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Versace set to be sold $2bn, Harvey Nichols’ turnover is up, and other information of the day

Versace set to be sold $2bn, Harvey Nichols’ turnover is up, and other information of the day

Versace, the Italian fashion house founded by Gianni Versace 40 years ago, is set to be bought by Michael Kors, according to reports. On its side, Harvey Nichols just revealed that its EBITDA was up 102% to £14.7 million ($19.4 million) over the full year ended March 31. In parallel, French luxury conglomerate LVMH on Friday named Stephane Bianchi, the former head of cosmetics firm Yves Rocher, to run its watch business after divisional boss Jean-Claude Biver relinquished his operational responsibilities.

Septembre 24, 2018 | Press Review

Business

Image: Versace

Versace, the Italian fashion house founded by Gianni Versace 40 years ago, is set to be bought by Michael Kors, according to reports. The US fashion group has agreed to buy the Italian firm in a deal worth about €1.7bn ($2bn, £1.5bn), Reuters reported.

The Italian newspaper Corriere della Sera first reported the impending sale earlier on Monday. The Versace family still owns 80% of the company.

Four years ago it sold a 20% stake to US private equity group Blackstone.Versace and Blackstone both declined to comment to Reuters.

Last year, Michael Kors bought Jimmy Choo, the luxury shoemaker founded in London, for almost £900m. Donatella Versace, the firm’s artistic director and vice-president, has called a staff meeting in Milan for Tuesday, Corriere della Sera reported.

Versace reported sales of €686m in 2016. Chief executive Jonathan Akeroyd said earlier this year that annual turnover was soon expected to exceed €1bn. Gianni Versace was 50 when he was murdered outside his Miami mansion in July 1997 by Andrew Cunanan.

Finance

Image: Harvey Nichols

Harvey Nichols just revealed hat its EBITDA was up 102% to £14.7 million ($19.4 million) over the full year ended March 31.

Harvey Nichols also recorded a 9% revenue increase to £210 million ($277.8 million). The group said the performance came as a result of investments in Knightsbridge’s flagship store of beauty floors, accessories and men’s clothing, as well as its eight stores in the UK and the Republic of Ireland.

Joint chief operating officers Manju Malhotra and Daniela Rinaldi said: “We are extremely pleased to see a strong financial performance last year, and our ambitious Knightsbridge store refurbishment plans have had a positive impact. However, the retail environment remains challenging and competitive. With this uncertain outlook, we are focused for the remainder of this year on continuing to drive sales and delivering an omnichannel experience for our customers“.

Management

Stephane Bianchi named CEO of LVMH Watch Division

French luxury conglomerate LVMH on Friday named Stephane Bianchi, the former head of cosmetics firm Yves Rocher, to run its watch business after divisional boss Jean-Claude Biver relinquished his operational responsibilities.

Biver, 69, one of the Swiss watch industry’s best-known and most successful managers, confirmed on Thursday he was stepping aside. He will stay on as a non-executive chairman.

Bianchi, who most recently had sat on the board of the Maus Group that owns fashion brands like Lacoste, will become the CEO of LVMH’s watch brand Tag Heuer, and oversee Hublot and Zenith.

Frederic Arnault, the 23-year-old son of LVMH’s Chairman and CEO Bernard Arnault, was appointed strategy and digital director at TAG Heuer, the company added. (Reporting by Sarah White; Editing by Sudip Kar-Gupta)

Distribution

Image: Balmain

Balmain has just inaugurated a new flagship store in Miami. The French luxury house is also planning to open another store in the Wynn Plaza shopping center in Las Vegas in October.

The interiors of both stores were designed by Olivier Rousteing, creative director of Balmain and AMV Studio architects, Anna Philippou, Marie-Charlotte Prosperi-Fouchard and Victoire Guerlay. The shops have been designed to emulate the classic Parisian architecture.

Our decision to open in Las Vegas was guided […] by the unique opportunity presented to us by the opening of the Wynn Plaza“, said Massimo Piombini, Balmain CEO. “The chance to be among the compelling mix of brands at this new location made us decide on having Las Vegas be one of our first American retail addresses“.

Miami’s new Balmain store opened on September 15, while the Las Vegas store will open on October 12.

See Also


Career

Image: Anthony Vaccarello

Anthony Vaccarello renewed his contract with Saint Laurent for a new period of three years.

The Belgian designer, who worked for Versace until 2016, took the place of the designer Hedi Slimane after his departure in April 2016. The 36 years old designer, known for his rock-chic and asymmetrical vision, had succeeded in revitalizing the growth of Saint Laurent, the Kering group’s second-largest fashion brand after Gucci in terms of size and profitability.

In 2017, Saint Laurent sales rose 25% to 1.5 billion euros. At June 30, sales rose by almost 20% to 808.2 million euros, bringing it closer to its medium-term objective of 2 billion euros in annual sales and 3 billion euros in the long run.

He renewed his contract this month for another three years,” said one of the sources on condition of anonymity at FashionNetwork.com.

I knew he would stay at YSL, even though some people had suggested he leave,” says another source.

Anthony Vaccarello will present his new collection at Paris Fashion Week.

 

 

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