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Louis Vuitton set to raise prices due to increased costs

Louis Vuitton, LVMH’s top fashion brand, will raise prices globally on Wednesday as a result of increased manufacturing and transportation costs, a spokesperson for the French luxury goods company in China told Reuters.

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Louis Vuitton, the world’s biggest luxury brand, will become one of the first big labels in the industry to hike prices widely this year to protect its margins as costs soar.

The price increases will affect Louis Vuitton stores worldwide and cover leather goods, fashion accessories and perfumes, the spokesperson said on Tuesday. She did not give further details on the scale of the rises, beyond saying that they would vary depending on the product.

“The price adjustment takes into account changes in production costs, raw materials, transportation as well as inflation,” the label said in a statement given to Reuters.

Some bloggers on Chinese social media said the price of some models of handbags such as Capucines and Neverfull, now priced at 46,500 yuan ($7,323) and 12,000 yuan ($1,890) respectively, would rise by 20 percent or more in China, without citing sources.

PurseBop, a website tracking the luxury market, cited speculation that the increase would be between around 4 percent on the lower end and 15-18 percent on average on the higher end.

Presenting record 2021 sales and profits for the fashion and leather goods division, which is led by Vuitton and Dior, LVMH’s billionaire boss Bernard Arnault said in January the group had enough wiggle room to increase prices in an inflationary environment but would have to be “reasonable.”

Throughout the coronavirus pandemic, luxury goods companies have been taking advantage of surging demand for high-end fashion and accessories to push their brands even more upmarket.

Chanel increased prices on some of its handbags three times last year, with the popular Classic Flap bag, currently selling at $8,200, now costing $3,000 or nearly 60 percent more than before the pandemic in 2019.

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EU Organic Journey Hosts Exclusive B2B Dinner in Dubai, Unveiling European Organic Excellence

The European program “EU Organic Journey”nhosted a distinguished B2B dinner on the evening of the 14th of December 2023 at 19:00, set against the elegant backdrop of MYOCUM Dubai Restaurant (2D St, Al Wasl, Dubai, United Arab Emirates).
Bringing together key players from the Horeca sector, importers, distributors, wholesalers, grocery chains, organic shops, and esteemed food bloggers, the event showcased an array of delectable European organic products, including virgin olive oil, olives, and organic dairy products.
Attendees were treated to a unique opportunity to engage with representatives from the contributing organizations, fostering connections while savoring the exquisite European offerings. The ambiance of MYOCUM Dubai Restaurant provided the perfect setting for meaningful discussions on potential business opportunities. Throughout the evening, participants delved into the heart of the European program  “EU Organic Journey”gaining valuable insights into its initiatives, organic production methods,
and the superior quality of the promoted products. Representatives from the participating organizations were on hand to provide in-depth information, facilitating discussions on potential collaborations and partnerships within the organic industry.
The B2B dinner not only celebrated the richness of European organic products but also served as a platform for networking and knowledge-sharing. Attendees left the event with a deeper understanding of the “EU Organic Journey,” equipped with the information needed to explore new business avenues and enhance their involvement in the organic sector. The EU Financed campaign EU Organic Journey aims to promote and increase the awareness regarding the European organic products from Greece, Romania, and Bulgaria to consumers in UAE, Saudi Arabia and USA with the participation of the organizations Agrodiatrofiki Sympraxi Perifereias Stereas Elladas (ASPSE) from Greece, Bio Carpathia Cooperative from
Romania and National Organic Association (NAO)from Bulgaria.

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Classification: Public New Murabba appointed AtkinsRéalis to masterplan the world’s largest modern downtown in Riyadh, Saudi Arabia

