LONDON – Johann Rupert has put his money where his mouth is, taking a 5 percent stake in Dufry just days after predicting the growing importance of travel retail.During a call to discuss fiscal 2016-17 last Friday, the Compagnie Financière Richemont boss said long-term luxury consumption trends will increasingly be about travel.His theory is that the second Machine Age is upon us and that tech advances, such as AI, robotics and manufacturing practices will change the jobs landscape considerably – and also afford people more free time.“What will people be doing in 15-20 years’ time? I suspect they’ll travel, they’ll want to visit countries, they’ll want experiences,” which makes travel retail interesting, he said.“The Chinese are a highly, highly cultured people and they will travel increasingly. I am optimistic. Man will have more free time, and that will be spent on cultural experiences.”News of the small minority stake first appeared on Bloomberg. Both Richemont and Dufry confirmed the investment, but did not provide further details.Industry sources said Richemont’s move makes sense on a variety of levels, and the shareholding should enable Richemont’s brands to access good locations in key airports.In a flash report following the news, Luca Solca, a managing director at Exane BNP Paribas, said the number of travellers is expected to continue to grow above global GDP levels for the next 5-10 years.Solca also pointed out that Richemont has been struggling with “several unresolved distribution problems,” including dependence “on an ailing and inventory-rich wholesale channel for watches.”Referencing Rupert, Solca said that Richemont could use travel retail to sell small leather goods, a key driver in Montblanc’s recovery.“LVMH has shown in the past twenty years, that ‘selective retail’ - more so with Sephora than with DFS - has been a significant driver of value creation.“Direct investment in travel retail is not without challenges, as profits depend on the timing and cost of airport concessions. Mistakes in this area - as DFS has recently shown with its Hong Kong business - can be costly,” Solca said.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion