Welcome to the first edition of 2Jour Weekly Gazette—your curated update on everything that matters (and everything that’s just too interesting to ignore) in the world of fashion, luxury, and beyond. Whether it’s the latest runway trends, strategic moves from industry giants, financial shifts that ripple across markets, or the unexpected moments that make headlines (yes, even beanbags can steal the spotlight!), this gazette captures it all.
Every week, I’ll be diving into the most significant happenings in the luxury universe which caught my eye, from CEO shake-ups to unexpected collabs, investment moves, insider interviews, and tech innovations. Think of this as your go-to source for staying ahead in the world of luxury—blending hard-hitting news with the nuances and trends that define this captivating space.
So, grab your favorite espresso (or perhaps a glass of champagne), settle in, and let’s explore the chic, the influential, and the simply fascinating moments from the past week.
x Marina 2Jour
Beanbags steal the spotlight at Milan Fashion Week
On Saturday, September 21st, at the close of Milan Fashion Week, Bottega Veneta held their runway show. Beyond the collection itself, publications and social media spent several days discussing... chairs. Yes, you read that right.
Instead of stiff benches or bougie bistro chairs, Matthieu Blazy seated his guests, including Kendall Jenner, Jacob Elordi, and Imane Khelif, the Algerian boxer and Olympian, on beanbags. But it’s luxury fashion, so these weren’t the casual ones you might find in your local store. They were the iconic Zanotta Sacco easy chairs, originally designed in 1968, each crafted in 460 different leather animal prints. These are available online at Bottega Veneta, with prices ranging from €6,000 to €8,000 (just in case, the original Zanotta ones will set you back around €300).
*As I plan to expand the lifestyle offerings on 2Jour-Concierge.com with more lifestyle categories from fashion brands,have to mention Bottega Veneta lifestyle offerings are among my absolute favorites.
Pierpaolo Piccioli: could he lead the next top luxury brand?
There were predictions that he might become the designer for Chanel Dior (at one point, he worked alongside Maria Grazia at Valentino). Now, the list of potential brands Pierpaolo Piccioli could lead has expanded to include Fendi. Your bets?
Just to remind, Pierpaolo Piccioli went independent after leaving Valentino in March this year, following 25 years with the brand, having served as Creative Director since 2008.
Leadership transition at LVMH: Chris de Lapuente to retire, Stéphane Bianchi takes over
LVMH sets a trend of regular top-management shake-ups. This week it was announced that Chris de Lapuente, Chairman and CEO of the Selective Retailing division will leave the group on October 31 to retire. The Selective Retail Maison CEOs (Sephora, DFS Group Limited, 24S, Groupe Bon Marche) will report to Stéphane Bianchi, LVMH Group Managing Director.
The chronology of leadership shake-ups at LVMH this year is as follows:
January 2024: Frédéric Arnault Appointed Head of LVMH Watches Division
January 2024: Michael Burke Appointed CEO of LVMH Fashion Group
Michael Burke took on the role as CEO of LVMH Fashion Group, succeeding Sidney Toledano.
February 1, 2024: Sidney Toledano Steps Down as CEO of LVMH Fashion Group
Sidney Toledano officially stepped down from his role as CEO and left the LVMH Executive Committee. He continued to serve as an advisor to Bernard Arnault.
April 18, 2024: Toni Belloni to Leave LVMH
Following the Annual General Meeting on April 18, 2024, Toni Belloni stepped down from his duties as Group Managing Director and Chairman of the Executive Committee, ending his operational functions. Belloni had been a key figure in LVMH's leadership and will remain in a strategic advisory role, overseeing LVMH Italy.
April 18, 2024: Stephane Bianchi Takes Over Many Responsibilities
Following Belloni's departure on April 18, 2024, Stephane Bianchi was appointed to take over many of Belloni’s responsibilities and was positioned to chair the executive committee alongside LVMH Chairman and CEO Bernard Arnault.
