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Luxury
LVMH, L'Oreal and Luxottica line up for Armani entry
Giorgio Armani Group is weighing a three-way split of an initial 15% stake among LVMH, L'Oréal and EssilorLuxottica - the three buyers its late founder named in his will - as the Milan-based house prepares to formally launch a succession-driven ownership process, Italian daily La Repubblica reported on Sunday, without citing sources. Each of the three groups - already named as preferred buyers in Armani's will - could acquire a 5% holding once the formal sale process gets underway, with the equal split designed to keep all three parties engaged during the initial phase of what is likely to be a multi-year ownership transition. Giorgio Armani died in September 2025 at age 91, leaving behind one of Italian fashion's last remaining founder-controlled houses and a detailed blueprint for what should happen to it. Under the terms of his will, Armani instructed the company to find a strategic partner to purchase an initial 15% stake within 18 months of his death, with the possibility of raising that holding to nearly 70% within five years - a timeline that places the formal launch of the process no later than early 2027, though Sunday's report suggests preparations are already well advanced. Italian daily La Repubblica report
Luxury
Estee Lauder discusses merger with Puig
The Estée Lauder Companies (ELC) has confirmed it is in talks with Puig about a potential merger that would create a US$40 billion (A$57 billion) beauty products giant. The personal care products company said no final decision had been made and no agreement had been reached on a deal with the Spanish fashion and beauty company. “Unless and until an agreement is signed between the companies, there can be no assurances regarding the deal or its terms,” Estee Lauder said in a press release. The statement was issued following reports by the Financial Times, Wall Street Journal and Reuters about the merger discussions. The merger would involve a mixture of cash and stock, the Wall Street Journal newspaper wrote in this article on Monday, citing people ⁠familiar with the talks. The talks follow a series of deals in the sector, including E.l.f. Beauty purchasing Hailey Bieber's skincare brand Rhode for about $1 ‌billion, ⁠Kering agreeing to sell its beauty business to L'Oreal and Coty reviewing its consumer beauty business and potentially selling brands like CoverGirl ⁠and Rimmel. Estee Lauder, which is trying to improve its performance, bought U.S. fashion label Tom Ford for $2.8 billion in 2022. Effectively control
Luxury
LVMH sales crater as fashion and beverage sales fall
Luxury goods conglomerate LVMH saw revenue and profit drop last half, with its fashion and alcoholic beverage segments leading these declines. Revenue was EU€39.81 billion, falling 4% year-over-year in line with Visible Alpha estimates. Net profit dropped by 22% to €5.70 billion. “LVMH showed solidity in the current context. We owe this to the power of our iconic brands and their boundless capacity for innovation while remaining true to their culture of incomparable artisanal craftsmanship,” said LVMH CEO Bernard Arnault. “We head into the second half of the year with great vigilance, and I am confident in LVMH’s tremendous long-term potential and the commitment of our teams to further reinforce the Group’s leadership position in luxury goods.” Reported revenue declined across all segments except Selective Retailing, which remained flat. Fashion & Leather Goods, its largest segment, posted an 8% year-over-year fall to EU€19.12 billion. Wines & Spirits revenue also dropped by 8% year-over-year to €2.59 billion. Its profit from recurring operations plummeted by 33%, the largest of any segment, which the company attributed to trade tensions in the United States and China and weak demand for cognac. Profit fell acros
Luxury
Diamonds are forever - not synthetic ones for De Beers
De Beers is shutting down its Lightbox lab-grown diamond (LGD) jewellery business and pivoting back to its “diamonds are for ever” naturally selected focus after a whopping 90% fall in value. Lightbox was established in 2018 and launched with a price of US$800/ct LGD. Since then LGD carat prices have fallen off a cliff by 90% at wholesale, tracking closer to a cost-plus model as they diverged from natural diamond prices. That's because consumer demand was low, having been devalued in people's minds by the ease with which synthetics flooded the market - especially from China.Source: De Beers GroupReflecting on this sharp price decline, De Beers says it intends to discontinue the Lightbox business and return to its core values as a producer of rare natural diamonds.Every great love story has a beginning, middle and no endAs part of the closure process, the company is discussing the sale of certain assets, including inventory, with potential buyers. It will still run its Element Six arm, which focuses exclusively on industrial applications for synthetic diamonds. De Beers says the failure of synthetic diamonds as jewellery has reinforced its “commitment to natural diamonds in the jewellery sector”. “The evolution of
Luxury
Donatella steps down after 30 years of leading Versace
