Prices of precious metals continue to rise, but it’s gold — whichreached an all-time high on Friday of $1,637.50 an ounce— that hasseen the sharpest increase.
Industry experts predict that ifgold continues on its upper trajectory, prices will reach $2,000 anounce by year’s end.
Despite this, brick-and-mortar playerssuch as Richemont, Tiffany & Co., Bulgari and Signet haven’t seenmuch resistance from customers — and because inventory turns are justone time a year, the above are still going through gold purchased atlast year’s prices, according to David Wu, luxury goods and beautyresearch analyst at Telsey Advisory Group.
“[In 2010] the pricesdidn’t increase in as great of a magnitude [as this year], so they arenot as pressured, but they will start to see better pressure from therise in gold and silver next year. So far they have passed along priceincreases to the consumer in the first half of the year and they havebeen accepted by the customers,” Wu said.
Silver reached itshighest price of the month on July 26 at $40.98 an ounce, but this isstill down 18 percent since the record high of $49.53 on April 28(prices exactly a year ago were just $18.58). Analysts expect the priceto head toward $60 by the end of 2011.
The price of platinumwas down to $1,795 an ounce on Friday from $1,889 on May 2 — but thatwas still up 24.6 percent since August 23, 2010 when the price dipped to$1,516.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion