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De Beers to close Lightbox as lab-grown prices collapse and demand fades

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May 8, 2025

De Beers, the 137-year-old British diamond giant best known for coining the slogan “A diamond is forever,” is shutting down Lightbox, its lab-grown diamond jewelry brand, marking a complete withdrawal from the synthetic gemstone market.

De Beers to close Lightbox lab-grown diamond jewelry business. – De Beers Forevermark- Facebook

Founded in 1888 and headquartered in London, De Beers is one of the world’s most influential diamond producers, operating across the entire value chain—from exploration and mining to grading, retail, and marketing. The group is a subsidiary of Anglo American Plc and has historically controlled a significant share of the global diamond supply.

The decision to close Lightbox follows De Beers’ 2023 announcement to halt production of man-made diamonds for jewelry. While the company had been exploring strategic options for the brand—including a potential sale—it confirmed on Thursday that it is now winding down operations. Discussions remain ongoing with potential buyers for selected assets, including remaining inventory.

Launched in 2018, Lightbox was De Beers’ response to the rising appeal of synthetic diamonds. The brand positioned itself as an affordable alternative, offering lab-grown stones at transparent prices significantly lower than natural diamonds. The aim was to clearly differentiate between factory-made products and natural gems while testing consumer appetite for synthetic jewelry.

However, a sharp increase in global supply, particularly from China, caused synthetic diamond prices to collapse, undermining Lightbox’s business model. In many cases, wholesale prices for lab-grown diamonds have fallen below Lightbox’s own retail rates, forcing the brand into an unsustainable position.

“The persistently declining value of lab-grown diamonds in jewelry underscores the growing differentiation between these factory-made products and natural diamonds,” said Al Cook, chief executive officer of De Beers. “The planned closure of Lightbox reflects our commitment to natural diamonds.”

The decision comes as part of wider cost-saving measures within the company. De Beers’ parent company, Anglo American, is currently evaluating strategic options for the diamond business, including a potential sale or public listing. Industry-wide, the diamond market has experienced weakened demand—especially in China—and increasing pressure from lab-grown alternatives.

De Beers previously recorded a $1.6 billion writedown, followed by an additional $2.9 billion devaluation in February. Although Anglo American had initially considered an earlier divestment of De Beers, CEO Duncan Wanblad has since suggested the company may remain within the group until at least 2026, depending on market conditions.

Looking ahead, De Beers’ synthetic diamond division, Element Six, will continue operations but will shift its focus exclusively to industrial applications—effectively ending De Beers’ involvement in lab-grown diamond jewelry.

FashionNetwork.com with Bloomberg



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Dick’s Sporting Goods to acquire Foot Locker in $2.4 billion deal

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Translated by

Nazia BIBI KEENOO

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May 15, 2025

Dick’s Sporting Goods has confirmed its $2.4 billion (€2.14 billion) acquisition of global sneaker retailer Foot Locker, validating earlier reports from the American press. The deal, priced at $24 per share, includes roughly 2,400 stores operating in nearly 20 countries.

Interior view of a Foot Locker store in Paris. – Foot Locker

Foot Locker shareholders will be able to choose between a cash payout or shares in Dick’s Sporting Goods. The transaction values the company at 6.1 times its EBITDA.

Dick’s Sporting Goods confirmed it plans to retain all of Foot Locker’s brand banners, including Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos. Combined, these brands generated $8 billion in revenue during the last fiscal year.

Based in Pittsburgh and founded in 1948, Dick’s Sporting Goods reported $13.4 billion in revenue last year. The group currently operates more than 850 stores across the U.S. under several banners: Dick’s Sporting Goods, Golf Galaxy, Public Lands, and Going, Going, Gone!. It also manages e-commerce channels and the Dick’s mobile app.

In addition to its core retail network, the company operates experiential concepts like Dick’s House of Sport, Golf Galaxy Performance Center, and GameChanger — a digital platform offering live streaming, scheduling, and team management for youth sports.

“We’ve long admired the cultural relevance and value of the Foot Locker brand and its dedicated team of Stripers,” said Ed Stack, executive chairman of Dick’s, referring to the retailer’s recognizable store associates.

“We believe there’s significant growth potential ahead. By applying our operational expertise to this iconic business, we see a clear path to unlocking further growth and strengthening Foot Locker’s position in the market. Together, we will leverage the complementary strengths of both organizations to better serve the broad and evolving needs of global sports consumers.”

The acquisition marks Dick’s first major push beyond the U.S., presenting new opportunities as well as strategic challenges. The company expects to realize synergies between $100 million and $125 million.

“We look forward to welcoming Foot Locker’s talented team and leveraging their expertise and passion for the business, which we intend to honor and amplify together,” said Lauren Hobart, president and CEO of Dick’s. “Sports and sports culture remain incredibly powerful, and with this acquisition, we’re creating a new global platform that will meet these needs through iconic concepts consumers know and love, enhanced stores and omnichannel experiences, and product assortments that resonate across diverse customer bases.”

The transaction remains subject to standard regulatory approvals, including antitrust review, and is expected to close in the second half of 2025.

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Vuitton reopens summer restaurant in Saint-Tropez

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Vuitton has reopened its summer restaurant in Saint-Tropez, underlining the luxury label’s increasing investment in culinary experiences.

Vuitton’s summer restaurant returns to Saint-Tropez, blending luxury and leisure. – Courtesy of Louis Vuitton

Located at the plush White 1921 Hotel near the House’s historical store, the restaurant reopens today with an updated menu served on the latest colorful Louis Vuitton tableware collection.

