Equinox Unveils $40,000 “Optimize” Membership

Welcome to the 36th 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. Frasers Group Acquires and Licenses Back MatchesFashion IP

2. Puig Brands Soars in Europe’s Largest IPO of 2024

3. Christie’s Gears Up for Monumental 20th and 21st Century Art Sales

4. Equinox Unveils $40,000 “Optimize” Membership

5. Inside the 2024 Met Gala

Frasers Group Acquires and Licenses Back Matches IP

Frasers Group has recently finalized the acquisition of the intellectual property (IP) assets of the luxury retailer Matches, which includes the company's name, trademark, and customer database. This move comes after Matches was placed into administration in March, with Frasers Group, its largest creditor, regaining control of these assets. The specific financial details of the transaction remain undisclosed.

The acquisition's significance lies in its immediate benefit to Frasers Group, which aims to maximize returns from the administration process. By licensing the acquired IP back to the administrator, Teneo Financial Advisory, Matches can continue its retail operations, potentially clearing much of its existing inventory. This strategy allows Frasers to potentially recover a portion of the substantial £209.4 million owed by Matches.

Despite this development, the outlook for Matches' numerous creditors, including over 540 luxury brands owed a collective £35.9 million for supplied stock, remains bleak. Current estimates suggest that these creditors are unlikely to recover significant amounts, with expected returns amounting to less than a penny for every pound owed. This grim forecast largely hinges on the sale of Matches' property assets rather than the liquidation of its stock.

Looking ahead, Frasers Group has not publicly outlined its long-term plans for the Matches IP. Legal experts speculate that Frasers could either resell these assets when the luxury retail market rebounds, ensuring a profit, or retain them to prevent competitors from utilizing the Matches brand, potentially redirecting online searches to Frasers' own retail outlets, such as Flannels.

Another possibility could be the establishment of a new online venture under the Matches name, though Frasers has indicated a reluctance to continue investing heavily in what has been a loss-making operation. After an initial investment of £33 million in Matches last December, the group's focus is likely on strategic asset management rather than further financial injections.

The situation is expected to culminate with the administrators liquidating the remaining inventory, settling creditor claims, and ultimately winding up the Matches entity. This case highlights the complexities and strategic maneuvering often involved in the administration processes within the luxury retail sector.

Puig Brands Soars in Europe’s Largest IPO of 2024

Spanish beauty and fragrance conglomerate Puig Brands SA recently made headlines with its record-setting initial public offering (IPO) in Europe, amassing €2.6 billion on its debut. This milestone marks the largest IPO in Europe this year and the biggest in Spain since 2015. Puig, the owner of iconic brands such as Paco Rabanne, Carolina Herrera, and Jean Paul Gaultier, saw its shares begin trading at €25.50—a notch above the offer price of €24.50, although it closed the day flat at the opening price.

The IPO, which pushed Puig’s market valuation to €13.9 billion, was highly sought after, being multiple times oversubscribed. This surge in investor interest mirrors a broader trend in European markets, buoyed by optimistic equity markets and promising economic indicators.

Puig has recently broadened its portfolio by entering the skincare and makeup sectors, including acquiring the British brand Charlotte Tilbury. This expansion helped more than double its revenue over the past decade. The company, which also debuted a new corporate logo to signify its new chapter, operates across 32 countries and boasts 17 major brands, with key revenues stemming predominantly from its fully or majority-owned brands.

The Puig family, founders of the 110-year-old company, remain the principal beneficiaries of this IPO. They will retain 71.7% of the company's economic rights and 92.5% of its voting rights through Class-A shares, which have significantly more voting power compared to Class-B shares. These proceeds are earmarked to refinance recent acquisitions, pay down debt, and fund future investments, signaling a robust growth trajectory for Puig in the global beauty market.

As Europe sees a revival in IPO activities with companies like Galderma and Douglas also entering the market, Puig's strong debut further cements its status as a powerhouse in the beauty and fragrance industry.

Christie’s Gears Up for Monumental 20th and 21st Century Art Sales

Christie’s is set to dazzle the art world with its Spring Marquee Week, showcasing a spectacular array of 20th- and 21st-century masterpieces. This season’s sales are particularly noteworthy, featuring pieces from critical periods of renowned artists' careers and prestigious collections, including those of Lyn and Norman Lear and the de la Cruz Collection Museum.

The 20th Century Evening Sale, scheduled for May 16, promises a stunning collection of sixty-four works spanning the Impressionist, Modern, and Post-War eras, with a total estimated value of between $340 and $500 million. Highlights include two paintings by Claude Monet and significant works by artists like Brice Marden, Georgia O’Keeffe, David Hockney, and Jean-Michel Basquiat.

One standout piece, Vincent Van Gogh’s Coin De Jardin Avec Papillons (1887), depicts a serene garden scene and is expected to draw significant attention with a high estimate of $35 million. From David Hockney’s pool of work, A Lawn Being Sprinkled (1967), a vibrant depiction of Los Angeles life valued at $35 million, will also be featured. Andy Warhol’s Flowers (1964), a striking floral representation in fluorescent paint and a tribute to John F. Kennedy, carries a high estimate of $30 million. Another notable lot is Pablo Picasso’s Femme Au Chapeau Assise (1971), a portrait inspired by his wife with a high estimate of $30 million.

