The Unreleased Patek Philippe Cubitus

Welcome to the 58th 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. The Unreleased Patek Philippe Cubitus

2. Mytheresa to Buy Yoox Net-a-Porter

3. Dom Pérignon's tribute to Jean-Michel Basquiat: Heritage and Renewal

4. PIF Acquires 40% Stake In Selfridges

5. The MET Announces 2025 Theme

The Unreleased Patek Philippe Cubitus

The latest buzz in the luxury watch community involves Patek Philippe's forthcoming release, the Cubitus collection. Scheduled for its debut on October 17, 2024, this marks the brand's first new series since the introduction of the Aquanaut in 1997. While official details are scant, leaked images and information suggest the initial offering from this collection will be a stainless steel watch, characterized by a blue strap and dial, enhancing its visual appeal and versatility.

Expected to be more accessible in price compared to the Nautilus collection, the Cubitus is aimed at broadening Patek Philippe’s appeal among watch enthusiasts. The introductory piece features practical elements like a moon phase indicator and a date window, which are not just stylistic but functional enhancements that align with the brand's tradition of high-quality craftsmanship and sophisticated design.

The launch event is poised to take place at a private gathering in Munich, Germany, with the brand inviting notable watch collectors to a special keynote. The anticipated pricing for the Cubitus is set to range from 110,000 AED to 150,000 AED ($30,000 - $40,000). This pricing strategy positions the watch competitively, especially considering similar models in the Nautilus line, like the 5712, which commands a price of about $51,850.

Market response to the Cubitus post-release remains a point of curiosity, particularly how it will fare in the secondary market where demand can significantly influence pricing. The introduction of a new Patek Philippe model typically generates high initial interest, which stabilizes over time as the market adjusts.

Critics and fans alike are showing keen interest in the design of the Cubitus. It appears to borrow elements from the Nautilus model, with a somewhat squared case shape and familiar features such as the moonphase indicator and secondary sub-dial. However, it distinguishes itself with a date window instead of a power reserve indicator, seen in the Nautilus 5726, and retains a distinctive aesthetic that respects the brand’s heritage.

As Patek Philippe prepares to expand its storied catalog with the Cubitus, the luxury watch community watches with anticipation, ready to welcome a new chapter from one of the most revered names in watchmaking.

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Breaking Patek Philippe Leak! First look at Patek’s first new collection since 1999, The Cubitus. #watchtok #patek #patekphilippe #patekcu... See more

Mytheresa to Buy Yoox Net-a-Porter

Mytheresa has confirmed that it will acquire Yoox Net-a-Porter (YNAP) entirely from Swiss conglomerate Richemont, which will retain a 33% stake in the former upon completion of the deal. This move is set to establish Mytheresa as a significant player in the digital luxury market. Richemont, which will also secure rights to appoint a board member and an observer at Mytheresa, is trading YNAP, a debt-free entity with €555 million in cash, for its stake.

The announcement spurred a surge in Mytheresa's share value by 7.75%, while Richemont experienced a more modest gain of 1.1%. Johann Rupert, chairman of Richemont, expressed satisfaction with the agreement, praising YNAP for its service quality and distinctive content, which he believes will enhance under Mytheresa's stewardship.

Mytheresa CEO Michael Kliger outlined ambitious growth targets, aiming to expand the newly combined digital platform to a €4 billion venture within four to five years, leveraging the strengths of both Mytheresa and YNAP's assets. Currently, the joint entity boasts a gross merchandise value (GMV) of €3 billion.

The luxury e-commerce sector has seen significant consolidation, with competitors like Farfetch and Matches experiencing downturns, leading Richemont to divest its loss-making YNAP after a previous sale attempt to Farfetch failed. Notably, YNAP's luxury operations will merge with Mytheresa, maintaining individual brand identities, while its off-price division, deemed a financial drag, will be separated.

Kliger, addressing the off-price division's future, indicated no plans to shut it down but emphasized simplifying operations to boost growth and profitability. Additionally, YNAP's white-label operations will cease as Richemont maisons transition to other platforms, a decision made independently of the Mytheresa merger.

Bernstein analyst Luca Solca highlighted Mytheresa's robust performance amidst a challenging luxury market downturn, with revenues climbing significantly under Kliger’s leadership. Despite a tough last 18 months for the industry, Kliger remains optimistic about the digital luxury market's potential, projecting significant growth by 2030.

Dom Pérignon's tribute to Jean-Michel Basquiat: Heritage and Renewal

Dom Pérignon has unveiled a special edition of its Vintage 2015 champagne as a tribute to Jean-Michel Basquiat, an artist celebrated for his profound influence and distinctive artistic voice that continues to resonate through modern art. This edition reflects a harmonious blend of heritage and innovation, mirroring the intricate layers and vibrant contrasts found both in Basquiat’s artworks and Dom Pérignon’s winemaking.

This partnership is exemplified in the release of three unique coffrets, each adorned with elements from Basquiat's 1983 artwork "In Italian". The artwork's rich emotional depth and complex assemblage echo Dom Pérignon’s meticulous winemaking process, where different wines are blended to create a final product greater than the sum of its parts. Just as Basquiat’s painting explores the deep layering of images and meanings, Dom Pérignon’s Vintage 2015 exemplifies the layering of flavors, achieving a sophisticated profile through its expert assemblage.