The New Murabba Development Company (NMDC), a fully-owned subsidiary of the Public Investment Fund (PIF), Saudi Arabia,
has appointed AtkinsRéalis (TSX: ATRL), a fully integrated professional services and project management company with offices around the world, to support the design of the New Murabba masterplan, the world’s largest modern downtown in Riyadh, and the Mukaab, an immersive destination that will revolutionize the way in which people experience hospitality, retail and
leisure. A signing ceremony, attended by Sabah Barakat, Acting CEO, New Murabba Development Company, and Campbell Gray, CEO of AtkinsRéalis, Middle East and Africa, was held to mark this milestone and celebrate the ongoing support to deliver Riyadh’s new iconic destination. Sabah Barakat, Acting CEO, New Murabba Development Company, commented: “We are proud
to recognize the important role that AtkinsRéalis has played so far in the translation of the incredible vision of this project into the design of the masterplan and the iconic Mukaab building. We’re also pleased to recognize the ongoing involvement of AtkinsRéalis in this project through a series of recent contract awards relating to the further detailing and definition
of the overall New Murabba masterplan and infrastructure design, as well as the concept design of the iconic Mukaab building.”
“The New Murabba project aligns with Saudi Arabia’s national vision aimed at developing the infrastructure, enabling the private sector, and creating job opportunities for local talent,“ added Campbell Gray, CEO of AtkinsRéalis, Middle East and Africa. “We are proud to work with NMDC on this ambitious project and bring our global engineering excellence and design
expertise, underpinned by cutting-edge technologies and sustainable solutions, to deliver a long-  lasting legacy for the Kingdom and its future generations.” After successfully winning the international architectural and master planning competition for Riyadh’s new icon, AtkinsRéalis will provide its world class advisory, architecture, masterplanning and engineering services to deliver this groundbreaking project, a cornerstone to the visionary reinvention of the Kingdom’s capital city. Contributing to the city’s future development in line with the Saudi Vision 2030, the New Murabba masterplan is inspired by Riyadh’s original balance with nature, and its design is focused on a data-driven approach to sustainability, user convenience, reduction in the need for transport, walkability and people- centric design of its public realm. “Synonymous with designing iconic landmarks in the Middle East, AtkinsRéalis has established a stellar reputation for delivering people-centric destinations combining the region’s cultural identity with modern urban standards,“ said Matthew Tribe, Managing Director, Planning, Design, and Engineering at AtkinsRéalis, Middle East and Africa. “This project win is a testament to our innovative architectural design approach set to redefine downtowns of the future living experience not only in Riyadh but also globally.”

AtkinsRéalis’s competition-winning scheme is inspired by Najdi Architecture, with a focus on creating a futuristic landmark with deep contextual roots that blends Riyadh’s cultural heritage with its future ambitions. The Mukaab, which means cube in Arabic, will be the world’s largest immersive destination providing innovative experiences driven by digital and virtual technology.
The Mukaab’s exterior envelop shrouds an internal skyscraper, which will be one of the largest built structures in the world’s history, standing 400m high, 400m wide, and 400m long. The design of the Mukaab will also include first-of-its-kind hospitality, F&B and retail facilities.

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ASPIRE’s A2RL Debuts Autonomous Racing Car in Abu Dhabi

-Abu Dhabi Autonomous Racing League to hold its first event in April 2024

– A2RL introduces an enhanced version of the 300 km/h Japanese Super Formula SF23 racing car

– Autonomous technology testing commences ahead of inaugural race in April 2024

ASPIRE’s grand challenge, the Abu Dhabi Autonomous Racing League – A2RL, has for the first time revealed its autonomous, highly modified Super Formula SF23 development car. The first glimpse
unfolded at ASPIRE’s offices in Abu Dhabi, near the world-famous Yas Marina Circuit, where the premier event of the season – the Formula 1 (F1) Abu Dhabi Grand Prix 2023 – is currently underway. The same venue will play host to the inaugural A2RL racing event scheduled for next April. Globally acclaimed journalists, representing the world’s most reputable automotive and
racing publications, were also present during the car’s spectacular reveal – further solidifying
the cars status as a trailblazer in the motorsports industry. In April 2024, ten teams spanning North America, Europe, the UAE, and Asia will battle it out to claim a stake in the US$2.25 million purse. The series aims to accelerate autonomous driving development and innovation, pushing the
technology forward for the eventual benefit of road car safety. The new series makes the best use of the forward-thinking and blisteringly quick Super Formula SF23 racing car, developed by motorsport powerhouse Dalarra. All cars will come equipped with an array of sensors and control units as well as a basic level of autonomous performance. The autonomous car unveiled today was fresh off the track, having completed a successful week of testing. Attendees were shown how A2RL’s extensive testing programme has begun to refine the base SF23 platform. This includes validating an array of sensors, controlmodules, and autonomous control software. Once finalized, this base platform will be madeavailable to the ten teams participating in the inaugural A2RL race at Yas Marina Circuit onApril 28, 2024.

His Excellency Faisal Al Bannai, Secretary General of the Advanced Technology
Research Council, ASPIREs parent entity, said, “This is an exciting opportunity to use
extreme sports as the basis for delivering technical advances. A2RL represents an
investment that will contribute to building an autonomous mobility ecosystem in Abu Dhabi,
showcasing safe deployment and encouraging OEM investments for widespread adoption,
ultimately enhancing road safety.”
Stephane Timpano, CEO at ASPIRE, commented: “We are thrilled to debut the A2RL
autonomous racing car to global media. It was an exciting opportunity to discuss our latest
developments and testing while also highlighting the motivation and competitors behind the
competition. A2RL will be the largest autonomous racing league in the world, shifting focus
from drivers to the engineers, scientists, and programmers behind brilliant autonomous
racing systems.”

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