European Luxury Goods Correspondent
Astrid's Feed
Jun 17, 2015

Coty on track to clinch P&G beauty deal in coming weeks-sources

PARIS, June 16 (Reuters) – Coty is on track to
acquire Procter & Gamble’s beauty business in a $12
billion deal that would make the U.S. cosmetic company the world
leader in perfume and hair care, sources close to the matter
said.

If the deal goes though, Coty would get its hands on brands
such as Gucci and Hugo Boss perfume, Wella and Clairol hair care
products and Max Factor and Cover Girl make-up, part of its
strategy to reverse its own declining sales trends.

Jun 16, 2015

Coty purchase of P&G assets may take two weeks to finalise-sources

PARIS June 16 (Reuters) – Details of U.S. cosmetic company
Coty’s acquisition of Proctor & Gamble’s (P&G)
beauty assets could take at least two weeks to be finalised,
sources close to the matter said on Tuesday.

Coty won an auction at the weekend valuing the businesses at
close to $12 billion, the sources said. If it goes through, it
would be the biggest deal in cosmetics in at least a decade and
would turn Coty into a world leader in perfume and hair care.

Jun 11, 2015

Fashion brand Bally back on growth path, says CEO

MONACO (Reuters) – Bally, the long-struggling Swiss leather goods maker, is back in growth mode after years of stagnant sales, buoyed by more contemporary designs and solid demand from Japanese and U.S. buyers, its chief executive said.

Frederic de Narp said he aimed to lift Bally’s annual sales to 1 billion euros ($1.13 billion) within 5-10 years from its current level of 400 million euros.

Jun 8, 2015

Exclusive: Henkel, Coty submit binding bids for P&G assets: sources

By Astrid Wendlandt, Olivia Oran and Greg Roumeliotis

(Reuters) – Henkel & Co KGaA AG (HNKG_p.DE: Quote, Profile, Research, Stock Buzz) and Coty Inc (COTY.N: Quote, Profile, Research, Stock Buzz), both of which have personal care and cosmetics businesses, made binding offers to buy separate parts of Procter & Gamble Co’s (PG.N: Quote, Profile, Research, Stock Buzz) beauty businesses worth up to a total of $12 billion, according to people familiar with the matter.

The bids, submitted on Monday, bring P&G one step closer to shedding several assets it considers non-core, as its chief executive officer, A.G. Lafley, presses on with his cost-cutting strategy.

Jun 8, 2015

Henkel, Coty submit binding bids for P&G assets -sources

June 8 (Reuters) – Henkel & Co KGaA AG and Coty
Inc, both of which have personal care and cosmetics
businesses, made binding offers to buy separate parts of Procter
& Gamble Co’s beauty businesses worth up to a total of
$12 billion, according to people familiar with the matter.

The bids, submitted on Monday, bring P&G one step closer to
shedding several assets it considers non-core, as its chief
executive officer, A.G. Lafley, presses on with his cost-cutting
strategy.

Jun 8, 2015

Richemont says invited LVMH, Kering to join Yoox/Net-a-Porter

MONACO, June 8 (Reuters) – Johann Rupert, Executive Chairman
of Cartier-owner Richemont, said on Monday he had
invited luxury industry rivals LVMH and Kering
to invest in the newly combined Yoox/Net-a-Porter
online fashion retailer.

Richemont agreed in March to sell its upmarket Internet
retailer Net-a-Porter to Italy’s Yoox in an all-share
deal that created an industry leader in the booming online
luxury market, with combined sales of 1.3 billion euros ($1.4
billion).

Jun 2, 2015

Fashion’s rehabilitated Galliano proves himself in new job, boss says

BREGANZE, ITALY (Reuters) – John Galliano, the star designer sacked by Dior for a drunken anti-Semitic rant, has been successfully rebuilding both himself and the Maison Margiela fashion brand since he took over its helm in October, said the man who gave him the job.

Diesel founder Renzo Rosso, chairman and main shareholder of Maison Margiela’s parent OTB group, said sales were already up 20 percent at the fashion house even though only a few of Galliano’s pieces had so far reached the shelves.

May 22, 2015

Richemont not planning further price changes for now

PARIS, May 22 (Reuters) – Cartier-owner Richemont
said it was not planning any further price adjustments in the
immediate future as it posted an 8 percent drop in April sales
at constant exchange rates and revenue remained flat in the
first two weeks of May.

The world’s second largest luxury group, which also owns
jeweller Van Cleef & Arpels and watchmakers Piaget and IWC, said
on Friday trading remained difficult in its big markets of Hong
Kong and Macau.

May 12, 2015

UK online fashion retailer Farfetch snaps up London’s Browns

PARIS, May 12 (Reuters) – Farfetch, the online fashion
retailer valued at $1 billion after a financing round earlier
this year, has snapped up London’s upmarket retailer Browns for
an undisclosed sum in a cash and shares deal.

Pressure is mounting on Internet retailers, brands and
bricks-and-mortar boutiques to forge alliances after Yoox
agreed to buy Richemont’s Net-a-Porter in an
all-share deal to create an industry leader with combined sales
of 1.3 billion euros ($1.4 billion).

Apr 30, 2015

Clessidra buys control of Italian fashion label Cavalli

MILAN/PARIS, April 30 (Reuters) – Italian private equity
fund Clessidra acquired control of fashion house Roberto Cavalli
on Thursday for an undisclosed sum, concluding one of the
longest running courtships in the luxury goods industry.

Clessidra, which has invested in jeweller Buccellati, held
discussions with Cavalli back in 2008 and 2009 and since then,
talks had been on and off with other private equity firms
including Permira, Investcorp and Russia’s VTB Capital.

    • About Astrid

      "Astrid is based in Paris and leads the team of correspondents across Europe who cover luxury and fashion. Previously, she was TMT correspondent. Before joining Reuters, she wrote for the Financial Times as UK companies news correspondent and before that as Moscow correspondent. She started her career in journalism in the mid-1990s as a business reporter for the Moscow Times, an English-language daily published in the Russian capital."
    • Follow Astrid