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☆ Meet a 24-year old living with her parents who splurges on weekend trips, a Chanel handbag, and a Balmain jacket with all the money she'd spend on rent
▼ + stars: | 2023-02-16 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

Anastasia Ricci, 24, decided to stay with her parents during the pandemic and never left. With all the money she's saving on rent she's able to buy designer clothes and expensive trips. Anastasia Ricci in a $1,700 Balmain jacket. Anastasia Ricci bowling in Miami. Anastasia Ricci during a $1,200 weekend trip to Miami.

☆ Rothschild holdouts have little chance of a bump
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 14 (Reuters Breakingviews) - The dynasty behind famed investment bank Rothschild & Co (ROTH.PA) has sided with France’s business elite to buy out minority investors on the cheap. Any potential holdouts, though, have little hope. If they miss that threshold, the Rothschild family can keep whatever shares they get. That means they could just try the whole thing again next year – but starting from a higher ownership base. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

PARIS, Feb 14 (Reuters) - LVMH (LVMH.PA) top label Louis Vuitton said on Tuesday it has hired Pharrell Williams to head artistic direction of its menswear designs, tapping a popular figure from the music industry to fill the high-profile position left vacant since the passing of star designer Virgil Abloh over a year ago. "Louis Vuitton is delighted to welcome @Pharrell as its new Men’s Creative Director", Louis Vuitton said in a tweet, confirming earlier reports from the Wall Street Journal and the French daily Le Figaro. loadingWilliams' first collection for the label will be shown in June during Men's Fashion Week in Paris, the brand added. Williams rose to fame in the music business as a producer and singer with hits including "Happy" and "Blurred Lines." "Happy," written for the animated movie "Despicable Me 2," earned Williams one of his two Oscar nominations.

☆ Goldman Sachs partners are pissed
▼ + stars: | 2023-02-12 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: Lara O'Reilly, our senior correspondent covering the advertising industry, looks ahead to the Super Bowl. Insider's Aki Ito breaks down why grandiose job titles like "senior executive vice president" are suddenly all the rage. According to a new study, early-career job titles have changed drastically in the past few years. While it's not clear how widespread this discontent is — Goldman has some 400 partners — some partners are already talking about who might replace CEO David Solomon if it comes to that. Inside the drama at Goldman SachsRead more:Tyler Le/InsiderGoogle's search engine is about to change.

☆ A fugitive billionaire just auctioned off $3.2 million worth of luxury handbags — see highlights from his prized collection
▼ + stars: | 2023-02-09 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

Billionaire Joseph Lau sold $3.2 million worth of luxury handbags at a Sotheby's auction. Lau is a prolific collector who's purchased roughly 1,500 Hermès bags, Bloomberg reported. The collection included one Chanel bag and 76 Hermès bags, including both the iconic Birkin and Kelly styles. Lau's collection extends beyond handbags to diamonds — including a $53 million 12-carat blue diamond — and art by Andy Warhol and Jean-Michel Basquiat, Bloomberg reported. Lau has auctioned off other pieces in his collection over the years, including $20 million worth of art and fine wine.

☆ Generations Y, Z, and Alpha will become the biggest buyers of luxury goods by 2030, a new study shows
▼ + stars: | 2023-02-07 | by ( Felise Seah | ) www.businessinsider.com time to read: +4 min

Younger generations are set to become the largest buyers of luxury goods by 2030, the report says. Bain's study is based on information and data provided by the Fondazione Altagamma, an Italian luxury goods body with over 280 luxury companies as members. Millennials born between 1980 to 1994 are dubbed Generation Y, whereas Generation Z refers to those born between 1995 and 2009. These habits could also be a result of the booming luxury resale market, where Generation Y, Z, and Alpha are treating luxury goods as valuable investments. This is expected to make luxury goods much more accessible and bolster sales to Generation Y, Z, and Alpha consumers.

☆ Confessions of 20-somethings who live at home and splash out on cars, designer handbags, and nightclubs instead
▼ + stars: | 2023-02-04 | by ( Dan Latu | Kelsey Neubauer | ) www.businessinsider.com time to read: +9 min

They're also spending the money they would have spent on rent on pricey goods and travel. Courtesy of Julia MachajProfession: EngineerIf she weren't living with her parents she'd live in: Stamford, Connecticut, where the rent starts at $1,875, according to Rent.com. Courtesy of Jonathan BranchProfession: AccountantIf he wasn't living with his parents he'd live in: Arlington, Virginia, where rent starts at $1,999, according to Rent.com. He's spent money on: $700 Sony camera and $800 lensesJonathan Branch recently turned 30, but spent his twenties living at home in Fairfax, Virginia. Courtesy of Gabby BeckfordProfession: Travel influencerIf she weren't living with her parents she'd live in: Seattle, Washington, where rent starts at $1,560, according to Rent.com.