April 18, 2024: Frédéric and Alexandre Arnault Join LVMH Board of Directors
At LVMH’s Annual General Meeting on April 18, 2024, Frédéric and Alexandre Arnault were appointed to the LVMH Board of Directors.
April 18, 2024: Nicolas Bazire Steps Down from the LVMH Board
Nicolas Bazire chose not to stand for re-election and officially stepped down from the LVMH Board of Directors following the Annual General Meeting on April 18, 2024.
June 2024: Cécile Cabanis Joins the LVMH Executive Committee
Cécile Cabanis, who is expected to eventually succeed Jean-Jacques Guiony as Chief Financial Officer of LVMH, officially joined the LVMH Executive Committee in June 2024.
LVMH restricts media access, sparks controversy
LVMH has also made headlines, worth mentioning in the Financial Times, for barring contact with reporters from certain media outlets. Rumor has it that a memo was sent to senior executives across the group in January this year with 'an absolute ban' on speaking to journalists from seven publications.
Such news makes me, as someone interested in everything that happens in luxury and fashion, feel sad (here's why). But there is another side — professional. What are the reasons of such ban? Wrote here.
LVMH strengthens luxury footprint with Moncler investment
Oh, there is more news on LVMH this week, but let me stop here on the last one. LVMH has invested in Double R, the investment vehicle owned by Moncler CEO Remo Ruffini, acquiring a 10% stake. This gives LVMH an indirect stake in Moncler, one of the fastest-growing luxury brands.
Double R currently holds 15.8% of Moncler, aiming to increase this to 18.5% with LVMH's funding. LVMH can further boost its stake in Double R to 22%, raising its indirect stake in Moncler to over 4%. LVMH gains the right to appoint two board members at Double R and one at Moncler. This move strengthens LVMH's influence in the luxury market, as Moncler reported a 17% sales jump in 2023, defying industry trends.
In case you got lost in the figures (just like I did), here’s a scheme I drew for myself to understand these moves (my friend told everything is still cloudy:-)):
In April 2024, news emerged that Bernard Arnault, through LVMH, acquired a notable stake in Richemont.
What's next for Hermès? Axel Dumas, Hermès CEO, gave interview to the Financial Times.
This news sounds like the perfect introduction to… I’m not sure if it can be called an interview… let’s call it a dialogue between the Financial Times and Hermès executive chairman Axel Dumas. If you know what I mean:-) If not, there are some hints in this dialogue, which you may read here.
A few points that I found most interesting from Axel Dumas:
Hermès might be considering stepping into couture. Why couture? It allows expansion without losing operational control, unlike other sectors like eyewear, travel, or hospitality—areas where peers have widely ventured into;
The big luxury fashion players have shown greater resilience because they have the financial strength to keep investing, expanding e-commerce, and maintaining control over their retail operations.
Yes, of course, I can't ignore e-commerce:) I've mentioned before that, out of all the financial reports by these big luxury fashion players, Hermès might be the only one dedicating a devoted section to its digital development. Their website is still not perfect in terms of technical execution, but I consider it among my top favorites for showcasing character and heritage.
*I consider the technical aspect to be the primary one, but the character aspect can't be ignored by the heavyweights—otherwise, the image they invest so much into will be shattered by the contrast with physical locations the moment a user enters the website.
Highly recommend reading the full article—it’s not overly polished and soft like Hermès leather, with some insights on succession plans, and Axel Dumas's sharp comments make it even more captivating.
Meta unveils augmented reality glasses prototype ‘Orion’
Meta has officially introduced its augmented reality (AR) glasses prototype, named Orion. Orion features high-resolution displays, a lightweight design, and seamless integration with Meta’s Metaverse platform. The glasses aim to enhance everyday interactions by overlaying digital information onto the real world, offering immersive experiences for gaming, shopping, and socializing. Meta plans to begin limited beta testing in late 2024, with a full consumer release expected in 2025. This launch solidifies Meta’s position as a leader in the AR market, competing with other tech giants and pushing the boundaries of wearable technology.
