The latest news in Fashion and Luxury (episode 11)
NewsNellyRodi’s fashion and luxury experts share their picks from the market’s major updates. Episode 11 covers November and December 2023.
8 NOVEMBER – 2023’s most expensive jewel
The Bleu Royal, an exceptional 17.61 carat diamond deemed the largest flawless fancy vivid bleu diamond ever, was sold at Christie’s in Geneva for CHF39.505 million.
The sale lasted seven minutes, and the diamond was purchased by a private collector who bid over the phone. The sales price equals around $2.5 million per carat, making the Bleu Royal the most expensive piece of jewelry sold on the international stage in 2023. It also figures among the ten most expensive lots of jewelry ever sold. Rahul Kadakia, Christie’s International Head of Jewelry, called attention to the rarity of fancy vivid blue diamonds over 10 carats and explained that the Bleu Royal was cut in a classic shape due to the exceptional excellence of its natural state. The jewelry market is now considered on par with the art market, with a similar appreciation for certain rare stones. Total sales for the 87 lots in Christie’s Magnificent Jewels sale exceeded $77.5 million.
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17 NOVEMBER – The On running shoe brand comes to Paris
Swiss brand On, founded in 2010, has opened its first Parisian boutique, marking its debut in the French market. With sales over CHF1.2 billion in 2022, the label is growing steadily, thanks mostly to its popularity in the USA.
The range initially focused on running shoes, but now includes sneakers and athletic wear, all positioned in the high-end segment. Despite Nike’s and Adidas’ domination, On has been able to stand out thanks to its innovation, low-key esthetics and clever marketing – especially the connection with former tennis champion Roger Federer, who holds 3% of shares. The Paris boutique is the most recent in a series of On stores around the world, and the brand has plans to expand further. On products are currently sold in over 9,800 points of sales in around 60 countries.
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1 DECEMBER – Audemars Piguet x Cactus Jack
Watchmaker Audemars Piquet continues its run of successful collaborations with the new Cactus Jack Royal Oak design. The result of a collaboration with the Cactus Jack label founded by rapper Travis Scott, the watch is a reinterpretation of the iconic Royal Oak Perpetual Calendar and produced in a limited edition of only 200 pieces.
Exceptional design elements include the font used for the calendar and week indications and the chocolate brown color. In addition to these unique esthetic characteristics, the watch’s perpetual calendar indicates the day, date and month. At the bottom of the dial, the traditional moon phase graphic has been replaced with the Cactus Jack logo, a smiley face with the mouth stitched shut.
To celebrate the collaboration, Audemars Piguet and Scott presented their joint collection in New York. The AP boutique on 57th St. was transformed for the occasion with an outside tarpaulin with Cactus Jack graffiti. Scott was there and greeted AP CEO François-Henry Bennahmias and his guests at the door, welcoming them into an ambiance with a shadows and glow-in-the-dark luminova theme.
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4 DECEMBER – Fashion Awards 2023
On 4 December the Royal Albert Hall in London was the setting for the British Fashion Awards, which celebrate excellence in the fashion industry. At the ceremony, organized by the British Fashion Council and sponsored by Pandora, the event’s winners were announced. Recipients included established names Jonathan Anderson and Valentino Garavani as well as emerging talents Chopova Lowena and Bianca Saunders, who were respectively given the New Establishment Womenswear Award and the New Establishment Menswear Award.
A highlight of the evening was the announcement of the winner of the Designer of the Year Award, Jonathan Anderson. Anderson, the Creative Director of Spanish brand Loewe, was also a winner at the CFDA Fashion Awards in the United States. Celebrities such as Pamela Anderson, Amal Clooney and Gwyneth Paltrow went on stage to present special prizes: the Pandora Leader of Change Award, the Special Recognition Award and the Outstanding Achievement Award which recognized Valentino Garavani’s exceptional career.
Paloma Elsesser made history as the first plus-size model to carry off the Model of the Year Award. The event also brought a multitude of well-known faces to the red carpet, including Anne Hathaway, Kate Moss, Winnie Harlow and Alexa Chung.
Other noteworthy winners were Maximilian Davis, who received the British Womenswear Designer Award and Martine Rose, who received the British Menswear Designer Award.
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6 DECEMBER – The Ritz Carousel
For Christmas the Ritz Hotel has put a popup carousel (open from 6 to 31 December) on the Place Vendôme; and children, accompanied by their parents, are invited to enjoy a free ride.
A nearby wooden chalet decorated in blue and gold offers visitors a gourmet experience from pastry chef François Perret. His exclusive recipes include an almond shortbread cookie shaped like a Christmas tree and decorated with gold sparkles, a crispy praline-pecan treat and his signature spicy hot chocolate. The Ritz collection, which includes a recently presented leather goods range and the Groom teddy bear, the hotel’s mascot, will also be on sale.
To celebrate the hotel’s 125th anniversary, the Ritz has organized a Golden Ticket promotion giving clients the opportunity to win dinner for two and a night at the Ritz Paris. A numbered ticket will be given with every purchase made at the Christmas chalet, and a drawing will be held on 5 January. The project is part of the Ritz Paris traditions. Every season the hotel creates experiences at the Place Vendôme: last Christmas there was a chalet, and last summer an open air cinema was set up in the gardens.
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16 DECEMBER – AMI Paris and Jacquemus open skating rinks
Alexandre Mattiussi’s AMI Paris brand has transformed the Palais-Royal into an exclusive 22-meters-long ice skating rink. Access is free, but reservations are required, and the rink is already completely booked.
And at 8 rue Valois, AMI has inaugurated an exclusive popup store with a special holiday capsule collection: down jackets, wind breakers, overshirts, alpaca pullovers and wool gloves all in shades of white and silver.
In Courcheval Jacquemus has set up a 100 m2 popup store at 37 rue de Rocher. The space showcases the Guirlande capsule collection designed especially for the holidays. The clothes and accessories for women and men are in a palette of white, silver and gold with touches of red and pine green. The popup will be open until 31 March 2024.
Jacquemus also has an ice skating rink located on rue du Jardin-Alpin in the prestigious Les Airelles hotel complex and open to the public until 9 February 2024.
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Sector growth between 8% and 10% for 2023
According to a Bain & Company and Altagamma study, the luxury sector will record an estimated 8% to 10% growth rate for 2023, reaching a value of €1.5 trillion. This growth can, in part, be explained by the sector’s stabilization after two years of record sales. Luxury sales should rise by around €160 billion this year with strong growth of 11% to 13% at constant exchange rates. The personal luxury goods segment (leather goods, fashion, jewelry, etc.) is expected to grow by 4% and reach €362 billion in 2023.
Mainland China maintained a solid performance despite a slight deceleration in the second semester, while the USA saw an 8% drop compared to 2022 and Europe enjoyed a tourism boon with 7% growth. In 2030 Chinese customers should represent between 35% and 45% of luxury consumers, while Americans and Europeans together will account for 40% of the market.
Despite this positive outlook, every market could experience slightly lackluster celebrations, given the uncertain geopolitical context and the tensions likely to slow down tourism.
