Luxury Business News
New York, May 23, 2013 – William Rohr, the Managing Director of TimeZone.com, the world’s largest watch discussion forum on the Internet and a Watch Consultant for Bonhams, the British auction house, has joined Digital Luxury Group, the first international company dedicated exclusively to the design and implementation of digital strategies for luxury brands, as a new Non-Executive Partner.
Millward Brown and BrandZ just released its list of the most valuable brands in the world, and one of this year's big surprises was how quickly and substantially Prada's value grew. In 2012, the luxury retailer's brand value skyrocketed 63%, bringing it to $9.5 billion, in the BrandZ calculation.
Prada Group has recently confirmed it will pursue the retail expansion of its Miu Miu brand in China, despite the changing market conditions. As for the Prada brand, Donatello Galli (CFO of Prada Group) indicates that 75 to 80 new stores will be opened in 2013, with a focus on Asia, Gulf countries (GCC) and North America.
MediaCorp, one of Singapore’s two largest media companies, has poured $40 million into Reebonz in a deal that values the designer brand flash-sales site at about $200 million. This is the first time that MediaCorp has invested in an online retailer, according to a story on Channel News Asia (a site that is also owned by MediaCorp).
Growth in luxury-goods spending will be sustained this year as booming demand in Southeast Asia offsets a slowdown in China and Europe, according to Bain & Co. Worldwide luxury sales will rise 4 percent to 5 percent to as much as 222 billion euros ($285 billion), excluding currency shifts, the consulting company estimated in a report published today.
Givenchy, a unit of French luxury goods giant LVMH, plans to triple its number of stores in China over the next two years as other luxury brands scale back their expansion plans amid an anti-corruption campaign led by President Xi Jinping.
NEW YORK — Auction history was made at Christie’s postwar and contemporary evening sale on Wednesday, which raked in $495,021,500 — the highest ever tally for any auction in any category. It nicked the $491.4 million mark set at Christie’s Impressionist and modern evening sale back in November 2006, the previous high for any single auction. The tally also eclipsed last May’s $388.4 million total.