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.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)