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The Power and Relevance of Luxury Fashion Conglomerates
The Prada Group made headlines last week as the company’s sales rose by 16 percent in the first quarter, driven by a jump in Miu Miu sales and continued growth in Asia. This led to Miu Miu and Prada being ranked first and second as fashion’s most popular brands according to the Lyst Index.
Next, Tapestry’s acquisition of Capri Holdings showcased the conglomerate’s strategy to create a stronghold in the fashion industry could be in jeopardy as The U.S. Federal Trade Commission on Monday sued to block the deal. At LVMH, 75-year-old chairman and CEO Bernard Arnault is making plans to pave the way for his next generation of entrepreneurs to take over the reigns. LUXUO dissects the strategies in place by today’s biggest luxury conglomerates.
Tapestry’s acquisition of Capri Holdings showcased an evident strategy to create a stronghold in the fashion industry, which was put on hold by The U.S. Federal Trade Commission which sued to block the deal. To support the opposing action, the FTC cited the immense competition in the handbag market ,predicting that the merger would raise prices in the affordable sector, making them less attainable for more consumers. On the other hand, fashion industry leader, 75-year-old chairman and CEO Bernard Arnault at LVMH is making plans to pave the way for his next generation of entrepreneurs to take over the reigns. LUXUO dissects the strategies in place by today’s biggest luxury conglomerates.
Miu Miu Sales/Prada Group Thrives
As the luxury fashion industry prepares (and experiences) various sales slumps, Prada saw revenues rise by 16 percent, the result of an increase in Miu Miu sales and continued growth in Asia with a boost in sales coming from China and Japan. Miu Miu’s 89 percent jump is particularly remarkable as it comes atop 58 percent growth last year, and in a market that has slowed dramatically for other luxury brands and Prada’s competitors. LVMH reported first-quarter sales up two percent in its fashion and leather division, while rival Kering’s revenues fell by 10 percent. A few strategies were at play.
As reported by LUXUO, consumers are rejecting logo-heavy patterns and opting for quiet luxury instead, something Prada has leaned heavily into in recent years along with the help of Raf Simons who shuttered his eponymous label in 2022 to focus on his collaborative efforts with Miuccia Prada. Miuccia Prada began to leverage provocative, social-media-friendly runway styling to market a revamped lineup of pieces. The brand’s variations of the micro-skirt juxtaposed with contemporary references like the “preppy”, collegiate-style dress and youthful take on officewear, play a part in driving sales to a new generation of customers.
Next, Prada consumers have developed an increased resistance to price hikes. For example, the triangle-logoed bucket hat from the brand is now priced at USD 695, compared to USD 340 in 2019 showing a willingness of customers to spend. Third, Prada Group was strategic in its management of Prada and Miu Miu. Both the luxury Italian brands are marketed similarly. Therefore, when Prada increases their prices, Miu Miu’s prices are maintained. The brands are synonymous with one another in the form of an extension but not marketed like that of a lower-end diffusion line. As the Prada Group states, “Miu Miu is the most unrestrained portrayal of Miuccia Prada’s creativity. Intentionally far from traditional aesthetic imagery, the brand conveys the essence of an emancipated and conscious woman. Miu Miu’s strength fluctuates between naïf spirit and iridescent subversion and it illustrates the most rebellious and seductive core of contemporary femininity.”
Finally, Prada invests in a smart choice of ambassadors including South Korea celebrities such as Song Kang, K-pop girl group Twice alongside and Chinese singer-songwriter Cai Xukun. These personalities hone in on the brand’s growing popularity in Asia, particularly across China, Japan, South Korea, and Southeast Asia, which has led to this growth in the region. The future sees Prada investing more in strategic retail spaces for Miu Miu across fashion capitals in Asia, supporting the return of Chinese and Japanese clients.
Read More: Fashion’s Flaunting of Flamboyance & Luxury Has Evolved
LVMH Successions
As the Financial Times reports, in 2013 Delphine Arnault was appointed as the executive vice president of Louis Vuitton, in charge of supervising all of Louis Vuitton’s products-related activities. Since 1 February, 2023, Delphine Arnault has been chairman and chief executive officer of Christian Dior Couture. Simultaneously, 31-year-old Alexandre Arnault is the senior executive at Tiffany, and his 29-year-old brother Frédéric was recently appointed head of LVMH Watches. Delphine, the 48-year-old chief executive of Christian Dior and her brother Antoine Arnault, the 46-year-old head of image and communications for the group, took their seats at roughly the same age. Arnault’s youngest son, 25-year-old Louis Vuitton watch director Jean, is expected to join his siblings on the board in due course, according to reports.
Bernard Arnault’s succession planning within LVMH, particularly involving his children, serves several strategic purposes that can contribute to the long-term profitability of the conglomerate. Much like when a fashion brand hires a new creative director, when LVMH appoints a new vice president or chairman, there will inevitably be some risks involved in the direction the new appointee will take the company. Nepotism or not, it is in Bernard Arnault’s best interest to convince investors and customers that future leadership at LVMH is secure in the hands of his children. By having his children take on leadership roles within LVMH, Arnault ensures that his vision for the company and its brands maintains its consistency in strategic decision-making and brand direction.