Last year, Vuitton’s Saint-Tropez restaurant was awarded a Michelin star, thanks to its updated Mediterranean fare—from marbled tomatoes and ravioli filled with girolles to roasted fowl with a fine velouté or brill meunière prepared with seaweed and citrus.

The reopening also marks this summer’s return of hyper-mediatic chefs Arnaud Donckele and Maxime Frédéric to Vuitton in Saint-Tropez. Donckele and Frédéric first connected with Vuitton’s parent company, LVMH, at the conglomerate’s five-star hotel in the French capital, Cheval Blanc Paris—most notably at Plénitude, the hotel’s three-star restaurant.

Vuitton’s summer menu blends French flair with global finesse.
Vuitton’s summer menu blends French flair with global finesse. – Courtesy of Louis Vuitton

In Saint-Tropez, Vuitton’s restaurant is situated on the famed Place des Lices, site of the resort port’s renowned Provençal market each Tuesday and Saturday.

Beyond Saint-Tropez, Donckele and Frédéric play leading roles in developing the Louis Vuitton Culinary Community, mentoring emerging local talents around the world who, as Members, contribute to the Louis Vuitton luxury snacking vision.

Vuitton now boasts eateries in Milan, Tokyo, Osaka and Bangkok, each overseen by chefs within the Culinary Community. Vuitton cafés have also sprung up in Paris, New York, Bangkok, Japan, Chengdu and soon in Shanghai and Seoul. In effect, the Saint-Tropez restaurant is designed to trumpet Vuitton’s longer-term vision of extending the House’s concept of excellence and savoir-faire to hospitality around the world.

“We are dedicated to bringing customers a relaxed Louis Vuitton culinary experience—whether in Saint-Tropez or any other destination around the world,” said Donckele.

Chefs Maxime Blanc, Maxime Frédéric and Arnaud Donckele lead Vuitton’s culinary vision.
Chefs Maxime Blanc, Maxime Frédéric and Arnaud Donckele lead Vuitton’s culinary vision. – Courtesy of Louis Vuitton

Added Frédéric, “The Culinary Community allows us to align the Louis Vuitton hospitality offering while still encouraging the chefs to flourish according to their own skills and creativity.”

The Saint-Tropez space blends a bright floral pattern similar to a motif seen in LV’s 2025 Women’s Resort collection, designed in a geometric pattern that reinterprets the Monogram Flowers and made in extra-white Limoges porcelain. The ambiance is enhanced with reinterpreted Objets Nomades pieces such as the Mini Bell Lamps designed by Barber & Osgerby and Zanellato/Bortotto’s lamps enclosed within interwoven leather.

Mixing seasonal and regionally sourced ingredients, the menu merges Mediterranean, French and global cuisines—from Wagyu beef in an aromatic bouillon to grilled bluetail lobster with a shiso-infused sauce to sole amidst locally grown herbs and flowers.

May the dining begin.

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World Retail Congress: Saks Global/Authentic say JV means “luxury on Amazon” will become very natural

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The Saks Global and Authentic Brands Group partnership has been a big talking point of late so it was good timing that Authentic’s CEO Jamie salter and Saks’ executive chairman Richard Baker were on stage together on day two of the World Retail Congress in London this week.

Jamies Salter of Authentic and Richard Baker of Saks Global

They said they believe the Authentic Luxury Group JV could boost margins, take control of luxury away from vendors and towards retail and make the most of the brand strength of Saks to drive global partnerships.

Authentic is well known as the acquisitive buyer of brands such as Nautica, Volcom, Aéropostale, Lucky Brand, Nine West, Ted Baker, Juicy Couture and many more. But while it had a presence at the higher-end, its 50/50 joint venture link-up with Saks Global last autumn was key.

“We wanted to get into the luxury space but it’s all about distribution,” said Salter. “When we look at brands, what is really important with us is that they can make the right margin. If you look at the business model today, margin is everything. Getting together with Saks was critical for us. If you are not making low-to-high-60s in the maintained margin it’s very difficult.”

Baker also commented on the rationale for the partnership, saying that in premium and luxury, there were too many vendors, too much discounting, and not enough margin. “We had to do it, or there would be no industry left in the United States.” With more than $9 billion in GMV, control of over 60% of the US luxury market, and the backing of Amazon, Salter and Baker believe they’re creating a next-gen model where retail, data, licensing and media converge.

The JV has bold ambitions and Salter said “the model truly works. But we’re not just in retail, we’re also in hospitality business, we’ll see Saks branded residences going out, which also means people will buy home products for those. We already have projects on the go, and have people in the Middle East and Asia Pacific looking at doing a Saks store, a condo and a hotel”.

For now, a key part of the deal is the newly launched Saks store within Amazon — a digital “walled garden” that preserves brand integrity while giving access to Amazon’s mega-sized global audience. Salter said that with Amazon building similar luxury platforms in the UK, Japan, India and the Middle East, within five years “luxury on Amazon is going to be the most natural thing you ever imagined because they have the most elegant execution and most reach of anyone in the world online”.

The link-up between the two also sees them overhauling the Saks business, cutting underperforming brands and prioritising premium partnerships.

And they’re helped in this process by customer data as they share over 250 million customer profiles across their businesses, offering them up-to-the-minute insight into who’s buying what, where, and why.

With that weapon to wield, Saks is likely to edit out 500-600 brands out and shift towards “controlled brands”, with a larger margin, aiming at around 20% of sales from these product ranges.

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