Andy Warhol's Digital Debbie Harry Listed For $26MM

Welcome to the 49th edition of Maximalist! Dive into the ultimate guide, filled with insider insights into the world of fashion, art, real estate, travel, jewelry, and horology.

The world of luxury is never boring, and this week is no exception. Let’s dive in!

Markets

On this week’s agenda:

1. Chanel Secures €700 Million Through Private Debt Offering

2. Andy Warhol's Digital Debbie Harry Portrait Listed For $26MM

3. Soho House to Open Tokyo Location by 2026

4. Ferragamo Operating Profit Down 41% in H1 of 2024

5. Dolce & Gabbana Launches Fefé: A Luxury Fragrance for Dogs

6. Banksy Unveils New Mural Featuring a Goat in South-West London

Chanel Secures €700 Million Through Private Debt Offering

Chanel has successfully raised over €700 million ($758 million) from a privately-placed bond sale, according to sources familiar with the transaction. The London-based luxury fashion house joins other major European companies such as German engineering firm Robert Bosch GmbH, Italian chocolatier Ferrero, and French beverage company Remy Cointreau in opting for private debt markets.

This method, known as US private placements, allows established companies to directly engage institutional investors like insurance companies, circumventing the unpredictability of public credit markets.

The initiative comes at a time when Chanel has voiced concerns over increasingly difficult conditions in the luxury sector, despite experiencing significant growth in sales and profits last year. In 2023, Chanel reported a 16 percent increase in sales to $19.7 billion and an 11 percent rise in operating profits to $6.4 billion.

The arrangement of this private debt was facilitated by Goldman Sachs Group Inc. and Societe Generale SA. The notes issued are set to mature in 10 and 12 years. While Chanel and Goldman Sachs have not commented on the matter, Societe Generale has yet to respond to inquiries.

This strategic financial maneuver highlights Chanel's proactive approach to navigating the complex dynamics of the luxury market and securing its financial future amid uncertain economic conditions.

Andy Warhol's Digital Debbie Harry Portrait Listed For $26MM

A digital portrait of Blondie’s lead singer Debbie Harry, crafted by Andy Warhol in 1985 using a Commodore Amiga computer, is now on the market for $26 million USD. The sale includes not only the portrait but also the original Amiga computer, Warhol-autographed floppy disks containing digital images, and additional related materials.

Engineer Jeff Bruette, who is responsible for the sale, was instrumental in introducing Warhol to the Amiga’s graphics capabilities. He provided training to Warhol on how to use the computer for art creation during a notable public demonstration at Lincoln Center, an event also captured in Debbie Harry’s 2019 memoir, "Face It: Debbie Harry." Bruette's collection further includes 150 photographs taken by Edward Judice on that day, as noted by Artnet.

Art dealer Kenneth Mitchell, who had personal connections with Warhol, commented on the historical and artistic value of these items. He noted Warhol's interest in digital art as a significant evolution in his creative process, allowing for quicker and more reversible edits. This interest was previously highlighted in 2021 when the Andy Warhol Foundation auctioned five of Warhol's computer drawings as NFTs, fetching $3.3 million USD.

Despite initial hesitations by the Warhol authentication board to recognize the signed diskette, the collection's provenance and accompanying materials have solidified its authenticity. This sale presents a unique opportunity to own a pivotal piece of art history that bridges traditional and digital art forms from the 1980s.

Soho House to Open Tokyo Location by 2026

Soho House is set to expand its global network with a new branch in Tokyo, scheduled to open in 2026. The new establishment, Soho House Tokyo, will be situated in Tokyo's prestigious Aoyama district, marking it as the fourth Soho House in Asia following launches in Mumbai, Hong Kong, and Bangkok over the last six years.

Soho House Tokyo aims to blend minimalist Japanese design with the brand’s signature cozy and exclusive atmosphere. The venue will boast four stories featuring a club space, a rooftop pool with a terrace, 42 guest rooms, and various event spaces.

Dominique Bellas, responsible for Soho House’s Membership for its Cities Without Houses initiative, expressed enthusiasm about the new location. “Having engaged with Tokyo’s vibrant creative community for eight years, we are thrilled to finally introduce a dedicated House in Japan, inviting more local talent to join our worldwide members,” Bellas commented.

The Tokyo location will also be part of the Cities Without Houses program, offering a mobile membership for global access to Soho House facilities and special events in other cities.

Membership applications for Cities Without Houses Tokyo are currently available, with fees set at $3,700 USD annually, or $1,730 USD for individuals under 27 years old.

Ferragamo Operating Profit Down 41% in H1 of 2024

Salvatore Ferragamo reported a substantial 41 percent drop in its operating profit during the first half of 2024, with the figure standing at 28 million euros. This downturn reflects broader challenges across the luxury market, particularly impacting the brand's performance in Asia.