Next, keeping LVMH within the Arnault family maintains a sense of stability and control over the conglomerate. Family-owned businesses often have a long-term perspective and can prioritise factors beyond short-term financial gains, such as retaining brand reputation and legacy. By involving his children in the management and operations of LVMH brands, Arnault has inevitably trained them with valuable insights into the luxury industry, ensuring a smooth transition of leadership when the time comes for Arnault to step back from his role.
Read More: How Family Business Could Lead Solutions to Today’s Sustainability Challenges
Lastly, brand loyalists could view the involvement of Arnault’s children in the management of LVMH brands as the continuation of family ownership and involvement. This can contribute to not only retaining the reputation of LVMH brands but also ensuring the stability of the conglomerate, which could result in confidence amongst investors and lead to the long-term profitability of LVMH in the luxury market.
Overall, Bernard Arnault’s plans for succession is a strategic move as it preserves family ownership and control, foresees long-term stability (and profitability), and ultimately reinforces brand loyalty and reputation within LVMH.
Read More: Frédéric Arnault’s Appointment Alerts Growing Importance of LVMH Watches
Tapestry’s Acquisition of Capri Holdings/ Anti-Competition
The U.S. Federal Trade Commission on Monday sued to block Coach parent Tapestry’s USD 8.5 billion deal to buy Michael Kors owner Capri saying it would eliminate “direct head-to-head competition” between the flagship brands of the two luxury handbag makers, sighting that the deal would raise prices on handbags and accessories in the affordable luxury sector, “harming consumers”. This would include competition between the brands on price, discounts and promotions, innovation, design, marketing and advertising. According to a statement from FTC, the organisation also added that the “tie-up, which would create a company with about 33,000 employees worldwide, could reduce wages and employee benefits”. This is the first time that President Joe Biden’s aggressive antitrust enforcement has targeted the fashion sector.
Tapestry currently owns Coach, Kate Spade, and Stuart Weitzman while Capri overlooks Michael Kors, Versace, and Jimmy Choo. Tapestry’s acquisition sees the group create a stronghold in the fashion industry as a combined Tapestry and Capri would be the second-largest personal luxury goods company in the US in sales, behind LVMH and ahead of Gucci owner Kering and Cartier owner Richemont.
Coach and Michael Kors fall into the “high midrange” category offering a more high-end take than handbag brands like Kate Spade and Tory Burch but also offer more attainable pieces as compared to “ultra-luxury” brands like Chanel and Hermès. The Tapestry and Capri amalgamation into one could be seen as an “anti-competition” strategy as Tapestry would then be able to control the prices of Coach and Michael Kors, bringing Coach prices higher or Michael Kors lower or vice versa which would create a monopoly on Tapestry controlling the “accessible leather luxury” market.
“The FTC’s decision to sue is surprising because there’s no shortage of competition for fashion, apparel and accessories. The commission has latched onto a marketing term — “accessible luxury” — and treats it like a unique market that exists in a vacuum,” said Howard Hogan, chair of the fashion, retail and consumer practice at law firm Gibson Dunn. In what could be a case of “having your cake and eating it too”, one could argue that Tapestry aims to dominate the “accessible/affordable luxury” market with Michael Kors, Coach, and Kate Spade while also having a foothold in the high-end luxury market with Versace and Jimmy Choo.
Read More: Kering Group’s Decreased Sales Do Not Spell Trouble
Conclusion
While large conglomerates are reinforcing plans to dominate the luxury sector, lowering demand for luxury goods has particularly affected Independent labels like Ferragamo and Missoni who continue to work through an uphill battle. Ferragamo sales fell by 9.2 percent at a constant in the first nine months of 2023, as the result of a weakened demand in Asia and North America. As the JingDaily reports, revenue fell by USD 892 million from USD 984 million during the same period last year. Earlier this year, Bloomberg reported that Burberry Group suffered their steepest decline in over a decade after slashing its profit forecasts due to a drop in sales in the final quarter of 2023. As Reuters reports, shares in Burberry sank by 7.4 percent, extending losses over the last year to 44 percent.
Perhaps Chanel is leading in the industry by employing the “vertical integration strategy” with Maison Michel. The vertical integration strategy is where a company takes ownership of a key player within its supply chain. Case in point, Maison Michel joined Chanel’s Métiers d’art in 1997, directly providing customers with the ultimate milliner of choice for Parisian haute couture, eliminating the need for Chanel to seek out the expertise of luxury hat makers for their ready-to-wear and haute couture collections. Besides Maison Michel, Chanel has invested in 13 Métiers d’art and more than 30 manufacturing sites over the last 40 years including acquiring stakes in Italian luxury knitwear manufacturer Paima, French clothing manufacturer Grandis and Italian leather goods manufacturer Renato Corti.
