Women's Wear Daily

LVMH, Parsons Pledge Money, Support for Saudi Arabian Fashion, Business

RIYADH, Saudi Arabia — Saudi Arabia, which is opening to new opportunities and looking to build traction around tourism, culture and tradition, has caught the eye of LVMH Moët Hennessy Louis Vuitton and Parsons School of Design, which have both pledged to invest in the country’s emerging fashion and business talent. On Monday, the first day of the inaugural Fashion Futures conference, which is backed by the Ministry of Culture, LVMH pledged a $500 million fund aimed at investing in, and supporting, young designers and creatives in the GCC, which comprises Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman. During a keynote speech, Ravi Thakran, group president, LVMH South Asia and South-East Asia, Australia and Middle East, touted the runaway growth across the entire region, calling it “the factory of the world” and arguing that it will evolve into a “creator of brands” over the next decade. He said the $500 million fund will allow LVMH “to work hand in hand with the Ministry of Culture to develop and promote talent” in Saudi, the largest GCC country, and to enable “regional entrepreneurs to develop businesses” and disrupt the market. Earlier in the day, Hamed M. Fayez, vice minister, Ministry of Culture,

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Fragrance Sales Increase at IFF

International Flavors & Fragrances Inc. posted a 40 percent uptick in net sales for the third quarter, mostly due to the company’s acquisition of Frutarom. Net sales were almost $1.3 billion, up from $908 million in the prior-year period. Net income was up 36 percent, to $129.8 million, from $95.7 million. “Scent continued to perform well, growing low single-digits, and we have seen a sequential improvement at Frutarom, with broad-based increases across many categories,” said IFF chairman and chief executive officer Andreas Fibig. While scent segment sales were up 2 percent, with strong performance in fine fragrance in Europe, the Middle East and Asia, the company said. Consumer fragrances grew in the low single digits, led by home care, hair care and fabric care. For more from WWD.com, see:  Chillhouse is Switching Up its Business Model Dr. Scholls to Become a Wellness Company Beauty Veteran David Olsen Joins Private Equity Ranks

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