Lambert
Chairman
Societe des Bains de Mer
de Monaco
Arne Sorenson
Chief Operating Officer
Marriott International
FrÉdÉric de Narp
Harry Winston
Vanessa
Herrera
Director of China and
Southeast Asia
Sotheby’s
DidIer Le Calvez
Le Bristol
Hisayuki Suekawa
Shiseido
Ulrik Garde Due
Georg Jensen
Nicolas
Hieronimus
Managing Director,
Luxury Division
L’Oreal
Aslaug
Magnusdottir
Moda Operandi
Tsai Peiyi
Fund Manager, Luxury
Goods Fund
Hua Nan
19
MODELS EXEUNT: Models
present creations at the Diane
Von Furstenberg Fall/Winter
2011 collection during New
York Fashion Week February
13, 2011. . REUTERS/Jessica
Rinaldi
Frits van
Paasschen
Starwood Hotels &
Resorts
Diane von
Furstenberg
Designer
Diane von
Furstenberg
Full luxury summit coverage
Stephan
Winkelmann
Lamborghini
Sunny Wong
Group Managing
Director
Trinity
COVER PHOTO: Models present creations at the
Diane Von Furstenberg Fall/Winter 2011 collection
during New York Fashion Week February 13, 2011.
REUTERS/Jessica Rinaldi
For more information contact:
BRAD DORFMAN
EDITOR IN CHARGE, CONSUMER &
rETAIL
+1 312 408 8133
[email protected]
TIZIANA BARGHINI
EDITOR IN CHARGE, GLOBAL SUMMITS
+1 646 223 6312
[email protected]
For all stories, analysis, videos and blogs from the Reuters Global Luxury & Fashion
Summit, please visit: :
http://link.reuters.com/zuz69r
© Thomson Reuters 2011. All rights reserved. 47001073 0310
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Reuters and its affiliated companies.

catwalks to carats: luxury sector heats up

Transcription

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7357268 Nufloors Dec 31.indd

the vision becomes a reality

Experience luxury redefined at the Fairmont Kea Lani, Maui

Luxury apartment in Xeresa del Monte Resort, Gandia

The Program

DREAM BIG! - We Are Photogirls