Similarly, the Prada Group has made vertical integration a core component of its industrial strategy as in 2023, Prada Group announced they will each acquire a 15 percent stake in the Italian knitwear manufacturer Luigi Fedeli e Figlio alongside Ermenegildo Zegna Group. It’s the second time the two companies have teamed up to secure a joint stake in a supplier: in 2021, they jointly acquired a majority stake in wool and cashmere supplier Filati Biagioli Modesto. The aim is to preserve Made in Italy craftsmanship and know-how, and ensure a consistent supply of high-quality materials regardless of economic conditions or global supply chain shocks.
Read More: Kering Acquires Creed In A “Natural Extension” of The Group’s Luxury Universe
Kering on the other hand, is seemingly willing to sacrifice short-term profits for long-term goals by way of dominating the beauty and accessories sector and making strategic acquisitions. Despite a four percent year-over-year decrease at the end of 2023 as compared to 2022, Kering Beauté was established in 2023 to create value for the group and its Houses alongside ensuring that Bottega Veneta, Balenciaga, Alexander McQueen — all of which are currently licensed to COTY — as well as the jewellery brands Pomellato, and Qeelin reach their full potential in beauty, which is, as the Group puts it, a natural extension of their universe. Kering Eyewear on the other hand, saw a record-setting 35 percent uptake in revenue for 2023 which equates to approximately USD 1.6 billion, which the company said was partially due to the consolidation of its Maui Jim brand, which Kering acquired in 2022.
From Kering to LVMH, each fashion conglomerate is undergoing its own strategies in the battle for profits. While LVMH seeks to pave the way for future successions and appointments, Chanel champions vertical integration and Kering goes further into the beauty industry. As far as it stands, Miu Miu’s strategies have paid off in terms of healthy profit margins but only time will if future acquisitions will result in profitable forecasts or will they be hindered by anti-competition policies and a downturn in sales.
For more on the latest in luxury fashion and business reads, click here.
The post The Power and Relevance of Luxury Fashion Conglomerates appeared first on LUXUO.
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Real or Fake? Luxury Watchmaking Battles a Crisis of Authenticity
Keeping it Real
The luxury watch industry has never resolved the issue of high-quality fakes taking big bites out of its margins and, perhaps more importantly, damaging its reputation.
No doubt the people in this shady business are determined to make easy money since the volume of fake watches being produced is (presumably) larger than that of the real ones, thus promising billions of dollars (thanks to lower costs, again presumably) for the guys at the top. That said, another distressing issue is watch theft, which reached never-seen heights in 2022 even as the resale value of some models skyrocketed. The issues come together when a fake is so realistic that it gets its unsuspecting owner robbed, which it makes twice the misfortune and a bit of a tragic-comedy.
So, on the issue of theft, the question that surfaces is where these crooks are selling their loot. In an interview with the New York Times, Frank Vivier, Richemont’s chief transformation officer recently said, “The proliferation of too many online resale platforms with no proper legitimacy to count on has simply exacerbated the crisis of watch thefts. These resale websites have become a haven for selling stolen goods such as luxury timepieces and jewellery.”
Hence, reputed pre-owned retailers such as Richemont’s own Watchfinder & Co. have an important role to play as gatekeepers, thereby “giving zero value” to counterfeit and stolen watches.
“The issue of high-quality fake timepieces is a highly significant one because many people are wearing fake modern watches that they think are absolutely real. Unfortunately, they are not,” said noted watch expert and vintage watch dealer Eric Wind.
It is no wonder that Arjen van de Vall, CEO of Watchfinder & Co. shared similar thoughts when asked exactly how big the problem of high-quality fake timepieces seems to have become. “When it comes to the sale of counterfeit watches – globally speaking, it’s estimated that 40 million counterfeit watches are sold each year, generating a profit in excess of USD 1 billion dollars, which can’t be taken lightly.”
Getting Insurance
For watch enthusiasts, this news might make them even more cautious when thinking of buying extremely expensive watches (outside brand boutiques and authorised dealer stores). The watch industry has been very slow when it comes to doing the necessary here, or in the matter of stolen timepieces. “The increase in watch theft has been well-documented globally – more than 100,000 watches have been stolen in the UK since 2015, with a 41 percent surge reported in the country just last year (2022). Luxury watch theft in the US is also reaching all-time highs, particularly in metropolitan areas such as Los Angeles, where, according to the Los Angeles County Sheriff’s Department, watch robberies more than doubled in the first six months of 2022. Paris authorities have also reported increasing watch crime since 2019,” Arjen said.
Talking about the severity of watch theft as the watch industry gears up to take action, Wind said, “The problem of watch thefts are a big issue and I believe are affecting secondary market values of the modern “hype watches” such as the Audemars Piguet Royal Oak and Patek Philippe Nautilus. These watches are very attractive to thieves in major cities because of their staggering value.”
