Why Fashion Is Obsessed With Palm Beach

Why L'Oreal Paid $2.5 Billion for Aesop; Zegna Swings to a Profit

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WHAT YOU NEED TO KNOW TODAY: FRIDAY, APRIL 7, 2023 The wealthy enclave of Palm Beach, Florida is shaking off its staid reputation and drawing more attention from luxury brands. Zegna's CEO expects to outperform the market amid strong menswear demand, and as "quiet luxury" drives fashion discourse. L'Oréal has the chance to reimagine its luxury portfolio with the purchase of Aesop. Levi's shares plunged after the brand said discounting to reduce inventory had hurt margins.

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RETAIL Why Fashion Is Obsessed With Palm Beach By Diana Pearl

The South Florida resort town has always been an enclave for the wealthy, but recent developments have bolstered its reputation as a fashion destination. READ MORE

LUXURY Zegna Group Reports €65M Profit Amid 'Quiet Luxury' Boom By Tamison O'Connor

Ermenegildo Zegna Group is currently seeing double-digit growth in stores after hitting €1.5 billion in sales last year. With a slowdown expected for luxury brands, chairman Gildo Zegna tells BoF the recently rebranded menswear giant is well-positioned to outperform. READ MORE

BEAUTY Why L'Oréal Paid $2.5 Billion for Aesop By Rachel Strugatz

The internet's most memed skincare line, beloved by both insiders and strivers, gives the conglomerate a chance to reconstruct its luxury portfolio. READ MORE

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NEWS BRIEFS Crocs Extends Partnership With Salehe Bembury Walmart Maps Out Plan to Boost Market Share, Improve Efficiency Hermes Surfs Luxury Boom to €200 Billion Market Value Levi's Tumbles on Restructuring Charge, Gross Margin Miss Nigeria's Homecoming Festival Partners with Nike and Stüssy

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