Leatherbiz reports that UK leather goods brand Mulberry has reported that its profit for the first six months of the year fell 28% after soaring leather prices and investment in a new factory and stores impacted results.
LVMH Group announced the acquisition of Italian luxury cashmere house Loro Piana SpA had received all final authorizations and named Antoine Arnault, eldest son of the luxury group's CEO Bernard Arnault, Chairman of the Board, expanding his current list of responsibilities at LVMH.
Chanel has acquired its long-time lambskin provider, the French tannery Bodin-Joyeux, in the latest purchase by a luxury brand of a partner that supplies top quality materials.
Chanel, which belongs to the Wertheimer family, is the second biggest luxury brand in the world, behind Louis Vuitton and ahead of Ralph Lauren, with nearly €6 billion in estimated annual sales.
Italian and French luxury brand acquisitions of tanneries are not a new phenomenon. Along with soaring raw materials prices and a finite number of quality hides and skins there has been an explosion in demand for high-value leather goods. Some of the world’s largest luxury brands have snapped up tanners to secure supply and maintain an artisan tradition. Martin Ricker reviews the recent trend.
Leatherbiz reports that luxury goods group Kering has teamed up with the International Trade Centre (ITC) and the International Union for Conservation of Nature to launch a three year-research project which aims to improve sustainability of the python trade.