But, things do in fact change for the better, or they could do.
This is where the watch insurance initiative launched by Audemars Piguet will play a crucial role. In essence, this important step will undoubtedly be welcomed by all ardent watch aficionados of Audemars Piguet as it is the first of its kind to be provided by a luxury watchmaking house in history. Under this two-year guarantee programme, all Audemars Piguet watches will be enjoying a shield of safety free of charge thanks to the introduction of measures to repair, replace or refund them (up to USD 73,000) bearing in mind that they should have been bought in between 2022 and 2023. Owners will have to provide an image of their lost or stolen watches along with their serial numbers that will help in tracking the timepieces. However, no pre-owned pieces will be covered. “It’s a positive thing to see watch insurance get attention from the watch manufacturers. Many watch collectors don’t have their watches insured and particularly with the imminent risk of watch robberies in major cities, it’s imperative to have insurance,” Wind said.
Digital Solutions
While this is a highly commendable gesture from Audemars Piguet, the future is uncertain as far as what other brands will do in response. “It’s quite possible we will see other brands follow suit. I think they will want to see how the AP programme goes first. It’s a wait-and-see approach,” Wind said.
Likewise, Breitling is moving in the same direction though it is not going with insurance moves. Since 2020, the brand has been offering blockchain-based digital certificates to all its new watches as part of its endeavour to value-add for its customers. The brand’s watch owners will have direct access to comprehensive information on their watch such as technical specifications and product history accompanied by other benefits in the form of traceability, tradability, timely notifications on repair services as well as warranty extension and insurance offers if there are any. Needless to say, owners will also be provided access to experiential events and limited edition releases.
As for major groups, Richemont was ahead of the pack, with the venerable Vacheron Constantin also deploying a blockchain-powered system way back in early 2019, for Les Collectionneurs (comprising extremely rare and vintage timepieces) safe and secure from the perils of forgery. All blockchain initiatives share in common the ability to record specifics about any given watch, and
then have said details become immutable. For Richemont brands such as Vacheron Constantin, Panerai, IWC, Roger Dubuis, most of the heavy lifting is done by technology partner Arianee, a digital certification solution provider for luxury goods. Since we last covered these developments in 2022, Audemars Piguet and MB&F have also embraced the potential of Arianee, but it is certainly not the only game in town.
Ulysse Nardin is also on board, proffering a blockchain-protected certificate of authenticity powered by Woleet (a digital warranty system provider) for certain watches with unique serial numbers and warranty card numbers. This certificate is only for those buyers who have proof of extended warranty from October 31, 2019 onward. It is still considering whether to add maintenance and other services.
This raises the obvious question: how does all this data keep any given watch safe from bad actors, whether they be thieves or counterfeiters? Well, one might be able to make a copy of a watch – a very good one – but the nature of the blockchain makes it impossible to create copies. The same is true for a stolen watch, with the data relating to that watch being impossible to alter or copy. A buyer would still have to know to check this, and the professional resellers are on it.
In Data We Trust
Richemont itself recently unveiled a free online platform called Enquirus (not a blockchain project); with its doors open to all luxury brands, Enquirus boasts more than 190 participating luxury watch brands. To get an accurate picture of what difference it would make with respect to bringing down the escalating cases of watch theft, we asked Arjen. “Tools like Enquirus are instrumental in breaking the cycle between watch theft and resale. Earlier this year we launched a campaign to help tackle watch crime and it consisted of two simple steps – urging watch owners to register their timepieces on the website of Enquirus at the point of purchase and for pre-owned retailers to strictly implement thorough checks and screening procedures as standard rules – our aim is to make it much harder for thieves to sell stolen watches, therefore making it a less profitable crime.”
“Since the platform has been designed in close collaboration with a wide range of partners, including watch manufacturers, law enforcement agencies, insurance companies, the pre-owned market and clients, it allows watch owners and industry partners to register, declare and search for lost and stolen watches,” Arjen added. “By simply registering a watch on Enquirus, experts and retailers are connected, which increases the chances of recovery and helps quickly reunite owners with their timepieces anywhere in the world without revealing their identity. In partnership with Enquirus, we were successful in stopping the resale of over 200 stolen watches last year.”
Not to mention, there is still some doubt lingering on the efficacy of such measures being taken. “Enquirus is a positive step for the watch industry. However, I’m not sure how effective it will be, but it’s really great to see this strong focus,” Wind said. “Working along the same lines for quite a while is the London-based Watch Register, another pre-owned retailer that has a large database of lost, stolen and fake timepieces.”
Nevertheless, Watchfinder & Co. has its own innovative mechanisms in place to tackle the menace posed by high-quality fake timepieces. As Arjen said, “Here at Watchfinder, we take a very firm stance on counterfeits; every single watch that gets sent to us goes through a rigorous 60-step inspection and authentication process before any valuation, service or sale can be completed. We’ve a dedicated authentication team and watchmakers – accredited by 19 different luxury watch manufacturers – charged with ensuring every single timepiece we sell is 100 percent authentic.”