The design elements of this special edition are a nod to both icons. The packaging incorporates the shield of Dom Pérignon, symbolizing its roots in Hautvillers and its ongoing quest for unique expressions of champagne. Meanwhile, Basquiat’s iconic three-branched crown, representing power and prestige, overlays the shield, forming a bridge between the artist’s New York City vibrancy and the classic French heritage of Dom Pérignon.

Each of the three coffrets showcases different sections of "In Italian", allowing collectors to piece together a representation of the full artwork when the boxes are united. This concept not only celebrates the individual artistry and vision but also the collective impact of merging two distinct cultural phenomena.

The bottles themselves are wrapped in labels that blend the Dom Pérignon shield with Basquiat’s crown, submerged under a cascade of colors from the painting. This design strategy extends to the interior presentation, where the vibrant palette of the artwork dominates, enhancing the unveiling experience of the champagne.

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PIF Acquires 40% Stake In Selfridges

The Saudi Public Investment Fund (PIF) has acquired a 40% stake in the prestigious department store, Selfridges. This stake was previously held by the Austrian property group Signa Group, which, alongside the Thai conglomerate Central Group, purchased Selfridges for £4 billion in 2021. After Signa's insolvency in November of the same year, Central Group assumed full ownership.

With this new investment, the Saudi wealth fund, boasting over $700 billion in assets, expands its portfolio which includes significant ventures in sports and entertainment, aligning with its strategy to diversify economically beyond its oil revenues. The investment in Selfridges marks another strategic acquisition, emphasizing the fund's focus on global key strategic sectors.

Selfridges, established in 1909 by American Harry Gordon Selfridge in London, is renowned for its luxury shopping experience and has been awarded the title of the world’s best department store four times. The store is a major attraction in London, known for its elaborate themed events and exclusive designer offerings. The Selfridges Group also includes the De Bijenkorf chain in the Netherlands, as well as Brown Thomas and Arnotts in Ireland, and additional stores in Birmingham and Manchester.

Turqi Al-Nowaiser, head of international investments at PIF, expressed enthusiasm about partnering with Central Group, aiming to bolster Selfridges’ status as a top retail destination. This move is part of Saudi Arabia's broader efforts, led by Crown Prince Mohammed bin Salman, to shift its economic reliance away from oil. Critics, however, have raised concerns about using such investments to improve the nation’s image amid allegations of human rights violations.

The acquisition places Selfridges under the shared ownership of PIF and Central Group, promising a phase of accelerated growth and continued excellence in luxury retail. This development is a notable addition to the trend of major British department stores being owned by foreign entities, with Harrods and Harvey Nichols also under international ownership.

The MET Announces 2025 Theme

The Costume Institute at The Metropolitan Museum of Art has announced its Spring 2025 exhibition, "Superfine: Tailoring Black Style," which will run from May 10 through October 26, 2025, at The Met Fifth Avenue's Iris and B. Gerald Cantor Exhibition Hall. Inspired by Monica L. Miller’s book "Slaves to Fashion: Black Dandyism and the Styling of Black Diasporic Identity," the exhibit will delve into the cultural and historical significance of the Black dandy from its origins in the 18th century to its contemporary expressions in global metropolitan areas like London, New York, and Paris.

The exhibition will coincide with the 2025 Met Gala on May 5, co-chaired by notable figures Colman Domingo, Lewis Hamilton, A$AP Rocky, Pharrell Williams, and Anna Wintour, with LeBron James serving as the honorary chair. The event will feature a menu by chef Kwame Onwuachi and décor designed by Cy Gavin, Derek McLane, and Raúl Àvila. This gala is crucial as it provides the primary funding for The Costume Institute’s yearly exhibitions, publications, acquisitions, and facility enhancements.

Funding for the exhibition includes major contributions from Louis Vuitton, Instagram, the Hobson/Lucas Family Foundation, Dr. Precious Moloi-Motsepe with Africa Fashion International, and The Perry Foundation, with additional support from Condé Nast.

Max Hollein, Director and CEO of The Met, highlighted the exhibition's exploration of the transformative power of style within the Black diaspora across the Atlantic, noting its role in challenging stereotypes and opening new possibilities. Monica L. Miller, the guest curator, emphasizes that the exhibition will investigate the interplay between fashion, identity, and power from historical and contemporary perspectives, showcasing the Black dandy’s journey from a symbol of luxury to a self-fashioning icon of global influence.

Andrew Bolton, Curator in Charge, pointed out that the resurgence of menswear in recent years owes much to Black designers who challenge traditional notions of identity through their innovative use of dandyism. The exhibition will feature a variety of media including garments, accessories, drawings, prints, paintings, photographs, and film excerpts that collectively narrate the evolution and impact of Black dandyism.

The curatorial team, led by Monica L. Miller in collaboration with Andrew Bolton, William DeGregorio, Amanda Garfinkel, and Kai Marcel, will consult with an advisory committee of scholars. The exhibition design will be created by Torkwase Dyson with SAT3 Studio, and bespoke sculpted mannequin heads will be designed by Tanda Francis. Iké Udé will serve as a special consultant.

Accompanying the exhibition will be a new illustrated catalogue featuring contributions from artists, scholars, and thought leaders, published by The Metropolitan Museum of Art and distributed by Yale University Press. The Met will also host related educational programs and public events, details of which will be announced later.

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