☆ The US's powerful Abrams tanks are heading to Ukraine, but generals disagree over how hard it'll be to use them on the battlefield
▼ + stars: | 2023-02-01 | by ( Sebastien Roblin | ) www.businessinsider.com time to read: +19 min

The US has pledged to send Abrams tanks to Ukraine, joining a bevy of Western-made tanks. Here comes the M1 Abrams for UkraineA M1A2 Abrams tank fires at a target during an exercise. The same day, word spread that US President Joe Biden would announce he was sending 31 M1 Abrams tanks to Ukraine. But Hertling disagreed that withholding the M1 Abrams was a "political decision" and didn't find the examples of non-US Abrams operators persuasive. M1 Abrams: training and sustainmentAn M1A2 Abrams drives into the woods during an exercise in Hohenfels, Germany.

☆ The Arnaults are betting big on K-Pop, and it shows the power of South Korea's luxury spending machine
▼ + stars: | 2023-01-31 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +6 min

Experts tell Insider this is a calculated move to tap into the booming South Korean market. A targeted move to win over the South Korean marketBTS member Jimin (left) and BLACKPINK singer Rosé. "Fashion trends tend to be created and adopted in South Korea, before being diffused to other markets in Asia," Dubois said. She also said South Korea is "increasingly known" for its K-Pop stars, movies, and shows in the US — which helps with promotions stateside too. Once the COVID situation settles, it is possible that Chinese tourists, with their spending power, return to Korea," Kim said.

☆ Gucci's challenge: reigniting heat while boosting timeless appeal
▼ + stars: | 2023-01-30 | by ( Mimosa Spencer | ) www.reuters.com time to read: +4 min

PARIS, Jan 30 (Reuters) - Sabato De Sarno, newly appointed by Kering (PRTP.PA) to reinvigorate its prized Gucci brand, needs to spark heat with a new direction, analysts say - a delicate task, given the emphasis executives have also put on the label's timeless appeal. De Sarno, a senior fashion designer from Valentino, is tasked as creative director with reviving the fortunes of the brand that accounted for two-thirds of Kering's profits in 2021. Analysts welcomed Kering's choice of a seasoned but relatively unknown designer, noting that previous creative director Michele did not have a public profile when he was appointed in 2002. His experience at Valentino suggests a "less eccentric aesthetic" than Gucci's previous designer, noted Carole Madjo of Barclays. The designer rose through Valentino's ranks after his arrival in 2009 to become fashion director overseeing both the men's and women's collections, working closely with chief designer Pierpaolo Piccioli.

☆ Imane Ayissi adds African touch to Paris haute couture fashion week
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

[1/3] A model presents a creation by designer Imane Ayissi as part of his Haute Couture Spring/Summer 2023 collection show in Paris, France, January 26, 2023. REUTERS/Sarah Meyssonnier TPX IMAGES OF THE DAYPARIS, Jan 26 (Reuters) - Imane Ayissi wove African textiles into his haute couture collection shown in Paris on Thursday, mixing raffia-lined garments in bright colours with dresses coated in sequins or airy silk fringes. "This is a window to show techniques of African artisans," said Ayissi. The Cameroon-born designer, who is based in Paris, is currently featured in the Victoria & Albert Museum exhibit "Africa Fashion" in London. Haute couture fashion week in Paris, which wound up on Thursday, features some of the most prestigious fashion houses, including Christian Dior (DIOR.PA) and Chanel.

☆ Armani spins harlequin patterns into ballgowns for haute couture lineup in Paris
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

[1/5] A model presents a creation by designer Giorgio Armani as part of his Haute Couture Spring/Summer 2023 collection show for fashion house Giorgio Armani Prive in Paris, France, January 24, 2023. REUTERS/Sarah MeyssonnierPARIS, Jan 24 (Reuters) - Giorgio Armani took to the haute couture catwalk in Paris Tuesday with evening wear spun from a traditional, diamond-patterned harlequin motif in pale pastels. Models moved steadily down a glossy runway carrying the motif, their clothing echoing the colors underfoot - pale pink, green and purple. Slim gowns followed, the diamond patterns delineated with sparkling beadwork that shimmered with movement, often worn with matching shoes and mini handbags. Haute Couture Week in Paris runs through Thursday and features some of the most prestigious fashion houses, including Christian Dior, Chanel, Fendi and Jean Paul Gaultier.