Reuters
This release could impact the future in numerous ways, particularly in the retail, by offering immersive experiences, enhancing productivity, and providing new ways to engage with content.
China's economic stimulus sparks rebound in luxury markets
China's recent economic stimulus measures, had a notable impact on luxury stocks, providing a significant boost to European luxury brands. The measures from China were announced in stages:
September 25, 2024: The Chinese government unveiled a multibillion-dollar economic stimulus package, which included a range of measures to boost growth, including liquidity injections into the financial system and support for the ailing property market. The People's Bank of China (PBOC) announced a cut in reserve requirements for banks by 50 basis points to increase liquidity.
Additionally, the government revealed plans to reduce mortgage rates for existing loans and discussed injecting 500 billion yuan (around $70.8 billion) of liquidity support for the local stock market.
These announcements led to an immediate positive reaction in luxury stocks, as the market anticipated an increase in consumer spending from the stimulus measures, reflecting the importance of China as a driver of demand for luxury goods. To back this up, I took a look at the reports for the first half of 2024 (except for Richemont—due to differences in the start of their fiscal year, I used their report for the entire 2024 fiscal year).
As a result, major luxury groups experienced a substantial rise in their share prices:
To show this change in a more practical way let's think you have 100 shares of each luxury group. In just a week you could earn:
Why did no one ever tell me stock markets are so interesting?) I spent all night analyzing the ups and downs of luxury fashion groups and how stock prices react to different events, all while learning those smart terms about stocks—soooo engaging! This even led me to the unsuccessful LVMH takeover of Hermès; I just couldn't tear myself away! Hah, now I know what derivatives and options are.
Anyway, what a rocky year for luxury groups! As they say, stay tuned :)
Fashion Week in a flash
If you haven't checked all the fashion collection for this past fashion week (brands need to stop make more than 50 looks per show), I did that all and here is my list:
Saint Laurent. Suits by a pro (the styling could be better because if we want a grandpa look, we'll go to a grandpa's wardrobe), archival pieces. Bella Hadid is back, Philippine Leroy-Beaulieu in the front row (Kering did the best with their front rows). I must confess, I can't be objective—it's one of my favorite brands.
DRIES VAN NOTEN. Probably did the best with coloring and patterns. The collection was created by the studio team, as maestro Dries Van Noten himself retired in June.
Chloé. Kept the course from last season. In a world where fashion houses follow trends, we need someone to stick to their roots and create trends themselves. Lace, lightness, pastels, chiffon, volume (at times reminiscent of LANVIN by Alber Elbaz).
SCHIAPARELLI. This is not my favorite collection from the recent seasons, and it seemed to be scattered in delivering one consistent message. Still, I love examining the smallest details in collections—this is one of the few brands that pays a great deal of attention to cut and fit.
Loewe. I am sceptical about Lyst rankings, but Loewe is top in the latest Q2 2024 surpassing Miu Miu and Prada. Can't ignore.
Hermès. Writing this as I've just finished watching the runway show. You won't see anything new compared to the previous SS season. Maybe that's the charm. I caught myself thinking today that because I've been working so much lately, I've been wearing the same type of clothing. I love to dress up, I love fashion, but my priority now is to conserve energy for work (my dresses are crying in the wardrobe at these words:)). I'm going for safe choices. Hermès seems to be the same—a safe choice if you're looking for one type of clothing. The reason this collection is on my list is that it’s now even more interesting to see what this brand, with its rather safe and 'grounded' pieces, can present within the framework of Haute Couture—an extraordinary, completely different, and ethereal world.
What to read: inspired by latest CEO change
Last week everyone was so inspired about Nike old-new CEO professional career story. Elliott Hill once started as an intern in 1988 and now he is a CEO.
The stock market was affected immediately (yes, I am now going to follow stock markets:):
I was affected in a different way—I finally started reading a book that everyone else has already read (I know, I know).
In case you needed to hear it now—you're welcome :)
Stay tuned for the next week edition x