During this period, the renowned fashion house saw its revenues fall to 523 million euros, a decrease of 10.9 percent at constant exchange rates and 12.8 percent at current rates. The second quarter alone witnessed a revenue drop of 6 percent at constant rates and 8.1 percent at current rates, totaling 296 million euros. This decline was largely attributed to weak performances in the Asian markets and a struggling wholesale environment.

The company's EBITDA for the first half also fell to 117 million euros, while net profit dwindled to just 6 million euros. Ferragamo's group CEO and general manager, Marco Gobbetti, commented on the results, noting significant impacts from a challenging consumer environment in the Asia Pacific region, which overshadowed positive trends elsewhere. He also highlighted ongoing issues in the wholesale channel, worsened by a selective distribution strategy.

Performance across various retail channels further illustrated these trends. The Direct-to-Consumer (DTC) channel in the first half fell by 5.5 percent at constant exchange and 8.1 percent at current rates, despite gains in Europe and Japan. Wholesale figures were more stark, with a 24.8 percent decrease at constant exchange and a 23.1 percent fall at current rates in the first half.

Geographically, the EMEA region saw a 16.3 percent decline at constant exchange rates over the first six months, North America fell by 5.7 percent, and Central and South America dropped by 8.4 percent. The Asia Pacific region was notably affected, with a 15.1 percent decrease at constant exchange rates and a 17 percent decline at current rates.

The financial update underscores Ferragamo's struggles in adapting to the shifting dynamics of the global luxury market, particularly in critical regions such as Asia.

Dolce & Gabbana Launches Fefé: A Luxury Fragrance for Dogs

Dolce & Gabbana, the esteemed Italian fashion house, has ventured into the pet industry with its latest creation, Fefé, a luxury fragrance designed exclusively for dogs. This new perfume reflects the brand's lavish style and its commitment to celebrating the special relationship between humans and their pets.

Named after Domenico Dolce's own cherished dog, Fefé embodies the bond between the designer and his pet, extending this connection to all dog lovers. The scent is formulated with ylang-ylang, musk, and sandalwood, chosen specifically for their gentle qualities suitable for a dog’s sensitive sense of smell. The alcohol-free composition ensures it is safe for all dogs, even those with sensitive skin.

Fefé was developed by renowned perfumer Emilie Coppermann and has passed rigorous evaluations by ethologists and veterinarians to guarantee its safety and suitability for canine use. It's presented in a striking green lacquered glass bottle, decorated with a 24-carat gold-plated paw print, and packaged in a playful yellow box, illustrating the brand’s flair for opulent and thoughtful design. Additionally, Fefé meets the stringent safety standards set for human cosmetics, as it is certified under the “Safe Pet Cosmetics” by Bureau Veritas Italia.

Priced at $99, Fefé is not just a fragrance but an enhancement to the lifestyle of pets and their owners, turning daily walks into a luxurious experience. It is available for purchase at Dolce & Gabbana boutiques and online, inviting pet owners to add a touch of luxury to their pet care routine.

With the introduction of Fefé, Dolce & Gabbana is redefining pet pampering, offering an unprecedented level of luxury in the pet care market and celebrating the joy pets bring into our lives.

Banksy Unveils New Mural Featuring a Goat in South-West London

Banksy has unveiled another compelling piece in London, this time near Kew Bridge, sparking widespread intrigue and debate. The artwork, confirmed via an enigmatic Instagram post by the artist, features the silhouette of a black goat perched precariously on a ledge built into a wall, with a real CCTV camera intentionally directed towards it.

The location of the mural on a pristine white wall accentuates the stark contrast of the black goat, which appears to be on the brink of slipping off the narrow ledge. The choice to point a CCTV camera at the goat adds a layer of surveillance, suggesting themes of oversight and perhaps vulnerability.

Local resident Amber Doffman, who visited the artwork shortly after its reveal, interprets the piece as a poignant commentary on environmental degradation and its impact on animal habitats. "The artwork might be suggesting how our encroachments into the natural world force animals into unsustainable and precarious situations," she explained to The Sun.

Public reaction has been varied, with interpretations ranging from seeing the goat as a metaphor for societal scapegoats to broader existential themes about displacement and precariousness. One Instagram comment read, "No where else to go. We’re just awaiting the fall," highlighting a sense of inevitable decline. Another user playfully noted, "the goat [greatest of all time] is back," celebrating Banksy's return to the art scene with this piece.

The installation of this artwork followed another recent Banksy piece that depicted green leaves on a wall directly behind a felled tree, a direct and clear message about environmental conservation. Like all his works, the goat mural was swiftly covered with protective acrylic perspex by the local council, ensuring its preservation.

Banksy's latest work continues his trend of using street art to comment on pressing social and environmental issues. The deliberate placement of the CCTV camera, which was not originally aimed at the goat but adjusted to focus on it, might also suggest a commentary on the directed attention and possibly misplaced priorities of surveillance in today's society.

With each new artwork, Banksy keeps the public engaged and reflective, using his distinctive stencil style to inspire conversations about current affairs and the human condition.

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