Authenticity is a big deal, with Arjen further noting how sophisticated the fakers have gotten. “Scammers are now able to make replicas look more convincing than ever before thanks to developments in, and accessibility to, tech including 3D printers and CNC machines. This, combined with the wealth of knowledge fake manufacturers have accumulated over the years, means that counterfeits are being produced with absolute aesthetic accuracy. In fact, our expert team of watchmakers and authenticators have observed that just five years ago around 80 percent of all counterfeit watches that were sent into their stores and service centres were easily identifiable at first glance and only 20 percent required closer inspection. Today, the scenario is totally different because approximately 80 percent of these fakes require closer inspection and only 20 percent stand out as obvious forgeries. So the challenge ahead is enormous.”
This article first appeared on WOW’s Spring 2024 issue.
For more on the latest in watch reads, click here.
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The Winners of the Inaugural Yacht Style Awards 2024 in Singapore
The stunning Constellation Ballroom at ONE°15 Marina Sentosa Cove in Singapore hosted leading luxury yacht brands from around the world for the 2024 edition of the Yacht Style Awards. Many of Asia’s leading luxury yachting companies and the world’s top shipyards were among the winners lifting a trophy during a vibrant evening.
Gael Burlot, CEO and Publisher of Yacht Style, organiser of the Awards, said: “Yacht Style Awards is about innovation, design, build quality, sustainability, owner experience, personal achievements and a focus on the extended Asia market, from Dubai to Australia, Hong Kong to Indonesia.
“We had an impressive guest list from around Asia and beyond, with many CEOs of leading European and Asian shipyards and global brokerage houses, and yacht owners in attendance. There was a really high standard of nominees for each award, and we had 30 deserving winners, although the competition was really close in many categories.
“A special thanks to the Sponsors of the lavish gala dinner including Porsche, Maison 21G Paris, Bliss, Soaring Swallow Japanese and SUTL who made this event truly memorable.”
Winners: Yacht Style Awards 2024
Motor Yacht Under 13m: Beneteau Antares 12
Motor Yacht 13-15m: Galeon 440 Fly
Motor Yacht 15-18m: Absolute 52 Fly
Motor Yacht 18-21m: Azimut Magellano 60
Motor Yacht 21-24m: Wally wallywhy150
Sport Yacht 21-24m: Princess S72
Motor Yacht 24-27m: Ferretti Yachts Infynito 90
Motor Yacht 27-30m: Sunseeker Ocean 182
Motor Yacht 30-40m: Sanlorenzo SX100
Power Catamaran Under 15m: Aquila 42 Yacht
Power Catamaran Above 15m: Prestige M8
Production Sailing Catamaran: Fountaine Pajot Thira 80
Production Sailing Yacht: Jeanneau Yachts 55
Most Active Global Catamaran Group: Travelopia (Leopard Catamarans / Sunsail / The Moorings)
Superyachts 40-60m: Benetti B.Now 50M
Superyachts 60-80m: Damen Yachting-Amels 60 + 80 Limited Editions New Wave
Superyachts over 80m: Lürssen 90m Norn
Best Builder in Asia: Gulf Craft
Best Dealer in Asia: Simpson Marine
Rising Dealer in Asia: The Yacht Sales Co
Best Global Brokerage in Asia: Camper & Nicholsons
Best Global Charter Company in Asia: Fraser
Best Asia-Based Charter Company: Asia Global Yachting
Best Marina in Asia: ONE°15 Marina Sentosa Cove, Singapore
Best New Marina in Asia: Lantau Yacht Club, Hong Kong
Best Yacht Club in Asia: Royal Hong Kong Yacht Club
Best Sailing Event in Asia: Rolex China Sea Race
Sustainability Leader in Asia: Francis Lapp, Founder and CEO, Sunreef Yachts
Sustainability Organisation: The International SeaKeepers Society, Asia
Lifetime Achievement Award: Mike Simpson, Founder, Simpson Marine
For more images from the event, click here: https://mbf.co/B2UYsL
For the full list of YACHT STYLE Awards 2024 nominees, click here: YACHT STYLE Awards 2024 nominees
This article was first seen on YachtStyle.co.
For more on the latest in yachting news, click here.
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Mastering the Art of Luxury with a BMW 5 Series Lease
When a trip is as important as the destination, and you refuse to settle for anything but a BMW 5 Series, it becomes a compromise in luxury and performance. Individuals who seek integration of innovativeness with classiness have a chance to create a roadmap with a firstvehicleleasing.co.uk lease. This approach gives drivers a chance for a completely different experience of driving a luxury car without the downsides of buying it.
The Allure of the 5 Series
The BMW 5 Series epitomises the highest standards of automotive quality. Its design is all about confidence, with sharp lines that attract and expert craftsmanship that defines luxury. Each model from this lineup features cutting-edge technology and a cabin made from not only the most comfortable materials but also the ones that look the best.
