In The Press

5 Dec 2018 , 9:20pm

A round-up of the latest luxury business news.

Chanel will no longer use exotic animal pelts despite the fact luxury accessories using them have reached top price in recent years. The company announced that it was becoming more difficult to access exotic pelts and either had to clean up the sector or move away from using the materials, according to Vogue.

Gucci is set to move into high end jewellery next year, according to the head of Kering. The 18 billion euro sector has been one of the fastest growing in luxury this year, with Bain & Co predicting further gains of seven per cent next year. Kerring boss Francois-Henri Pinault said the company would produce a collection by June, Reuters reported.  

Conde Nast is to merge its US and international operations to create a global company. Current CEO Bob Sauerberg will step down and be replaced by a global chief executive who will be appointed to both roles whilst the current chief executive of CNI Jonathan Newhouse will become chairman of Conde Nast's board of directors. 

Alibaba has signed an agreement with the Belgian government to launch an e-commerce hub, the first European country to do so.  The project, which will include logistics, is part of the company's Electronic World Trade Platform and will start operations in 2021. 

SoftBank has done a deal to invest $2 billion in South Korean e-commerce site Coupang. The investment by the Tokyo funder will help Korea's largest online retailer develop its shopping and delivery services. Softbank originally invested in Alibaba.