Gucci's parent company acquires Creed, the largest independent perfume brand
According to Fashion Business News, Gucci's parent company Kering announced in a statement on Monday that it had acquired perfume brand Creed from BlackRock's long-term private equity fund and Javier Ferrán Holdings' fund. Under the agreement, Kering will pay in full cash, with the transaction closing in the second half of the year at the earliest, with brand CEO Sarah Rotheram and his team being retained.
Founded in London in 1760 by James Henry Creed, Creed specializes in men's fragrances, was sold by the founding family to BlackRock and Javier Ferrán in early 2020, has more than 1,400 points of sale worldwide, and has maintained double-digit performance growth in recent years, with revenues of more than 250 million euros last year, making it the largest independent high-end fragrance brand at present.
Although Kering did not disclose the specific amount of the transaction, according to Puig Group's estimate of 180 million euros in annual revenue last year, some analysts believe that Creed's current valuation is about 1.4 billion euros.
ACCORDING TO LADYMAX, THIS IS KERING'S FIRST ACQUISITION AFTER ESTABLISHING ITS BEAUTY DIVISION. Earlier this year, the group specifically appointed former Estée Lauder executive Raffaella Cornaggia as CEO of the Beauty Division, responsible for developing beauty businesses for brands such as Bottega Veneta and Balenciaga, which Creed will join in the future.
According to Kering, the acquisition of Creed is an important milestone in the development of its beauty division, which has a mature supply chain and distribution channels that can immediately support its brands' efforts in beauty. Jean-François Palus, Managing Director of the Group, stressed that Creed is synonymous with uniqueness and creativity that will help the Group to rapidly expand its fragrance sector.
Youngor has successively taken over 3 stores of Milbank clothing
Recently, Shanghai Metersbonwe Garment Co., Ltd. (Milbank Garments) issued an announcement that it intends to sell the store No. 1 and No. 1-1 Taiyuan South Street, Heping District, Shenyang City, Liaoning Province to Ningbo Youngor Garment Co., Ltd. in a cash transaction for 300 million yuan.
According to the announcement, the two houses are the "Shenyang New World Flagship Store" of Milbank Garments, with a total construction area of 10,716 square meters, of which 10,438 square meters of No. 1 store is in normal use, and 278 square meters of No. 1-1 shop is idle.
Milbank apparel said that the transaction is conducive to the company's revitalization of existing assets and is in line with the company's strategic planning. The proceeds from the transaction will be used to supplement the Company's liquidity and will have a positive impact on the Company's financial position and operating results.
Previously, in October 2022, Youngor purchased a store in Optics Valley World City, Donghu New Technology Development Zone, Wuhan, for 190 million yuan, with a total of 3 floors and a total construction area of 3,810.2 square meters. In December of the same year, Milbank Apparel sold the store at No. 145 Zhonghua Middle Road, Guiyang City, to Youngor for 130 million yuan, which is also 3 floors and has a total construction area of 2938.23 square meters.
P&G Professional Beauty appoints new CEO
Procter & Gamble has announced Colin Walsh as the new head of professional beauty, replacing nearly 25-year veteran Chris Heiert, who will retire in July. Founded a year ago by Procter & Gamble, the division covers Farmacy, Tula Skincare and haircare brand Ouai, which the group acquired in packages of more than $1 billion at the end of 2021, as well as First Aid Beauty, which it acquired in 2018.
Skechers sued Steve Madden for infringement
Skechers recently filed a lawsuit against Steve Madden, arguing that the latter's "Kennie" sneakers used a trademark design similar to the brand and was allegedly infringing.
General counsel Steve Madden dismissed the lawsuit, saying that "Kennie's" shoe design was not influenced by Skehchers and bears little resemblance to the "S" logo. Prior to this, Skechers had filed similar lawsuits against Brooks and Hermes, but both ended in settlement.
Prada officially settled in SKP Chengdu
Prada's boutique in SKP Chengdu has officially opened, covering an area of more than 1,000 square meters, mainly selling men's and women's ready-to-wear, leather goods, shoes, accessories and jewelry. To celebrate the opening, the store will also be offering a limited edition of the Prada Galleria bag, as well as a raffia tote bag for men in special colours.
Lush's Hong Kong Tsim Sha Tsui store will open next month
According to Interface News, British care brand Lush is preparing a new store for K11 Art Mall in Tsim Sha Tsui, Hong Kong, which is expected to open next month.
Founded in the UK in 1995, Lush has gone viral on social media by selling colourful and brain-blowing bath balls — somewhat similar to the "dopamine" color that is now in vogue. In addition to bath balls, the brand also sells handmade soaps, masks, and shampoos. Its products emphasize keywords such as "natural" and "organic", including vegetarian formulas (some contain lanolin, milk, eggs, honey and beeswax).
Moncler held the opening ceremony of its flagship store in Shanghai
According to interface news reports, in order to celebrate the opening of the flagship store in Shanghai Henglung, Moncler recently held the opening ceremony of a new flagship store. The flagship store has now been relocated to the first floor of Hang Lung Plaza, where high-end luxury is located, for guests to enjoy a new store experience and product selection.
The flagship store spans three floors and has a total sales area of more than 400 square meters. The flagship store will showcase Moncler's latest menswear and womenswear collections, the Moncler Genius co-branded collection, and the high-performance Moncler Grenoble collection of high-tech apparel. Designed by the brand's long-term partner Gilles & Boissier, the interior balances classical, natural and futuristic elements to create a warm and elegant atmosphere.
Hypebeast lost more than HK$5 million last year
Hypebeast recently announced its results for the fiscal year ended the end of March, with sales up 7.2% year-on-year to HK$960 million, while losses were HK$5.07 million, turning from a profit to a loss of HK$100 million from a net profit of HK$100 million in the previous financial year. The group said the loss was mainly due to increased costs such as one-time professional fees and non-cash operating expenses that were planned to be consolidated.
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