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Losses continue for Dunhill but buyer praise hints at possible profits to come

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December 23, 2025

Global luxury giant Richemont reported its UK results earlier this month and now one of its brands, Dunhill (actually, Alfred Dunhill Ltd) has done likewise and what did we find? Ongoing losses for the year to the end of March.

Dunhill

It’s worth pointing out that individual reports such as those filed for an owned company headquartered separately from its parent organisation don’t always tell the full picture for a brand that operates around the world. But with that caveat in mind, here are the figures.

The company reported revenue of £38.6 million, down from £43.8 million in the previous year. And the operating loss was bigger at £59.3 million compared to £47.1 million. The net loss for the financial year was £45.2 million, also a bigger deficit than the net loss of almost £38.5 million 12 months earlier.

While being owned by Richemont, the UK-registered company noted that it’s responsible for the overall maintenance of the brand including determining its global marketing brief and the design of its products.

It said that during the year it received an additional investment of £130 million by way of a share issue to its immediate holding company Richemont Holdings (UK) Ltd. It noted this was to “further invest and develop the Alfred Dunhill brand”.

Frustratingly, there wasn’t much more detail given in the report but it did say that the strategy of the company is to continue to “reinforce the positioning of Dunhill as a leading luxury brand for men”. 

And other developments show that it’s been just doing that in the year in question and in the months since that year finished. 

Back in September, it announced Matthew Ives as its new CEO. He’s a Dunhill veteran but has more recently been SVP chief commercial officer of a non-Richemont business, De Beers London.

He replaced Andrew Holmes, Dunhill COO and CFO, who’d been interim CEO since the beginning of last year. Previous Dunhill chief Laurent Malecaze had been moved to CEO’s chair at Richemont’s Chloé brand.

Dunhill may have been loss-making but it’s been receiving plenty of praise for its recent collections. In June, Harrods’ fashion buying director Simon Longland called it out as one of the strongest collections in that month’s men’s fashion month.

In fact, it has been widely praised since Simon Holloway took the design helm in spring 2023.

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Italian fashion group Goodfellas merges by incorporation with Golden Season

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20 minutes ago

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December 23, 2025

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Nicola Mira

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December 23, 2025

Two Brescia-based Italian fashion companies have joined forces. Following the respective AGMs, the shareholders of Golden Season S.r.l., owner among others of menswear label AT.P.CO, and of Goodfellas S.r.l., which produces men’s and women’s outerwear and apparel label People of Shibuya, have announced that Goodfellas has merged by incorporation with Golden Season. The merger was made official on December 16, and will be effective from December 31, 2025. 

Looks by AT.P.CO, Fall/Winter 2025-26

From that date, Golden Season, a company based in Erbusco, near Brescia, will assume in full the rights and obligations relating to Goodfellas, which is based in Brescia, taking over all of the latter’s contracts and dealings, whether commercial, financial, and legal.
 
Golden Season develops, manufactures, and sells apparel collections for major Italian private labels and third-party brands, operating through a national and international distribution network. Goodfellas is a fashion and accessories wholesaler, and its business activities are complementary to those of Golden Season. In recent years, Goodfellas has consolidated its position in the fashion wholesale and retail distribution sectors, for both third-party and its own brands, recording positive results.

People of Shibuya, Fall/Winter 2025-26
People of Shibuya, Fall/Winter 2025-26

The operation is set to optimise and exploit the manufacturing and commercial synergies between the two companies, combining their production and distribution activities more efficiently. The objective, stated the two companies, is to strengthen Golden Season’s competitive position on the Italian and international apparel market.
 
Following the merger, Golden Season’s brand portfolio will include AT.P.CO, After Label, Skills Milano, and People of Shibuya. The merger will also enable the group to report its fiscal 2025 results as a single entity, marking a further step in the integration and streamlining of its business.

