Celebrity Life
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When Hong Kong protests impacted luxury brand revenues, China was there to cushion the losses. Now that China has been quarantined, just how will the luxury industry be impacted?
The post How the Coronavirus is Impacting the Luxury Industry for Brands over-leveraged in China appeared first on LUXUO.
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Echoes of 2003's SARs crisis and China's mismanagement then are scaring investors away from luxury stocks as prices fell across the board on news that the Wuhan virus had spread to six other markets
The post Wuhan Virus Hits Global Luxury Stocks, investors spooked by Tourism and Retail downturn appeared first on LUXUO.
Hublotâs Latest Watch Fuses Two of Its Most Famous Lines
Louis Vuitton acquires worldâs second largest uncut diamond
Louis Vuitton just scooped up the second largest diamond ever discovered. The SewelĂ´, which translates to ârare findâ in Setswana (one of the native languages of Botswana â where the stone was first discovered). And a rare find it is indeed. The Botswanian diamond was unearthed in April 2019 and weighs 1,758 carats (coming in second place as the largest diamond, behind the Cullinan Diamond which weighs 3,106.75 carats). Louis Vuitton has not disclosed the exact cost of the purchase so far, but Chief Executive Michael Burke has stated that it was in the âmillionsâ, and that âsome of my competitors, I believe, will be surprisedâ.
Now that the stone is in the hands of the French luxury house, the brand will be partnering with diamond manufacturer HB from Antwerp. HB will be responsible for cutting and polishing the rough that will be featured in upcoming Louis Vuitton high jewellery collections. So far, the tennis ball-sized gem has been described as near gem of variable quality; âis it D or D-flawless, and how big is the flawless part? I donât know. [The purchase] took a little bit of guts and trust in our expertise.â, Burke continues to openly admit to the brandâs daring and ambitious acquisition. [inline_related_article article_id="168351"]
The fashion houseâs attention has now turned away from its monogrammed leather goods to gearing up to expand their high jewellery presence in the market. Burke explains, âNobody expects us to put such an emphasis on high jewellery, I think it will spice things up a bit. Wake up the industryâ. This doesnât come as a huge surprise as the Louis Vuitton parent company LVMH has recently acquired jewellery house Tiffany & Co. back in November of last year for US$16.2 billion. LVMHâs plans to dominate high jewellery is certainly well on its way.
This story first appeared on PrestigeOnline Hong Kong
The post Louis Vuitton acquires worldâs second largest uncut diamond appeared first on Prestige Online - Hong Kong.