The Business Of Luxury: News Round Up Of The Week
All that is making waves in the luxury industry this week, from Prada to Lamborghini
Prada acquires 100 percent stake in Versace
In a move that has not surprised many, given Versace’s retail slowdown, Prada has acquired Versace from US-based Capri Holdings in an all-cash deal for an enterprise value of € 1.25 billion. Prada said the acquisition will not interfere with Versace’s ‘creative DNA and cultural authenticity’, as the parent company looks forward to benefit from its established industrial infrastructure. “We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftsmanship and heritage,” said Patrizio Bertelli, Prada Group Chairman and Executive Director in a public statement.
Lamborghini appoints Nidhi Kaistha to head growth in India
The big news in the auto industry includes Lamborghini appointing Nidhi Kaistha as Head of Operations in India. Previously, she was with Porsche India, looking after regional sales and the pre-owned car division. She has over 25 years of relevant experience spanning across hospitality, aviation and the automotive sector. Kaistha’s appointment comes at a time when Lamborghini sales have seen a huge uptick in India. She will be charged with enhancing brand presence as well drive growth in different regional markets. Lamborghini currently has the sixth-largest market in India.
Milan Design Week highlights
Luxury fashion made a strong presence felt at The Milan Design Week which concluded on April 13, including the Salone del Mobile and Fuorisalone for events that happened off-site. Miu Miu, Loewe, Hermès, Louis Vuitton and The Row were some of the brands who presented at the fair. Range Rover did a vintage-inspired installation, which had visitors sitting in a 1970s inspired car showroom, with actors pretending to be salespersons. Louis Vuitton presented their Objets Nomades homeware collection, designed by Estudio Campana and Patricia Urquiola in its neo-classical salon, while the House of Gucci chose a 16th-century cloister of San Simpliciano church. Titled Bamboo Encounters, the exhibition was a tribute to bamboo, a material that has been a house staple.
Lamborghini and Ducati come together for a collaboration
Lamborghini and Ducati announced their collaboration at Milan Design Week, proving how teamwork makes the dream work. This is the third collaboration between the brands, which has seen the birth of the Ducati Panigale V4 S to the market. Drawing on design elements, borrowed from the Lamborghini Revuelto, the Panigale V4 Lamborghini is sure to make bike enthusiasts who can afford six figures line up. The bike has signature Lamborghini elements including wheels that mirror the brand, the tailpiece that has been redesigned to resemble the Revuelto. Even the heat shield, instrument mounts, heel guards, radiator duct, chain guard are made with the same carbon fibre used in Lamborghinis.
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