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Billionaire Cheng family in talks with Louis Vuitton on mega Hong Kong store

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March 17, 2025

New World Development Co., the Hong Kong real estate company controlled by the billionaire Cheng family, is in talks with luxury giant Louis Vuitton to open a mega store in one of the developer’s signature malls, according to people familiar with the matter.

Louis Vuitton – Fall-Winter2025 – 2026 – Womenswear – France – Paris – ©Launchmetrics/spotlight

The new store would occupy about 40,000 square feet at the K11 Musea mall, making it one of Louis Vuitton’s largest in Asia, said the people, who asked not to be identified discussing private matters. The store could feature a museum, a cafe and a lounge for the brand’s VIP customers, they said. Details over rent remain unclear. 

Discussions are at an advanced stage, but details could still change and the deal could still fall apart, the people said. 

New World didn’t immediately respond to a request for comment. A spokesperson for LVMH declined to comment.

If an agreement is reached, the expansion of fashion conglomerate LVMH’s largest brand would inject some confidence into Hong Kong’s retail industry and help its ailing commercial property sector. It would also be a boost for New World, which has been struggling with debt woes and uncertainty over its leadership. 

Located near the city’s famous Victoria Harbor and with a fashion-forward design incorporating arts and culture elements, K11 Musea is a popular destination for tourists. Its exclusive private members clubs have also attracted a group of wealthy clientele through the Cheng family’s networks. 

LVMH’s plan to open a mega store in one of Hong Kong’s most upscale shopping malls, with significant space reserved for non-retail and VIP elements, underscores luxury brands’ efforts to wring more growth from the ultra-rich at a time when China’s economic slowdown has sapped demand for discretionary consumption among middle-class shoppers. Fashion houses are designing more unique shopping experiences to develop personal connections with customers, and are focusing more on clients less affected by the downturn.

While Hong Kong has been suffering from declining retail sales and a slow recovery in tourism, the city has the highest concentration of millionaires in the Greater China region and ranked No. 9 on a list of wealthiest cities in the world, according to a report published last year by investment migration company Henley & Partners in partnership with intelligence firm New World Wealth.

K11 Musea is accelerating its pivot to luxury shopping with Prada SpA opening a new store in the mall and other high-end labels, including LVMH’s Loewe and Kering SA’s Saint Laurent and Balenciaga upgrading their facilities. The mall also hosted Louis Vuitton’s first ever fashion show in Hong Kong in 2023. 

Facing mounting pressure over its debt burden, New World has proposed pledging some of its most-prized properties valued at a total $19.1 billion, in order to refinance its loans, Bloomberg News reported earlier this year. K11 Musea, located on a site where the Cheng family has owned properties since the 1970s, is seen as a heritage asset for the clan. The family is the center of an ongoing succession saga with patriarch Henry Cheng saying he was still looking for someone to take charge of the family business.



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UK social commerce set to grow and accelerate

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Reports in recent years have highlighted the increasing importance of social commerce and now a new study from next-gen delivery management platform Scurri shows just how crucial s-commerce has become for retailers’ growth strategies.

Scurri

Almost 90% of British mid-market retailers believe social commerce is “democratising the sector, levelling the playing field for SME businesses”; 83% of retailers say social commerce is the UK’s fastest growing sales channel; but 89% also identify post-purchase experience as “crucial to building consumer trust and meeting expectations for delivery speed, tracking and returns”.

The company commissioned Savanta to conduct online research of a total of 123 UK retailers, including enterprise (large-scale businesses operating in multiple markets) and mid-market firms.

And 86% of them said social commerce is changing the retail landscape in a democratic way “by allowing mid-market businesses to compete against enterprise level companies and achieve commercial success regardless of size and resource”.

But larger businesses are “increasingly learning from the strategies of founder-led and SME brands that are delivering social commerce success, with 50% of enterprise retailers agreeing that social commerce is no longer an optional feature but a key driver of growth”.