Financial Prudence through Leasing
Leasing a BMW 5 Series is a smart financial decision. This strategy can help you avoid the large price tag that comes with buying a new vehicle. Not only does it save customers from the depreciating losses of a car that they buy, but it also protects their investment. A leasing plan provides a budget-friendly way where you can make regular monthly payments without having to compromise on the pleasure of owning a top-tier car.
Technology and Innovations
When it comes to performance, the 5 Series is in a class of its own. Armed with the latest technologies like the iDrive system and Integral Active Steering, the vehicle reacts instantly to the driver’s commands. The vehicle’s Adaptive Drive technology allows it to adapt to driving conditions in order to deliver the highest level of stability and agility.
Tailored Experiences
BMW provides a variety of customisation options for the 5 series models. Either way, whether you like the turbocharged efficiency of a 530i or the powerful performance of a 540i, you can fine-tune your lease terms to match your own taste. This adaptability creates a personal bond between the driver and their vehicle, therefore resulting in a highly enjoyable driving experience.
The Benefits of New Models
Deciding to lease not only gives the driver the chance to experience the newest models but also the best features they come with. Traditionally, agreements last for two to four years, which implies that lessees can change their vehicle every two to four years. This in turn means you get to drive the latest models with the latest innovations and safety features introduced by BMW, hence your driving experience remains both modern and secure.
Ease and Convenience
When it comes to leasing a car, the convenience goes beyond the financial factors. It covers everything from maintenance to repairs so you will not have to think about the upkeep issues. Furthermore, when the lease term ends, transitioning to a new vehicle is relatively simple and stress-free because you don’t have to deal with the difficulties that come with selling a second-hand car.
Why Choose the 5 Series?
The choice to lease a BMW 5 Series is not just a practical decision but an expression of class and sophistication. The car’s driving quality is thrilling as well because of its agile dynamics and mighty engines. The inside is a sanctuary, boasting the latest in technology and exquisite materials, which promise both comfort and a thrilling drive.
For more on the latest luxury car and automotive reads, click here.
The post Mastering the Art of Luxury with a BMW 5 Series Lease appeared first on LUXUO.
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Thursday, April 25, 2024
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Guido Terreni, CEO of Parmigiani Fleurier Navigates The Future of Luxury Watchmaking
In Parmigiani Fleurier, one discovers an entirely unlikely success story; like so many of these, it appeared to happen virtually overnight yet it was decades in the making. No doubt you know that this is about the Tonda PF collection since this was the family of watches that changed the trajectory of the brand back in 2021. This much is obvious, and thus conventional wisdom also has it that the person responsible here is none other than CEO Guido Terreni. The man himself is not so quick to embrace this role in the story so far, although he certainly agrees that Parmigiani Fleurier is on the road to a brighter future. We think he deserves credit at least as the navigator but also as the architect of the narrative.
In the most recent Morgan-Stanley report on the state of the Swiss watch industry, Parmigiani Fleurier powered into the top 50 brands (at number 46) for the first time. While this report, and others like it, are merely indicative rather than definitive, it still highlights how far the brand has come in a few short years. Back in 2020, as lockdowns were being eased here, we wrote that collectors and the community should take the trouble to reacquaint themselves with Parmigiani Fleurier. Then the firm affirmed our interest with the release of the Tonda GT Sport, by far the most handsome and commercially oriented collection to bear the Parmigiani Fleurier badge.
Terreni, who took the helm at Parmigiani Fleurier in early 2021, told us that he felt the foundations of a great collection of watches began with the Tonda GT Sport. At the same time, he wanted to take things further because he saw Parmigiani Fleurier as a brand with “a gentle and understated soul,” and something like the Tonda GT Sports could easily have veered into aggressive territory; there was already a built-in motorsports angle here after all. Instead, Terreni made a bet on the understated qualities of Parmigiani Fleurier, which critics had long charged were holding the brand back. Terreni’s answer was to go quiet and transform the brand by doing the unthinkable in watchmaking: removing the brand name from the dial.
Yes, the Tonda PF only has a cartouche with the brand logo on the dial, a logo that had never been used this way dial-side before. By the end of 2021, the new Tonda PF was already making waves, and we managed to shoot it for our cover that year (#63). Three years later, the virtues of the Tonda PF collection are well known, and it is apparent that the shift to using a badge instead of the brand name is evident elsewhere too, even in the unique creations such as the L’Armoriale pocket watch (see Highlights this issue). To be sure, using a logo instead of a full brand name, even when the founder is still very much in the picture, is relatively odd. In watchmaking, considering how small the product is, you might think this nothing much but you would be wrong. Swiss watchmaking is nothing if not conservative and you only have to scan through various interviews with Terreni to see how often he got asked about this. For the record, we asked him to in our last two chats with him.
For this most recent meeting between ourselves and Terreni, we skipped the brand name questions and went in decidedly more idiosyncratic directions.