☆ Chanel hits playful note at haute couture show in Paris
▼ + stars: | 2023-01-24 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/6] A model presents a creation by designer Virginie Viard as part of her Haute Couture Spring/Summer 2023 collection show for fashion house Chanel in Paris, France, January 24, 2023. REUTERS/Gonzalo FuentesPARIS, Jan 24 (Reuters) - Chanel creative director Virginie Viard took a spirited direction for the French fashion house's spring haute couture show, sending models out of hulking, stylized animals crafted from cardboard and wood. They emerged, one at a time, circling the towering statues like ringmasters, in bouncy, cheerleader miniskirts, floral jumpsuits and shimmery tweed jackets. During her bow, Viard drew artist Xavier Veilhan, who designed the set, out from the risers while the audience cheered. The Paris haute couture shows, which include some of the most prestigious names in fashion like Georgio Armani Prive, Jean Paul Gaultier and LVMH-owned (LVMH.PA) Christian Dior, run through Thursday.

☆ Maison Rabih Kayrouz returns to haute couture runway in Paris
▼ + stars: | 2023-01-23 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/2] Designer Rabih Kayrouz poses before his Haute Couture Spring/Summer 2023 collection show for fashion house Maison Rabih Kayrouz in Paris, France, January 23, 2023. REUTERS/Sarah MeyssonnierPARIS, Jan 23 (Reuters) - Maison Rabih Kayrouz took to the runway on Monday for the first time in three years, showing an elevated collection that toyed with the boundaries of ready-to-wear and haute couture fashion. "For me, haute couture is not one style, not one situation - it's know-how," he told reporters after the show. The show took place on the first day of Haute Couture Week in Paris, which runs through Thursday and features the most prestigious fashion houses, including Christian Dior and Chanel. Reporting by Mimosa Spencer in Paris Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ A glamourous Parisian's haute couture wardrobe goes up for auction at Christie's
▼ + stars: | 2023-01-23 | by ( Michaela Cabrera | ) www.reuters.com time to read: +2 min

REUTERS/Sarah MeyssonnierPARIS, Jan 23 (Reuters) - A wardrobe owned by a Parisian woman who rubbed elbows with Yves Saint Laurent and other famous French designers is up for online auction at Christie's as Haute Couture week kicks off in Paris. A velvet bustier evening dress, from Saint Laurent's 1984-1985 haute couture collection, is also up for sale. And you know, all haute couture clients, they said that the Saint Laurent outfits are the most comfortable and the more feminine and sensual," de Foresta said. The Parisian owner also wore pieces by Christian Lacroix, Gianfranco Ferre for Dior and Valentino, and most of the couture pieces were bought in the 1980s and 1990s. Haute Couture Fashion Week, which wraps up on Thursday, allows an elite club of top-end designers to show off elaborate creations, which are not mass-produced for stores but tend to be sold to private clients.

☆ Luxury Tycoons Leave Big Shoes to Fill
▼ + stars: | 2023-01-19 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Bill Gates and Jeff Bezos handed the running of their companies to skilled industry executives. The billionaire founders of the world’s top luxury groups are more clannish, so investors need to watch the family. The bosses of several big luxury businesses are now in their eighth decade, including the world’s richest man, LVMH Moët Hennessy Louis Vuitton founder Bernard Arnault , Cartier owner Johann Rupert and the husband-and-wife team at the top of Prada , Miuccia Prada and Patrizio Bertelli . The brothers behind privately held Chanel, Alain and Gerard Wertheimer , are also in their 70s.

☆ Resale value of Gucci, Chanel, Louis Vuitton handbags is falling
▼ + stars: | 2023-01-19 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

“Demand for higher-priced luxury brands at resale is down, which is pushing prices for brands like Chanel, Gucci and Louis Vuitton down.”At the same time, she said, demand for previously owned lower-priced luxury brands — such as Miu Miu and Bottega Veneta — is up. They are no longer willing to pay the same price at resale that were willing to pay last year for brands like Hermes, Gucci and Louis Vuitton,” Skoda added. According to The RealReal’s Annual Luxury Consignment Report 2023, which was released Thursday, handbag resale prices fell 20% for Louis Vuitton, 17% for Gucci, 10% for Hermès and 9% for Chanel over the past 90 days. Resale prices are cooling somewhat for luxury handbag brands like Gucci and Louis Vuitton, according to The RealReal. As they embrace lower prices, resale shoppers have become less picky about the condition of the items they buy.

☆ Gen Z is driving luxury sales as wealthy shoppers get younger
▼ + stars: | 2023-01-17 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

"By 2030, younger generations (Generations Y, Z, and Alpha) will become the biggest buyers of luxury by far, representing 80% of global purchases," it said. Luxury sales have so far been largely immune to rising interest rates, a slowing economy and high inflation. Bain estimates that global sales of personal luxury goods sales surged 22% in 2022, to 353 billion euros, or roughly $381 billion. The U.S. regained the top spot for luxury sales in 2022, surpassing China, with 25% sales growth and total sales of 113 billion euros, or about $121 billion. Bain said Web 3.0, including the metaverse and NFTs — a type of digital asset called nonfungible tokens — will help future luxury sales to younger consumers even further.

