PARIS — Devialet, a French maker of deluxe hi-fis, said on Monday it has raised $19 million in new funding for expansion, with luxury titan Bernard Arnault among the investors.
A total of $15 million was raised via a consortium of investors that also included Jacques-Antoine Granjon, chief executive officer and founder of online retailer Vente-Privée.com; Xavier Niel, founder of Internet firm Free and a co-owner of Le Monde with Pierre Bergé and Matthieu Pigasse, and Marc Simoncini, founder of dating Web site Meetic. The balance of the capital increase derives from existing investors.
Founded in 2007 and based in Paris, Devialet markets a high-definition amplifier called D-Premier, priced at 11,920 euros in Europe and $15,250 in the U.S, where it is sold in around 20 high-end hi-fi stores.
“Bernard Arnault is a music lover, so he pays close attention to sound definition and to details like the design of the D-Premier,” Quentin Sannié, Devialet’s co-founder and ceo, told WWD.
He said although Devialet is not a subsidiary of French luxury giant LVMH Moët Hennessy Louis Vuitton, run by Arnault, there could be plenty of opportunities to collaborate with the group’s different brands, such as on designing the amplifying systems for their stores.
Devialet’s estimated 2012 sales will be 4 million euros, or $5 million at current exchange, double the 2 million euros, or $2.8 million at average exchange, the company generated in 2011, according to Sannié. He added Devialet could register 100 percent growth again in 2013, thanks to the capital injection, which is meant to back new products and help broaden the company’s international footprint.
Devialet already makes 90 percent of its revenues outside of France.
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
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
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With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)