Richemont’s China Slump

StockX CEO Steps Down; What Comes After Fashion's Big Trump Reality Check

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WHAT YOU NEED TO KNOW TODAY: SATURDAY, NOVEMBER 9, 2024 Richemont was hit hard by collapsing luxury demand in China, but its brands including Cartier and Alaïa outperformed in the US. As the shock wears off, the fashion industry must carefully weigh its response to Donald Trump's victory. StockX CEO Scott Cutler is stepping down. His replacement will be co-founder and COO Greg Schwartz. Vuori announced an $825 million investment led by General Atlantic and Stripes valuing the brand at $5.5 billion. Plus, this week on The BoF Podcast, revisit a 2023 conversation with Sammy Basso, who upon his death this summer at 28 was the oldest known person with progeria, where he discussed his research and life philosophy.

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LUXURY Richemont's China Sales Fall 27% By Simone Stern Carbone

The Swiss luxury group, whose brands include Cartier, Vacheron Constantin and Chloé, reported six-month revenues down one percent. The group missed estimates amid slowing watch sales and as demand collapsed in China. READ MORE

NEWS & ANALYSIS What Comes After Fashion's Big Trump Reality Check By BoF Team

It will be tempting for some to retreat further into their bubble after Tuesday's election, or adopt an "it's just business" attitude. Dig deeper. READ MORE

CREATIVE CLASS The BoF Podcast | Sammy Basso on the Power of Positive Thinking By Imran Amed

In a conversation at BoF VOICES 2023, Sammy Basso, the oldest known person with progeria, speaks with friend Annastasia Seebohm Giacomini about the importance of his research and shared his philosophy of how to live a full and fulfilling life. READ MORE

RETAIL StockX CEO Scott Cutler to Step Down By Daniel-Yaw Miller He'll be replaced in January by co-founder, president and current COO Greg Schwartz, BoF has learned. The leadership change occurs amid turbulent market conditions in sneaker resale. READ MORE

BoF PROFESSIONAL Join now and enjoy your first 30 days for just $/£/€1 START TRIAL

NEWS BRIEFS Meta's Zuckerberg Not Liable in Lawsuits Over Social Media Harm to Children Vuori Raises Investment at a $5.5 Billion Valuation Temu Faces Second EU Probe for Misleading Sales Practices

BoF EVENTS

Join Us for the BoF VOICES 2024 Livestream In just under 2 weeks, The Business of Fashion will bring together the movers, shakers and trailblazers of the global fashion industry with the thought leaders, entrepreneurs and inspiring people shaping the wider world, at BoF VOICES 2024.  Across five, carefully curated content sessions, you will experience a transformative programme of provocative talks, interactive discussions and unforgettable learning moments. Selected highlights include: Valentino's creative director Alessandro Michele and chief executive Jacopo Venturini will share their vision for the creative revamp of the iconic Roman fashion brand amid a global luxury slowdown. Legendary editor Tina Brown will share her perspectives on the US election and the role of the media in the age of disinformation. Waorani leader and activist Nemonte Nenquimo, along with her partner and co-founder of Amazon Frontlines Mitch Anderson will join Bandana Tewari for a conversation on the impact of Amazon deforestation on the future of the planet. Please find more speaker information here. All five sessions will be livestreamed for BoF Professional, Executive and Student+ members. Register now to join us for the sessions of your choice. REGISTER NOW

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