☆ Rolls Royce and Porsche's gravity-defying sales numbers show the rich aren't cutting back on luxury spending just yet
▼ + stars: | 2023-01-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Ultra-wealthy shoppers meanwhile have kept up spending, driving record sales for Rolls Royce and Porsche. But the 2022 sales of brands like Rolls Royce and Porsche appear to defy this financial gravity. Rolls Royce CEO Torsten Müller-Ötvös. Porsche 2022 Taycan GTS and Taycan GTS Sport Turismo. While most average households are balancing the math of higher-priced eggs against shifting energy bills, an exclusive few are busy making sure the Rolls Royce they buy is one-of-a-kind.

☆ Take a look at the dazzling artwork being shown on a huge 'digital canvas' in London
▼ + stars: | 2023-01-15 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +2 min

Outernet London has 23,000 square feet of floor-to-ceiling high-definition LED video screens. It displays "experiential advertising" as well as immersive contemporary digital art works. But perhaps the most eye-catching element of the project, which opened last November, is the 23,000 square feet of super high-definition LED screens at street level that it's calling the "world's largest digital canvas." The immense, immersive 360-degree screens display "experiential advertising" from companies including Burberry, Amazon, Netflix, BMW, EA Games, and Chanel – as well as contemporary digital art exhibitions. Take a look at Outernet and its immersive digital artworks.

☆ I changed careers to become an acupuncturist. In a year, my business earned $200,000 — and I'm a lot happier.
▼ + stars: | 2023-01-14 | by ( Elle Hardy | ) www.businessinsider.com time to read: +10 min

I opened Moon Rabbit Acupuncture in June 2020, and in 2021, I earned a little more than $200,000 in profits. Going to acupuncture school is relatively inexpensive, about $8,000 per semester, which isn't much compared to other degrees. When I opened Moon Rabbit Acupuncture, I found myself busy very quicklySnyder standing outside Moon Rabbit. Before I opened my business, I did a lot of cold interviews with business owners. However, I felt that a huge reason for becoming an acupuncturist and opening Moon Rabbit was to link to my Asian heritage, my lineage, and my culture.

When shopping for products to help address issues like under-eye puffiness, dark circles and fine lines, it’s important to buy items specifically designed for the under-eye area, said Dr. Karen Burke, a board-certified dermatologist and research scientist. According to the medical experts we consulted, under-eye patches work by targeting dark circles, crow’s feet, wrinkles and fine lines. The best under eye patches and masks of 2023Below are a handful of expert-recommended under-eye patches that are formulated to nourish the under-eye area. The experts we spoke to gave these eye patches a thumbs up when it comes to combating puffiness thanks to a cooling cucumber extract. These under-eye patches can be reused up to 10 times, according to the brand.

☆ South Koreans are the world's biggest spenders on luxury goods
▼ + stars: | 2023-01-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Handbags displayed in a Chanel SA store window at the Avenuel department store, operated by Lotte Shopping Co Ltd., in Seoul, South Korea, on Tuesday, Dec. 14, 2021. Whether it's calf-leather Italian Prada bags or classic, checkered British Burberry trench coats, South Koreans are the world's biggest spenders on personal luxury goods per capita, Morgan Stanley said. The investment bank estimated South Korean total spending on personal luxury goods grew 24% in 2022 to $16.8 billion, or about $325 per capita. Luxury brands have also highlighted strong sales in Korea. Moncler said its revenue in South Korea "more than doubled" in the second quarter compared with before the pandemic.

☆ How 'Real Housewife' Jen Shah's fabulous life came crashing down
▼ + stars: | 2023-01-06 | by ( Stephanie Clifford | ) www.businessinsider.com time to read: +43 min

The woman wrote to the judge overseeing Shah's case that she'd had to remortgage her house, almost divorced, and "thought about ending my own life." The couple decided that he should get his degree while Jen Shah dropped out of college to work. (Shah told a judge at her 2022 plea hearing that she had been treated for "alcohol and depression" two years prior. Koa Johnson, Jen Shah's former fashion designerWhen Sharrieff Shah did participate in filming, he quickly became a fan favorite, calm and sensible. Once the show aired and Jen Shah developed a fan base, her behavior became more dramatic, Johnson said.

☆ Here are 3 big luxury retail trends for 2023, according to experts
▼ + stars: | 2022-12-31 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Luxury resale will boom in 2023 as more brands take control of their second-hand markets. The personal luxury market is expected to grow 3%-8% over the next year, according to Bain & Company. This year, without those stimulus checks, and amid a possibly pending recession, there will be a shift in who is buying luxury items, according to Oliver Chen, a managing director in the retail and luxury section for investment bank Cowen. Insider chatted with four experts, from former merchandisers to retail analysts, to understand how the luxury retail market is bound to change in 2023. Next year, experts expect to see more luxury brands taking control of their own second-hand markets.

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