We’re used to hearing about stores opening at Liverpool One these days but news has emerged that a high-profile retailer at the giant mall is shutting down.
Liverpool One
The Harvey Nichols Beauty Bazaar that’s been open since 2012 is to close with a Harvey Nichols spokesperson saying the company is focusing on “full category stores”.
That’s a key part of its growth strategy under still-new Julia Goddard, a former Alexander McQueen exec, but is interesting given the growth and importance of the premium beauty sector.
In fact, standalone beauty stores remain a key part of rival Harrods’ strategy via its H Beauty chain, while Boots has opened a beauty-only store, Sephora is expanding fast and other retailers like M&S and Next continue to see beauty as a key category.
But perhaps it’s the intensifying competition that’s the issue and in fact, Sephora is opening at Liverpool One this spring.
Harvey Nichols also said: “We have reviewed our store portfolio and mutually agreed with the landlord of our Beauty Bazaar location in Liverpool to surrender the lease as we focus on investment into full-category stores.
“Unfortunately, this means that our employees in the Liverpool store may be at risk of redundancy. We have entered into a consultation process and are doing everything we can to support those affected by the surrender.”
A Liverpool One spokesman said the store has “has made an important contribution to Liverpool One success since opening. We’re committed to bringing the best, in-demand brands to [the mall] and we have well-progressed plans to transform the space that will ensure Liverpool One continues to go from the strength-to-strength.”
The closure is expected in the middle of next month and will leave a noticeable gap in the mall given its large size (it covers 22,000 sq ft and three floors). But Liverpool One, which is now almost solely owned by landlord Landsec, should have no problem filling the space that was once a Habitat store. The centre is one of the UK’s supermalls and has announced a raft of openings in recent years showing that it’s one of the key destinations on retailer wishlists.
Russian diamond producer Alrosa announced on Tuesday that it had decided to temporarily suspend operations at its less profitable deposits.
Reuters
The suspension will affect deposits with an annual production of less than 1 million carats, it said. The company said it still planned to produce 29 million carats of diamonds in 2025.
In November 2024, Alrosa said that it might suspend some production in 2025 and reduce staff.
Dolce & Gabbana Srl, the Italian fashion house known for bold, Mediterranean-inspired designs, says its beauty business now holds the key to an independent future in the rapidly shifting luxury industry.
Revenue from beauty products is expected to rise more than 20% for the 12 months through the end of March 2025, to €610 million ($665 million), Chief Executive Officer Alfonso Dolce said in an interview. That would lift total annual revenue to around €2 billion.
The company is also targeting €1 billion in beauty sales by the end of the 2027 financial year, following a shift from licensing to direct management of production and distribution of fragrances, makeup and skincare.
Dolce Gabbana’s pivot on beauty comes at a fraught moment for the fashion sector, where a global slump has raised questions about the standalone future of some of its rivals.
Hong Kong-listed Prada SpA is nearing a deal to buy Gianni Versace Srl, while fashion icon Giorgio Armani rocked the industry last year when he said he no longer rules out a merger or listing once he exits the scene.
Dolce Gabbana’s reaction has been to double down on its independence by broadening its revenue streams. Along with the decision to directly manage the beauty business, it’s also testing the waters in real estate and hotels.
“We asked ourselves, what more do we have to say to the fashion industry after 40 years at the top?,” said Dolce, 60, who holds the top job at the firm his brother Domenico and Stefano Gabbana founded in 1985.
Dolce Gabbana Holding Srl, which encompasses the group’s offerings in clothing, furnishing accessories and beauty, reported about €1.9 billion in revenue for the 12 months through March 2024, up 19% at constant exchange rates compared with the previous year, driven by an almost five-fold increase in beauty.
But the company’s earnings before interest and taxes are still just a fraction of its Italian rivals. Dolce Gabbana posted €4 million in Ebit at the end of the last financial year, compared with €1.28 billion for Prada on sales of €5.4 billion.
The jury is still out on the firm’s other big diversification bet, property and hotels.
“The success in beauty is a good testament of the brand strength,” said Luca Solca, a senior analyst at Bernstein. “I don’t think that hospitality/hotels will play a big role for them.”
The firm is seeking additional funding, including for its real estate ventures, which cover residences in Marbella, Spain, in Miami and in Dubai, as well as hotels in the Maldives and Saudi Arabia.
That’s another change in tack for a group that’s traditionally financed investments internally, Dolce said. A €300 million term loan that’s about 25% repaid dates back to 2022. The fashion house also has a €100 million working capital facility.
It’s now in talks with bank lenders for as much €150 million. A decision by those creditors is still on hold.
The diversification moves were prompted by what the CEO acknowledged was over-reliance on visitors to the Mediterranean, and the group’s post-Covid rebound was short-lived, he said.
The 2022 Russian invasion of Ukraine shaved off more than €100 million from the top line, while sales to Chinese customers tumbled as the country’s economy dipped and consumer tastes shifted.
Still, Dolce insists his firm can thrive as an independent. “If the macroeconomic environment deteriorates further, we have our own properties, our warehouses and we can always cut ad spending, which is twice as high as our peers,” he said.
Dolce also remains adamant about not wanting outside investors, at least for now.
“We listen to everyone, investment banks, family offices, private equity firms,” the CEO said. “But our response is always the same, at the moment we’re not interested in opening our capital.”
Silk brand LilySilk has teamed up with Hollywood stylist Elizabeth Stewart to launch a capsule collection.
LilySilk launches capsule collection with stylist Elizabeth Stewart. – LilySilk
“We’re excited to unveil our exclusive collaboration with Elizabeth Stewart, the celebrated Hollywood stylist known for her exceptional eye for elegance,” said David Wang, CEO of LilySilk.
“This partnership redefines the essence of effortless sophistication and timeless allure, merging LilySilk’s luxurious silk with Elizabeth’s unmatched styling artistry.”
The collection combines LilySilk’s commitment to sustainable luxury with Stewart’s signature styling expertise. It features six curated looks with 11 versatile pieces, rooted in luxury, comfort, and sustainability.
Among them is the Denim Dossier, a fitted denim-inspired suit with a cropped jacket and high-waisted wide-leg pants. Urban Voyager offers a modern take on leisurewear with an oversized bomber jacket and jogger pants, while Versatile Vogue pairs a refined sweater with a satin skirt.
Modern Mosaic presents a bold statement blouse that can be styled with tailored pants for work or jeans for a more casual look. Playful Palette showcases vibrant bowling shirts matched with tailored culottes, and Patchwork Paradise, offers a one-of-a-kind pajama set crafted from deadstock fabrics.
“I work with many brands, and I’m always seeking out companies that truly consider their environmental impact,” added Stewart. “That’s why I’m thrilled to collaborate with LilySilk—our shared commitment to sustainability and quality makes this collection truly special.”
Earlier this year, LilySilk opened its first-ever U.S. concept store, in the Meatpacking District in New York.
Entertainment8 years ago