Scurri said s-commerce in the UK is predicted to more than double in the next four years, rising from £7.4 billion to almost £16 billion by 2028, representing 10% of the total e-commerce market. That’s up from 6% in 2024, and growing at four times the rate of overall e-commerce sales.

As mentioned a huge majority of retailers say social is their fastest-growing sales channel in the UK and for the next 24 months, mid-market brands identified YouTube (55%), Instagram (54%), and TikTok Shop (54%) as the drivers of strategic growth opportunities. 

Enterprise retailers are more focused on Facebook (57%), along with Instagram (48%) and TikTok Shop (48%) as they look ahead to 2027.

The research reveals mid-market brands are more active than enterprise businesses in terms of shopper engagement activities on social commerce, including activation of paid partnerships (42% vs 29%), brand customer content (48% vs 39%) and live shopping events (46% vs 24%). Enterprise level respondents are more prevalent in activating partnerships with macro (32% vs 21%) and lifestyle (47% vs 37%) influencers.

But as mentioned, regardless of business size, 89% of retailers agree post-purchase experience is crucial to building trust with consumers who have very high expectations for delivery speed, tracking and returns when purchasing via social commerce. 

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JOOR AW25 shoppable trends report focuses on a return to maximalism

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Online fashion wholesale platform JOOR has unveiled its latest shoppable trends report with the company saying the autumn season will see “a return to high glamour and fun-fuelled femininity”. 

Stella Mccartney – Fall-Winter2025 – 2026 – Womenswear – France – Paris – ©Launchmetrics/spotlight

That means “sequin-strewn embellishments and impactful animal prints to dramatic new construction details and silhouettes”. That view is based on runway brands “increasingly eschewing the muted themes of quiet luxury in favour of more maximalist looks”.

The On Trend: Women’s Fall 2025 report has identified six key trends to be buying into for AW25.

Animal Print sees classic leopard and snakeskin, plus zebra “bringing boldness back to fashion”. Stella McCartney showcased faux python dresses made from an innovative vegan fabric of mushroom origin, while Versace took a more traditional approach with flashes of leopard print popping up on silk babydolls and leather handbags that are strong for party season.

Chloe – Fall-Winter2025 – 2026 – Womenswear – France – Paris – ©Launchmetrics/spotlight


The Bohemian Glamour trend sees last season’s boho looks continuing as ChloéBlumarine and Zimmerman all chose to “embrace a 1970s aesthetic once again”. Designers are also “leaning into the glamorous rock and roll spirit of the decade, creating floaty lace maxi dresses that make for eye-catching day or eveningwear”. Some paired ethereal pieces with fur waistcoats and layers of gold jewellery, while others sent models down the runway in silk creations teamed with knee-high boots and sunglasses “for the ultimate in off-duty glamour”.

The Polished Neutrals look “provides a palette cleanser” with cream, brown and putty grey separates “set to become one of the biggest trends, as these serene shades elevated everything from skirts to shirts and accessories on the runway”. It “brings a ladylike sophistication to any ensemble” with standout interpretations coming from Tory Burch and Brioni.

Coach – Fall-Winter2025 – 2026 – Womenswear – Etats-Unis – New York – ©Launchmetrics/spotlight

Statement Coats are always big in the cold-weather season and this time are all about oversized collars, extra wide sleeves and “larger-than-life silhouettes” as this trend “plays with volume and proportion in unexpected ways”. Sacai brought deconstructed shearling and puffer coats to the catwalk‍ while Khaite’s camel coloured wool coats with dramatic draping offered a more wearable take on the trend. Extra-long coats are also clearly key and while JOOR didn’t reference it, that was something that took a starring role at Coach as the first items to emerge onto the runway were maxi (not maximalist) coats.