We did not get a chance to get into your thoughts on Watches and Wonders Geneva when we met there so let’s start there.
Well, I am very fond of international watch fairs like Watches and Wonders Geneva, especially qualitative ones. This year (2023) we set our second appointment with the industry, with clients and with the press in a continuation of what we had done the year before, when we returned to (a physical fair) and put Parmigiani Fleurier back on the watchmaking map.
To me, this fair in particular should be THE real appointment of the industry. I would love that every brand showcases at Watches and Wonders Geneva because it’s a week in which the public tunes in on watches; watches are not a purchase one makes frequently (when it comes to the broader public). So not everybody’s really following what the brands are doing (all the time) and if you’re buying a watch every five-10 years, it’s not like you follow the industry like people who are in the industry. So having an appointment in which everybody knows that there’s something to follow and (events that one can track) to me is very instrumental.
So you are positive on the public days then?
I was used to this in (the now-defunct) BaselWorld, which was open to the public and was ticketed. The public, the trade and the press were not separated; they were all together (although appointments were needed to walk into the private spaces within brand booths).
Here, at Watches and Wonders Geneva, the organisers prefer to have some separation because the space is smaller, so for logistical reasons, it has to be this way (the PalExpo space for Watches and Wonders Geneva is likely smaller than just Hall 1 of BaselWorld, for some context – Ed). This year, there will be three days dedicated to the public and I think (all brands will) be more ready this year than last year. The public took us by surprise in 2023. There were more than 10,000 visitors over two days and the average age was 35. It was really people who were in the early days of understanding what watches (and the hobby of collecting watches) is about. You have to invest in (improving and raising the) knowledge of the audience, and it doesn’t matter if they will not buy immediately. At least they grow their interest and they get to touch and feel the products; (the fair) becomes their introduction to the brands.
”You have to invest in (improving and raising the) knowledge of the audience, and it doesn’t matter if they will not buy immediately”
This speaks to something we discussed previously – all the new people drawn to watchmaking. How does Parmigiani Fleurier speak to this group, while balancing the needs of the established collectors?
Well, it’s quite natural; I think you have to adapt…to customise your talking points. (If someone already knows the brand story) you can skip this and directly go on to a subject that is specific and deeper. It all depends on who you have in front of you. So usually people go shopping in a physical store to be educated, because they have been introduced to the watch or the brand when they saw it on the wrist of a friend, or they read about it. There is a sort of research that the customer does – especially when going up in price (of any given watch), you are often going deeper into watchmaking content. Of course, not everybody is a watch lover. A lot of people are just buying the watch for the hype or because it’s cool…they like the aesthetics. What drives people is personal, you know, so the brand has to relate to the audience individually.
We did not get a chance to get into your thoughts on Watches and Wonders Geneva when we met there so let’s start there.
Well, I am very fond of international watch fairs like Watches and Wonders Geneva, especially qualitative ones. This year (2023) we set our second appointment with the industry, with clients and with the press in a continuation of what we had done the year before, when we returned to (a physical fair) and put Parmigiani Fleurier back on the watchmaking map.
To me, this fair in particular should be THE real appointment of the industry. I would love that every brand showcases at Watches and Wonders Geneva because it’s a week in which the public tunes in on watches; watches are not a purchase one makes frequently (when it comes to the broader public). So not everybody’s really following what the brands are doing (all the time) and if you’re buying a watch every five-10 years, it’s not like you follow the industry like people who are in the industry. So having an appointment in which everybody knows that there’s something to follow and (events that one can track) to me is very instrumental.
So you are positive on the public days then?
I was used to this in (the now-defunct) BaselWorld, which was open to the public and was ticketed. The public, the trade and the press were not separated; they were all together (although appointments were needed to walk into the private spaces within brand booths).
Here, at Watches and Wonders Geneva, the organisers prefer to have some separation because the space is smaller, so for logistical reasons, it has to be this way (the PalExpo space for Watches and Wonders Geneva is likely smaller than just Hall 1 of BaselWorld, for some context – Ed). This year, there will be three days dedicated to the public and I think (all brands will) be more ready this year than last year. The public took us by surprise in 2023. There were more than 10,000 visitors over two days and the average age was 35. It was really people who were in the early days of understanding what watches (and the hobby of collecting watches) is about. You have to invest in (improving and raising the) knowledge of the audience, and it doesn’t matter if they will not buy immediately. At least they grow their interest and they get to touch and feel the products; (the fair) becomes their introduction to the brands.
This speaks to something we discussed previously – all the new people are drawn to watchmaking. How does Parmigiani Fleurier speak to this group, while balancing the needs of the established collectors?
Well, it’s quite natural; I think you have to adapt…to customise your talking points. (If someone already knows the brand story) you can skip this and directly go on to a subject that is specific and deeper. It all depends on who you have in front of you. So usually people go shopping in a physical store to be educated, because they have been introduced to the watch or the brand when they saw it on the wrist of a friend, or they read about it. There is a sort of research that the customer does – especially when going up in price (of any given watch), you are often going deeper into watchmaking content. Of course, not everybody is a watch lover. A lot of people are just buying the watch for the hype or because it’s cool…they like the aesthetics. What drives people is personal, you know, so the brand has to relate to the audience individually.