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Lacroix steps up expansion, bolsters premium positioning in the French mountains with two new boutiques

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December 23, 2025

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December 23, 2025

The end of 2025 marks a phase of acceleration for Lacroix, which is strengthening its mountain presence with the opening of two owned boutiques in emblematic French resorts. On November 29, the brand opened its first store in Val d’Isère, followed on December 4 by a boutique in Courchevel 1850. These two strategic addresses, each spanning 140 square metres, underscore Lacroix’s determination to establish a lasting presence in the leading premium ski destinations.

DR

In Val d’Isère, the brand has set up a chalet-style boutique at Parc 1963, avenue Olympique, conceived as a warm, contemporary refuge. In Courchevel 1850, the Lacroix Igloo, located on rue des Verdons, offers a more minimalist, architectural aesthetic inspired by the purity of the high mountains. Coinciding with these openings is the launch of an exclusive Lacroix x Courchevel capsule, further reinforcing the brand’s visibility over the winter season.

Founded in 1966 by Léo Lacroix, an Olympic alpine skiing champion, the brand has established itself as a benchmark in high-end French skiing thanks to its exacting standards of technical expertise and performance. After a more challenging period marked by safeguard proceedings, Lacroix embarked on a new phase of development from 2022, following its takeover by Günther Doll and Damien Bodoy. This relaunch centres on a clear upmarket repositioning. Today, production is carried out mainly in Italy and Portugal, while the historic factory remains in Italy.

As part of this strategy, the brand is stepping up targeted collaborations to reach a younger clientele and refresh its image. The collaboration with Jacquemus follows a deliberately timed schedule: the capsule has been available since December 1, a few days before the opening of the Courchevel 1850 boutique and immediately after the opening in Val d’Isère.

With these two openings, Lacroix now operates two owned boutiques, alongside 45 wholesale points of sale in France and 20 internationally, notably in Korea, Canada, the US, and Austria. The brand anticipates 30% growth and plans to open around 10 new points of sale over the coming years. Revenue is estimated at 2.2 million euros in 2025, with a clear ambition to reach 10 million euros by 2028-2030. In this vein, Lacroix is already preparing its next collaboration with APM Monaco for the 2026/2027 season.

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Around a hundred prime IKKS sites remain available for acquisition across France

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December 23, 2025

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December 23, 2025

On December 12, the Paris Economic Affairs Court announced its ruling in the case concerning the IKKS Group, which has been in administration since late summer. The proposal from Financière Saint James, led by Michaël Benabou in association with Santiago Cucci, was selected, involving the takeover of 92 directly operated stores and 27 Galeries Lafayette shop-in-shops, safeguarding 546 jobs across the brand’s directly operated network.

The Boulevard des Capucines flagship in Paris – Shutterstock

This ruling, in effect, left the liquidators to find a solution for more than half of the company-operated network in France. A2MJ and Asteren are handling the case, which concerns 96 outlets. Two sessions, each with a different store list, have been announced for the disposal of these sites held by IKKS Retail and IKKS Group. Each features prime addresses in key cities across France.

Prospective buyers must submit their proposals in person to Maître Van Kemmel, Commissaire de justice at the Paris Economic Affairs Court, by January 22 for the first session. This includes locations such as 8–10 rue Barbette in the Marais district of Paris, 65 rue du Président‑Herriot on the Presqu’île in Lyon, a unit in the Parly 2 shopping centre, another in the Les Terrasses du Port shopping centre in Marseille, as well as the Cap 3000 shopping centre in Saint‑Laurent‑du‑Var, and 5 rue de Toulouse in central Rennes. The offering also includes several stores in outlet centres across France.

Bids for outlets in the second session must be submitted by February 5. These include stores on rue Saint‑Aubin in Angers, avenue du Général de Gaulle in La Baule, and rue Saint‑Jean in Le Touquet. However, candidates are likely to move quickly for spaces on the highly fashionable rue Paradis in Marseille and for prime Paris addresses at 31 boulevard des Capucines, 5 rue de Sèvres, 13–15 rue Tronchet, and the three sites on the quintessentially Parisian rue des Ternes.

This presents a wealth of opportunities for retail players to secure prime pitches on flagship shopping streets in major cities.

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