Sparkle & Shine is another trend often seen in AW due to party season coming in the middle of it, “but this year styles are shining brighter than ever”. Designers “are going all out on sequins, chrome fringing and metallic mesh to create a trend for those looking to lift their spirits and indulge in a taste of opulence”. For Jil Sander’s collection, pleats and fringing were comprised entirely of sequins, creating a sparkling spectacle against its pitch-black show staging. At Jenny Packham, an evening gown made up of hundreds of silver and gold studs “proved that this trend truly has the wow factor”. 

Jil Sander – Fall-Winter2025 – 2026 – Womenswear – Italie – Milan – ©Launchmetrics/spotlight

Finally, there’s Skinny Pants. In a “departure from the wide-legged styles of former seasons, the skinny-fit pant has made a triumphant comeback with designers like Prabal Gurung and Versace leading the charge. Adding a slim leg silhouette into a wardrobe is easy and works with a variety of different shoe styles,” we’re told. Also embracing the trend were MSGM with patent leather skinny pants paired with open toe fur-sole sandals, while Victoria Beckham’s slim leg wool pants were teamed with loafers. Dries Van Noten also gave skinny pants a printed makeover “for an interesting take on the style that feels fresh and unexpected”.

Amanda McCormick Bacal, SVP of marketing, said: “This season’s runway shows mark a notable shift away from the quiet luxury sensibility of recent years towards a revived sense of maximalism, with brands vying to inject a louder aesthetic into our wardrobes.”

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Breitling acquires two-century-old Swiss watchmaker Gallet

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Breitling has acquired Gallet, bringing back from relative obscurity the historic watch brand founded nearly two centuries ago, in 1826.

Breitling acquires Gallet, reviving the legacy of the Swiss watchmaker – Breitling

The move comes 15 months after Breitling acquired Universal Genève in late 2023, reinforcing Breitling’s drive to become a major player and influence in luxury watchmaking.

Known for its precision timekeeping, which is prized by frequent travelers, explorers, and adventurers, Gallet is now positioned as Breitling’s new entry-level luxury watch brand, the company said in a release.

The terms of the acquisition were not revealed.
 
The brand Gallet actually dates back to 1466, when founder Humbertus Gallet began his eponymous clockmaking business, making it arguably the world’s oldest timekeeping marque.

“This acquisition is a logical step in the development of our company,” explained Breitling CEO Georges Kern.

“We are breathing new life into Gallet by drawing on Breitling’s expertise and know-how. Our ambition is clear: to revive Gallet as a leading watch brand while preserving its spirit of adventure and innovation in chronographs,” added Kern.
 
Founded in 1884, Breitling is a leading luxury watchmaker based in Grenchen, Switzerland. In 2017, the Partners Group bought an 80% stake in Breitling for $870 million before acquiring the remaining 20% the following year.

“We have full confidence in Breitling, which is well placed to increase its market share in the luxury watch sector,” says Alfred Gantner, co-founder of Partners Group and president of Breitling. “The acquisition of Gallet is the second key step in strengthening our long-term strategy.”
 
Gallet helped usher in the age of aviation by creating the chronograph that measured the first powered flight in 1903. Piloted by Wilbur and Orville Wright, the Kitty Hawk Flyer covered 259 meters in just 59 seconds. With its timepiece marketed under the name “The Sun,” Gallet made a lasting mark on aviation history.

In 1907, Gallet acquired Société d’Horlogerie Electa and founded Fabrique d’Horlogerie Electa, Gallet & Co. The following years were marked by technical innovations, patents, and international recognition, enabling Gallet to establish itself as a benchmark in precision timekeeping.
 
Thereafter, Gallet continued to focus on the American market, operating mainly as an établisseur—designing watches while supervising their manufacture and assembly in Switzerland.

In the 1970s and 1980s, when the Swiss watch industry was hit by the quartz crisis and the soaring Swiss franc, Gallet, like many other great names, lost some of its splendor.

Now, under the leadership of Breitling, Gallet is poised to embark on a long-awaited renaissance.

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