The sale will also feature Moulin De Limetz by Claude Monet (1888), an idyllic portrayal of a grain mill on the Epte River that has been in a private collection for over eighty years, now valued at up to $25 million. Alberto Giacometti’s Femme Leoni (1947–58), a distinctive elongated bronze sculpture, is expected to fetch around $30 million.

Shifting to contemporary works, the 21st Century Evening Sale encompasses 35 lots expected to reach around $100 million. This sale includes art from the collections of noted patrons Mary and John Pappajohn and entrepreneur Trevor Traina. Event (2004–2007) by Brice Marden, potentially setting a new auction record for the artist at $50 million, and Jean-Michel Basquiat’s The Italian Version of Popeye has no Pork in his Diet (1982), priced above $30 million, are among the key pieces.

Mark Tansey’s Mont Sainte-Victoire #1 (1949), a surreal depiction valued at $12 million, and Julie Mehretu’s Mumbaphilia (J.E.) (2018), a dynamic abstract inspired by urban change and priced at $7 million, are also expected to draw considerable interest.

As Christie’s prepares for these landmark sales, art enthusiasts and collectors around the world are eagerly anticipating the opportunity to acquire works by some of the most influential artists of the 20th and 21st centuries.

Equinox Unveils $40,000 “Optimize” Membership

Equinox, a high-end fitness chain, has launched a groundbreaking $40,000-per-year membership program called "Optimize by Equinox," designed to comprehensively improve health and extend life expectancy. This premium service combines rigorous fitness regimens with advanced medical testing, provided in partnership with the lab-test startup Function Health. This innovative program was introduced as part of the burgeoning longevity and wellness market, where health, biotechnology, and fitness converge to mitigate aging effects.

"Optimize by Equinox" offers a holistic approach to health, emphasizing both visible fitness results and underlying health metrics. The program begins with an extensive evaluation, testing for over 100 biomarkers that assess everything from organ function to nutrient levels. These tests, conducted semi-annually, are complemented by Equinox's fitness assessments, which measure aspects like VO2 max, strength, and flexibility.

Members receive a personalized health plan crafted by an Equinox concierge, based on their unique data profile. The plan is executed with the support of a dedicated team, including a fitness trainer, nutrition coach, sleep coach, and massage therapist. The membership includes three weekly personal training sessions, monthly consultations with nutrition and sleep coaches, and a monthly massage therapy session—totaling 16 hours of specialized coaching and training each month.

Julia Klim, Equinox’s Vice President of Strategic Partnerships and Business Development, likened the service to the support system provided to Formula One drivers and elite athletes, tailored to maximize health outcomes based on comprehensive personal health data.

Equinox's expansion into the health and wellness domain is supported by a recent $1.8 billion funding round aimed at broadening its reach and enhancing its service offerings. The company plans to inaugurate new locations in key markets such as Philadelphia and the Pacific Palisades neighborhood of Los Angeles, increasing its global presence to 107 locations.

The "Optimize" program, debuting in New York City and Highland Park, Texas, is set to expand further, reflecting Equinox’s commitment to the four pillars of longevity: movement, regeneration, nutrition, and community. Klim humorously noted that Equinox has "always been in the longevity business," with science now catching up to its pioneering approach.

At $3,000 per month with a six-month minimum commitment—exclusive of standard gym membership fees—this program is positioned as a luxury service that merges high-touch human services with sophisticated data analysis to foster healthier, longer lives.

Inside the 2024 Met Gala: Theme, Hosts, and Spectacular Details

Last night at The Metropolitan Museum of Art in New York City, the 2024 Met Gala was one of the most anticipated events in the fashion calendar. This year, the Gala will unveil the Costume Institute’s latest exhibition titled "Sleeping Beauties: Reawakening Fashion," which features approximately 250 rare high fashion pieces. The glamorous red carpet event was hosted by Gwendoline Christie, La La Anthony, Ashley Graham, and Vogue’s special correspondent, Emma Chamberlain.

This year's Gala theme, "The Garden of Time," draws inspiration from J.G. Ballard’s 1962 short story and invites interpretations that are likely to include floral and botanical motifs, adding a vibrant touch to the evening's fashion statements. The exhibition itself spans over 400 years of fashion history with key pieces from iconic designers such as Schiaparelli, Dior, and Givenchy. Special attention is given to delicate items like a Charles Frederick Worth ball gown from 1877, which will be presented using advanced digital methods like video animation and AI to preserve its delicate condition.

Curator Andrew Bolton has designed the exhibition around three thematic zones—Land, Sea, and Sky—which together celebrate the natural world and its influence on fashion. This immersive setup is designed to highlight the emotional and poetic aspects of the fashion pieces on display. The gala itself will be hosted by celebrities including Zendaya, Jennifer Lopez, Bad Bunny, and Chris Hemsworth, following last year’s hosts, which included Penélope Cruz and Dua Lipa. While the guest list is kept confidential until the event, it typically includes a who's who of the fashion, film, and music industries, alongside emerging stars and renowned designers.

The Met Gala is not only a major cultural event but also a significant fundraiser for The Metropolitan Museum of Art’s Costume Institute. Traditionally held on the first Monday in May, the gala has consistently raised substantial funds to support the institute. The evening included a tour of the exhibition, a dinner, and usually features a high-profile performance, although the specifics remain confidential to maintain exclusivity.

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