These are the stories making headlines in fashion on Wednesday.
LuxExperience Returns to Profit in Fourth Quarter
LuxExperience, the parent company of Mytheresa and Net-a-Porter, returned to profitability in its fiscal fourth quarter. CEO Michael Kliger cited strong growth at Mytheresa, as well as a turnaround at Net-a-Porter and Mr Porter. Yoox also recorded growth for the first time since its acquisition. LuxExperience’s net sales rose 7.6% to €653.6 million ($754 million) in Q4, and executives forecast further sales and margin gains in the new fiscal year, which began in July. {LuxExperience; WWD/paywalled}
Authentic Brands Group Eyes IPO
Authentic Brands Group could pursue an initial public stock offering (IPO) as early as the first half of next year. CEO Matthew Maddox told Bloomberg TV that the licensing giant is “ready to go.” The company posts an 81% profit margin on $2.2 billion in revenue, with organic growth between 7% to 8% annually. Authentic owns $10 billion of intellectual property, and Maddox wants to double that over the next 24 months. {Bloomberg/paywalled}
Jil Sander Names Marco Viganò CEO
Photo: Courtesy of Jil Sander
Jil Sander has named Marco Viganò as its new CEO, effective Sept. 15. He succeeds OTB Group CEO Ubaldo Minelli, who had been overseeing the brand on an interim basis. Viganò joins from Moncler, where he served as global chief client officer and president EMEA, and previously held senior roles at Audemars Piguet, Saint Laurent, Louis Vuitton, Gucci and L’Oréal. {Fashionista inbox}
L’Oréal Overtakes LVMH as France’s Most Valuable Company
L’Oréal overtook LVMH on Tuesday as France’s most valuable listed company, reaching market capitalization of about €203 billion ($234.2 billion) versus LVMH’s €201 billion ($231.9 billion). Analysts say consumers are favoring small indulgences over big-ticket items, lifting L’Oréal shares by 5% this year while LVMH fell by 35%. LVMH also dropped out of Europe’s top 10 companies by market capitalization, and CEO Bernard Arnault lost his title as Europe’s richest person to Zara Founder Amancio Ortega. {Reuters/paywalled}
Prada Rules Out Armani Bid
Prada is not considering a bid for Armani and remains focused on turning around Versace, which it acquired last year, CEO Andrea Guerra told Reuters. Armani is preparing for a sale of a 15% stake in the company. Guerra also said smart glasses launch under a Prada-owned brand is unlikely in the “near future,” despite past “exploratory talks” with EssilorLuxottica. {Reuters/paywalled}
TikTok Shop’s Luxury Resale Boom Driven by Livestreams
TikTok Shop said livestreams now drive 94% of its U.S. luxury resale revenue. The category’s gross merchandise value surged 400% year-over-year, fueled by handbags and watches. Resale brands such as Fashionphile, Rebag and MyGemma have built sizable followings on the platform, part of a broader shift toward secondhand shopping among younger consumers. ThredUp predicts the global secondhand apparel market will reach $393 billion by 2030. {Modern Retail}
