Photo: Gilbert Flores/WWD via Getty Images
These are the stories making headlines in fashion on Friday.
Capri Holdings sales drop 16.4%
Capri Holdings, the parent company of Versace, Jimmy Choo and Michael Kors, released its second quarter fiscal 2025 results on Thursday, which showed revenue declined 16.4% on a reported basis. Its Q2 net income was $24 million, or $0.20 per diluted share, compared to net income of $90 million, or $0.77 per diluted share, in the prior year, according to the report. “Overall, we were disappointed with our second quarter results as performance continued to be impacted by softening demand globally for fashion luxury goods,” John D. Idol, the company’s chairman and CEO, said in a statement. “Despite the challenging global retail environment, we remain focused on executing our strategic initiatives to deliver long-term sustainable growth across all three of our luxury houses.” {Capri Holdings}
LVMH acquires minority stake in Our Legacy
LVMH Luxury Ventures has acquired an undisclosed minority stake in Swedish menswear label Our Legacy. This move comes after Our Legacy generated sales of €40 million ($43.6 million) in the fiscal year that ended June 30 2024, which is up from €30 million the year prior and €8 million in 2021. “It’s not like we needed the investment from a cash-flow perspective — our revenue figures doubled three years in a row and we achieved really healthy profitability,” co-founder Jockum Hallin told Business of Fashion. “It’s more to look to the future as we build the next era.” {Business of Fashion/paywalled}
Human-derived skin-care ingredients are becoming less taboo
Stem cell science is on track to fuel the luxury skin-care market. Angela Caglia Skincare launched its Cell Forté Serum in October 2023, which has driven 437% annual sales growth and its retail expansion into Nordstrom. The serum is powered by “human-derived adipose mesenchymal stem cell-conditioned media,” which is sourced from human fat donated by young and healthy plastic surgery patients and then processed in a lab. Glossy reports that “the stem cells are removed from the tissue and placed in a human-like environment where they excrete growth factors, cytokines and proteins, which are then used in the serum.” Human-derived ingredients are still underrepresented, but brands like Angela Caglia Skincare and FactorFive are seeing growth in their human-derived offerings. {Glossy/paywalled}
Richemont sales drop 1%
Richemont, which houses Cartier and Van Cleef & Arpels, reported on Friday that its sales dropped 1% to €10.1 billion in the first fiscal half. The company reported growth in sales across all regions except for Asia Pacific, with double-digit growth in the Americas. In October, Richemont sold Yoox Net-a-Porter to Mytheresa, and the transaction is expected to close in the first half of 2025. Following this sale, Richemont reported profits of €457 million, which is down from €1.5 billion in 2023. {Richemont}
Source: Fashionista.com