Donatella Versace has announced she is leaving the role of creative director at Versace after nearly three decades. She first took on the job in 1997, after the murder of her brother Gianni. Donatella's successor is Dario Vitale, a former image and design director for Miu Miu, but she will not leave the fashion house entirely, instead taking on a brand ambassador position, which will see her focus on “philanthropic and charitable endeavours” and “advocate for the brand globally". Vitale's debut collection will be the first in the brand's history to not be overseen by either Gianni or Donatella. The shift in leader at the helm comes as speculation continues to swirl that Prada Group is looking to buy Versace from the Capri Holdings group. Capri bought the fashion house for €2billion (A$3.4 billion) but Bloomberg reported earlier this month, Prada Group could be looking at a cheaper price tag of €1.5 billion if they move ahead. In a statement, Donatella said she was “thrilled that Dario Vitale will be joining us, and excited to see Versace through new eyes". “It has been the greatest honor of my life to carry on my brother Gianni’s legacy. He was the true genius, but I hope I have some of his spirit and tenacity

Luxury
Sales decline: Estee Lauder reports losses, jobs cuts
Luxury beauty giant Estee Lauder is set to cut 7000 jobs - the equivalent of 11% of its workforce - by fiscal 2026. As of the previous financial year, Estee Lauder employed roughly 62,000 people. This comes as the international cosmetic brand reported a 6% drop in net sales in the previous quarter. “We are significantly transforming our operating model to be leaner, faster, and more agile, while taking decisive actions to expand consumer coverage, step-change innovation, and increase consumer-facing investments to better capture growth and drive profitability,” said CEO Stéphane de La Faverie. Sales on all products except for fragrances have experienced a decline. Net sales for the company that is parent to brands including MAC, La Mer and Aveda, is reflective of an overall challenging retail environment, including subdued consumer sentiment in the key markets of mainland China, Korea and Hong Kong. The company posted sales of US$4 billion in the latest quarter, down from $4.28 billion in the same period last year. However revenue was still slightly above the anticipated $3.977 billion. The company exceeded analysts' predictions, achieving an adjusted earnings per share (EPS) of $0.62 versus the expected $0
Luxury
LVMH reports solid 2024 sales amid ongoing challenges
LVMH Moët Hennessy Louis Vuitton SE, the world’s largest luxury goods company, reported solid full-year sales for 2024 amid a challenging economic and geopolitical environment. The French conglomerate, which owns iconic brands such as Louis Vuitton, Moët & Chandon, and Hennessy, posted revenues of €84.68 billion (A$141.3 billion), while earnings per share was reported at €25.12. The company recorded organic growth of 1% year-over-year. Fourth-quarter sales also exceeded expectations, driven by strong demand in Europe, the U.S., and Japan, although weakness persisted in the broader Asia region. Bernard Arnault, LVMH chairman and Chief Executive Officer noted, “The creativity and very high quality of our products, our steadfast commitment to excellence, the agility of our teams and the good geographic balance of our locations underpin the success of LVMH and its Maisons, backed by the dedication of all our people.” The group's selective retailing division, which includes Sephora, and its perfume and cosmetics segment delivered particularly strong performances. However, its key fashion and leather goods, as well as wine and spirits divisions, faced challenges. LVMH’s results come as the luxury industry grapples with he
Luxury
The Founders: Lab-grown diamonds make The Cut
The Founders is a new finance series by Azzet, showcasing the inspiring journeys of visionary entrepreneurs who turned ideas into thriving businesses. Dive into captivating stories and insightful interviews with founders and CEOs, as they share their challenges, triumphs, and industry insights in this ongoing series. Talitha Cummins has diamonds in her blood. A former broadcast journalist at Weekend Sunrise and Seven News, she teamed with her uncle Craig Blizzard, a jewellery industry veteran, and her cousin Kara Blizzard to launch The Cut Jewellery in 2023. Specialising in lab-grown diamonds, The Cut “creates exceptional pieces with a focus on craftsmanship and very high quality service,” Cummins told Azzet. Lab-grown diamonds shineLab-grown diamonds’ market share has surged in recent years. The sector now accounts for around 20% of the US$89 billion global jewellery market — up from close to 0% a decade ago. According to Cummins, consumers have grown more accepting of lab-grown diamonds as they’ve learned more about the product. “It’s not a fake, it's not an imitation,” she says. “It is in fact carbon, chemically and physically the same as a diamond that comes from the earth.” With that cultural acceptance, she says,
Luxury
LVMH misses Q3 projections; Chinese demand weakens
LVMH Moët Hennessy Louis Vuitton reported a 3% decline in revenues for the third quarter, missing market expectations amid weakening Chinese demand and moderating growth in Japan. The luxury conglomerate reported total revenues of €19.1 billion, attributing the declines to a stronger Japanese yen. However, LVMH highlighted resilience in its core markets, with Europe and the U.S. showing slight growth. “In an uncertain economic and geopolitical environment, the Group remains confident and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the authenticity and quality of its products, excellence in distribution and agile organisation,” the company stated. Its Wine & Spirits division posted the largest decline of 11%, with Fashion & Leather Goods and Watches & Jewelry also slipping. LVMH’s total revenue so far in 2024 is EU€6.8 billion. Conversely, Perfumes & Cosmetics recorded a 5% revenue increase following successful launches from Dior and Givenchy. Selective Retailing, which includes Sephora, also posted 6% organic growth, gaining market share in Europe, North America, and the Middle East. The report also noted several of LVMH’s product lines have suffered from