Friday, December 24, 2021

The Best of BoF: Luxury’s Transformative Year

BoF is away for its annual break until Jan. 4. In the meantime, we invite you to explore highlights of our news and analysis from the year.
WHAT YOU NEED TO KNOW TODAY: SATURDAY, DECEMBER 25, 2021

Dear BoF Community,

Luxury had a rocky start to 2021 as coronavirus shutdowns extended into the new year. But the sector soon came racing back, propelled by a "K-shaped" economic recovery, which meant wealthy consumers had more to spend than ever, and led by brands that reactivated clients outside historic luxury shopping hubs and innovated online. 2021 was a year of transformations. The world's biggest luxury group LVMH was reshaped by its blockbuster acquisition of American jeweller Tiffany & Co. into which it poured massive investment. At rival Kering, Balenciaga revived its couture line after more than half a century, becoming white-hot once again. Meanwhile, Richemont pushed a deal to merge underperforming e-commerce giant Yoox Net-a-Porter with rival Farfetch. Elsewhere, retailer Selfridges entered talks for a $5.3 billion sale, while Dover Street Market bet on a bold events strategy. In 2021, the industry also said goodbye to two of its brightest stars, Alber Elbaz and Virgil Abloh, and welcomed back Phoebe Philo.

Robert Williams, Senior Europe Correspondent

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