P&G to Downplay Corporate Name in Olympic Ads
In a step-change from previous Olympic advertisements, the consumer goods giant plans to focus on promoting individual brands rather than its overall corporate values.
Former Louis Vuitton CEO Michael Burke is stepping back from overseeing LVMH’s sprawling Fashion Group just four months after he was named the unit’s chief executive, BoF has learned.
The fashion giant has been working with advisers to study possibilities for the Marc Jacobs brand after being approached by suitors.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
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This week, Kering flagged sales were down 20 percent at its flagship brand, knocking confidence in the group’s turnaround strategy. ‘A more drastic solution is required,’ one analyst wrote.
Kering’s first-quarter revenues will likely decline by 10 percent on a comparable basis, the Paris-based luxury group flagged on Tuesday.
Watch on demand a BoF Professional Masterclass that explores the topic in our Case Study, “How Brands Sell Luxury to the 1%”.
The French group seen as a bellwether for the sector expressed tempered optimism for 2024.
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The former Louis Vuitton CEO will become chief executive and chairman of the unit that houses Celine, Loewe, Givenchy, Marc Jacobs, Pucci and Kenzo, effective February 1.
Sales rose 8 percent year-on-year for the three months ending December 2023 to €5.6 billion, beating analyst expectations.
With global demand in flux, brands ramped up their presence at concert tours, Formula One races, tennis championships and more. New creative directors debuted at Louis Vuitton, Gucci, Burberry and Tom Ford.
Laurent Malecaze, currently chief executive of British menswear label Dunhill, will replace Riccardo Bellini, who is set to exit Chloé at the end of the year.
In a step-change from previous Olympic advertisements, the consumer goods giant plans to focus on promoting individual brands rather than its overall corporate values.
In an Instagram post, the intimates retailer said the show will “reflect who we are today, plus everything you know and love.”
Consumers are focussing spending on essentials and cutting back on luxuries amid higher prices. But sales have held up as a strong labour market helped households navigate the high inflation environment.
Founder Roksanda Ilinčić, who will stay on as creative director, had filed a notice of intent to appoint an administrator before finding a white knight in TBG.
In its first-quarter results, the Brazilian beauty company’s losses widened and revenue dropped, but grew margins as it continues a turnaround plan that has seen it shed Aesop and The Body Shop.
Nike is undergoing a $2 billion cost-cutting plan that includes slashing 2 percent of its workforce.
During her tenure, Drucker Mann was instrumental in ushering the business into the digital age, said Roger Lynch, Condé Nast’s chief executive.
The miner set out its plans for a potential break-up via a demerger or sale of some of its assets, as it fights off a $43 billion takeover bid from BHP Group.