Luxury brands Financial News

Ferrari said it will extend its scheme to accept crypto payments for its luxury sports cars to its European dealer network from the end of this month. It follows an initial launch in the US last year.

The luxury industry’s involvement with crypto is about to leap forward, according to Aura CEO Romain Carrere.

DLF Ltd’s Emporio mall in Delhi in 2025. Last week, France’s SMCP, the parent company of accessible luxury brands Sandro, Maje, Claudie Pierlot and Fursac, also announced its entry into the Indian market in partnership with Reliance Industries-owned Reliance Brands Ltd (RBL). In a sign of growing appetite for luxury goods in India, Emporio is looking to add new outlets and is in talks with multiple European brands.

Foreign luxury brands ranging from Swarovski, Coach, Jimmy Choo, Bulgari, Cartier, Gucci and many more have brought in new collection especially for Diwali. Swarovski's Diwali special collection includes Mesmera, Millenia, and Gema. The brand unveiled new pieces of Jewelry Collection with items ranging from jewellry, gifts, wactches, decorative items.

NEW DELHI : Companies expect a significant surge in luxury goods demand in the ongoing festive season amid a thriving economy. Categories such as fashion, jewellery, footwear and even cigars are set for substantial growth, with some categories likely to rise by up to 20% in the third quarter. DLF, a leading luxury mall in northern India, is witnessing a growth of 50% for watches, branded jewellery and ready-to-wear items from a year earlier.

Prior to joining GAM, Cereda (pictured) had been head of luxury goods research at Jefferies International since 2017.

Gucci, Cartier, and Louis Vuitton, among others, have signed leases for retail spaces in a new Mumbai mall developed by Asia's richest Mukesh Ambani, as the brands and Reliance Industries look to tap lucrative prospects presented by India's robust economic growth and the swift increase in the number of millionaires. Jio World Plaza is likely to open this year, Reuters said citing an unnamed source. The new mall is situated within Reliance Industries' extensive $1 billion business and cultural complex in Mumbai's bustling business district. India is turning into a magnate for luxury brands. More than a dozen luxury consumer goods brands are entering the country ahead of the festive season, as they look to attract consumers in a market riding on the growing affluence of Indians with higher incomes, spurring greater discretionary spending even in small towns. The trend is being driven by increased exposure to global trends, younger people buying luxury products, and a post-pandemic boom, all of which are stoking interest from western luxury brands, executives said. While a K-shaped economic recovery in India is also seen to be a strong trend, according to several economists, the Asian economy has beaten almost all countries in terms of rising wealth. Remember India is home for some of the world's richest including Mukesh Ambani and Gautam Adani. For the first time since the global financial crisis of 2008, global household wealth in 2022, measured in US dollars, registered a collective decline both in nominal and real terms, encompassing aggregate and per-adult figures. Significantly, wealth per adult also saw its second-largest reduction since the turn of the century.

New Delhi: French luxury fashion house Christian Dior has leased two large units in Jio World Plaza, a yet-to-open luxury mall, part of Jio World Centre, in Mumbai's Bandra-Kurla Complex, signaling a push by the world's top luxury brands to lure wealthy Indian shoppers. Christian Dior Trading India Pvt Ltd has signed a 9.5-year lease agreement with Reliance Industries Ltd. to lease two units on the ground floor of the Plaza, paying a starting monthly rent of ₹21,56,310 for a total chargeable area of 3,317 sq.ft, according to data accessed by FloorTap.com, a marketplace for commercial properties.

Liberalised Remittance Scheme, in case of amounts exceeding ₹7 lakh in a financial year from October 1, is likely to push the sale of luxury brands in India, experts said. Covid had helped boost demand for luxury brands in India as international travel restrictions shifted sales to domestic stores. That is now set to get another boost due to narrowing of the price gap between foreign and local markets after accounting for the 20% tax collected at source (TCS), mall owners said. «An Indian consumer earlier used to go abroad and shop in Dubai or London, but when the pandemic happened, many of those brands like Chanel or Hermes called their Indian consumers to do small events inside the store.

Despite the setbacks caused by the 2022 crypto crash, Web3 continues to intrigue marketers, particularly in the activewear and luxury brand sectors. 

BEIJING — Luxury brands have slashed expectations for their China business this year after the country's latest Covid lockdowns, according to an Oliver Wyman survey shared exclusively with CNBC.

This past weekend, Decentraland hosted the Metaverse Fashion Week, or MVFW, a four-day digital fashion event that staged wearables on virtual runways, organized discussion panels, and housed shopping experiences. A lineup of both legacy luxury labels and digital brands participated, including Dolce & Gabbana, Etro, Tommy Hilfiger, Estée Lauder, and Elie Saab.