”A collector or watch lover likes to browse and compare; he likes to be advised by somebody who knows more than him”
So, we know how a brand would work this on the ground, in its own environment. Parmigiani Fleurier works with many partners though and is most visible in a multi-brand setting. What is your approach here?
I think Parmigiani Fleurier is clearly attractive to somebody who is well-educated in watchmaking and who usually prefers to shop in multi-brand environments. This is because a collector or a watch lover likes to browse and likes to compare; he likes to be advised by somebody who knows more than him.
And when you go into a mono-brand store, the staff there know a lot about their own brand, but they lose track of what is happening outside. So, you have an experience which is one-to- one on the brand, but you cannot compare. I know this from my experience with my previous company (Bulgari, where Terreni was in charge of watchmaking – Ed). The advisor who works in a professional multi-brand retailer is more of a neutral consultant who builds a relationship with a collector, and advises him on what works (or could work) for him.
Let me give you an example: I was in Germany, in Hamburg, and had dinner with two collectors that were very avid collectors – both wealthy and young. One of them was living in Berlin and I was going to Berlin the next day. I asked him why he drove three hours to have dinner with me instead of meeting me the next day. He told me that he was following his advisor, who had moved from Berlin to Hamburg (after a promotion). So this collector is still served by the same advisor because he trusts him; there is clearly a bond there (and this is what happens at the best multi-brand retailers).
This is why I am so keen to see how the new concept Sincere is doing in KL will go. The SHH space is more of a lounge than a store where you can pass the time, enjoy your hobby, and share your passion with people who are professional. (As a consequence) you do not only see things that are commercial.
And this is your take on the multi-brand retail experience versus what some watch brands are trying to do by creating their own mono-brand stores?
(As mentioned), the multi-brand (retail) advisor becomes a sort of consultant working in the interests of the watch lover (and of course the retailer) and creates a bond based on trust. You know there are so many novelties every year and you cannot navigate this, being concerned with your job, with your family, etcetera. It’s not everyone who has the time (and inclination) to study the industry. And so every year, you (the collector) ask your advisor what is new, what is exciting? What do you think would suit me? This you cannot do very well in a mono-brand environment (or even) in a multi-brand one
because you are focused on the commercial standard collections. Again, this is why the SHH is interesting to me. This is the right thing to do for the multi-brand retailer who wants to survive this war because there’s a hidden war between brands that are integrating their distribution and multi-brand retailers that are losing certain interesting brands as a consequence. To survive, they have to give a service which is bigger than the single relationship with (certain) brands that they carry.
If I were a multi-brand dealer, I would not do an event with a single brand. I would do an event on micro-rotor watches; I would do an event on chronographs; on calendars; or on the different styles that (are naturally present) in a multi-brand environment. I’m not a multi-brand retailer, so they do what they want, but if I were them this is what I would do!
Duly noted, and it will be published! Speaking then of micro-rotors and the retail experience, one final question on the Tonda PF. This is a watch that you need to see up close and feel, especially with the knurled bezel and the bracelet being as it is. Superficially, it looks very much like the Tonda GT Sport, but it is very different. The retail experience must be paramount here? And how does the brand go about making sure that fit and feel are excellent?
Well, what you’re asking is very smart because it’s very difficult to convey the comfort of any given watch with just a picture; to show it to a film. You don’t grasp the reality until you put it on your wrist.
And to design a comfortable watch is an art. It’s really not easy, and it has a lot to do with the weight (of the watch head, and of the materials used); with the way the watch sits on your wrist. It has a lot to do with the flexibility of the bracelet. All these ingredients have to come together to make an experience which is comfortable and I think the Tonda PF with micro-rotor is the most essential example – this watch started everything and forms the matrix of everything that we are doing. So, on the bracelet we did for the Tonda PF… When you design a bracelet, which is not a totally flexible bracelet but it’s a semi-rigid one, basically the designer has to choose an arc. This arc is a statistical curve of the entire population. It’s not your wrist; it’s not my wrist. OK, so in centimeters, my 17 1/2 wrist is different from yours because my bone structure is different from yours and so on.
And it’s not the wrist that has to adapt to the arc of the design; it’s the watch that has to adapt. To me, that’s why the flexibility of the bracelet is extremely important.
And there’s also the preferences of different markets where sometimes people are OK with having the watch sort of sit all the way towards the end of the wrist, and some people insist that no, no, it must sit (snugly) before the (protrusions of) the wrist bones.
This article first appeared on WOW’s Spring 2024 issue.
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The post Guido Terreni, CEO of Parmigiani Fleurier Navigates The Future of Luxury Watchmaking appeared first on LUXUO.
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