A few points stood out in the lengthy Q&A section of the Kering earnings call this week. Primarily (and unsurprisingly), there was a lot of discussion about the impending sale of Kering Beauté to L’Oréal, as announced on Oct. 19. Analysts were eager to know the workings of the deal, which, as Kering COO Jean-Marc Duplaix described simply as “the sale of the Creed [brand] plus two licenses plus an option to grant a license.” Looking beyond Creed, the €4 billion ($4.66 billion) deal is basically a licensing transaction that breaks down like this …
> Bottega Veneta and Balenciaga licenses: Kering will grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting once the deal closes.
>> A bit of color on these brands: “Historically, these two licenses … have been completely under-exploited in the beauty category. We had to rebuild credibility, and we started by launching these niche [fragrance] products … very elevated in terms of quality, in terms of price,” Duplaix said on Kering’s Q3 call on Wednesday. “It was a way to reestablish the credibility of these brands in the beauty segment. Clearly, the plan for Kering Beauté, especially for Balenciaga and to a certain extent to Bottega Veneta … was that once we started to be credible again, to go down to the prestige segment with a broader distribution, with the usual suspects in terms of distribution.”
Duplaix also revealed, “We would be very pleased if we could accelerate the development of these two brands, starting with Balenciaga in the more prestige segment … Of course, we want to keep an offer which is very elevated for the top clients and also to have some fragrances in our stores.”
> The future of the Gucci fragrance/beauty license: Kering will also grant L’Oréal the option for a 50-year exclusive license for Gucci fragrance and beauty products “commencing after expiration of the current license with Coty” in 2028. This option is included in the $4B deal price tag, with Duplaix saying, “The option is, in a way, probably valued as an option.”
Speaking specifically about the Gucci license, Duplaix said “the plan is to wait for the expiration of the license [in 2028]. We will see if at the point there will be an opportunity to discuss with Coty. So far, as I said, there is an option, and we will see at the end of the license what will happen.”
> The L’Oreal, Kering Joint venture: Kering and L’Oréal said they are “joining forces to explore business opportunities at the intersection of luxury, wellness, and longevity.” The planned 50/50 joint venture, “will craft cutting-edge experiences and services combining L’Oréal’s innovation capabilities with Kering’s deep understanding of luxury clients.”
TFL broke the news this week that Lululemon nabbed a trademark registration from the USPTO for LULULEMON DUPE for use in connection with retail and advertising services related to clothing, footwear, yoga, and athletic accessories. As I note here, the application was filed on an intent-to-use basis and then amended to 44(e), which means that there is not a specimen showing how Lululemon is using (or planning to use) the “LULULEMON DUPE” trademark in the U.S. So, that raises questions, including about the fate of the registration.
Lee Curtis, a trademark-focused partner over at HGF Limited had some thoughts: “The essential function of a trade mark is to distinguish one undertaking from another. Would Lululemon ever use [this mark] for that function? Could the registration be open to non-use attack? If the registration is to stop others trading (e.g. “genuine”) Lululemon dupes, would a defendant have a descriptiveness defense? Would a defendant ever want to admit that, and thus, this is maybe the reason for the registration? A trademark registration for LULULEMON protects the genuine trading activity of Lululemon, does LULULEMON DUPE?”
The registration prompted me to take a dive into other applications and registration for dupe-related marks, which are few in number and largely concentrated in the beauty/cosmetics space. Notably, Aritzia filed an application with the USPTO for ARITZIA DUPE in August, citing an earlier registration in Canada. As of today, USPTO records show just 24 pending or registered marks that include the word “dupe,” with additional registrations in WIPO’s database, many of which are tied to ALPARGATAS S.A.’s long-standing Dupé brand, the 56-year-old Brazilian footwear label.
>> One of the standout marks on the WIPO’s registry A UK registration for “DUPE KILLER” for Deloitte LLP for use on “legal services related to the identification of and action against the unlawful use of intellectual property rights on the internet, social media and other digital platforms,” among other services.
The newest IP angle of the New York City Mayoral race: The New York Knicks have sent candidate Zohran Mamdani a cease-and-desist letter for using their logo in a campaign advertisement. The cease-and-desist letter, obtained by The Post, accuses Mamdani of running an ad that is “likely to mislead the public into believing that the Campaign is affiliated with, sponsored or endorsed by, or in some way connected with the Knicks.”
“The NY Knicks have sent NYC Mayoral candidate Zohran Mamdani a cease-and-desist letter for using the NY Knicks logo to promote his candidacy,” a team spokesperson told The Post. “The Knicks want to make it clear that we do not endorse Mr. Mamdani for Mayor, and we object to his use of our copyrighted logo. We will pursue all legal remedies to enforce our rights.”
KPMG released a report, Luxury in the Midst of Change, this week, mapping how maisons are recalibrating for a softer cycle without dulling desirability. The through-line is a shift from “more” to “meaningful” > pricing ladders and product mixes are being rethought to balance accessibility with aura; loyalty is reinforced through hyper-personal retail while keeping entry points open; and cost discipline focuses on operations and supply chains rather than headline-grabbing cuts.
> Artificial Intelligence: Delving into AI, KPMG says it is showing up as a practical tool across the value chain – sharpening forecasts, personalization, and content. On the client side, AI-powered clienteling is now mainstream, with ultra-targeted recommendations, next-gen chatbots, digital stylists, and smart mirrors deepening in-store and online personalization. In operations, brands are using AI to improve demand forecasting and inventory allocation, deploy digital twins to optimize distribution, and even assist formulation R&D in ways that steer toward more sustainable outcomes.
And in creative and content workflows, designers iterate with gen-AI, from archive-trained pattern generation to virtual prototyping, while marketing teams scale assets faster across formats and languages.
> ESG/Sustainability: Sustainability is shifting from pledges to performance: eco-design reduces parts and weight, prioritizes traceable or existing inputs, slashes packaging waste, reroutes logistics from air to rail/sea (including wind-assisted lanes), and upgrades processes and materials – vegetable tanning, bio-based inputs, upcycling, and lab/startup partnerships – to cut footprint without sacrificing craft.
> Mergers & Acquisitions: M&A and partnerships focus on three aims: lock down craft and components, add hard capabilities, and reach new clients—while diversification pushes into hospitality, beauty, and wellness. Vertical integration of ateliers and specialist suppliers secures capacity, protects savoir-faire, and improves traceability; adjacency stakes bring fresh aesthetics, cross-category stories, and new segments without stretching core lines.
Buyers now acquire capabilities, not just names, across data/AI, personalization, advanced materials, sustainable manufacturing, and digital product creation, while JVs with regional champions (notably in China and the Gulf) deliver cultural fluency, distribution, and community access.
Hospitality becomes an experience platform; beauty offers scalable entry points and licensing lift; and wellness moves beyond spas to personalized retreats, movement and nutrition programs, and longevity services.
> The Secondhand Market: The report frames secondhand as a fast-maturing growth lever: a €48B luxury resale market in 2023 (+7%), propelled by sustainability motives (51% cite ESG image as the main reason to engage) and the expectations of younger buyers (38%). Brands are moving to control pricing, product flow, and authenticity via partnerships and stakes (e.g., Richemont–Watchfinder, Kering–Vestiaire) and brand-run programs like Valentino Vintage and Balenciaga Re-sell, with certified pre-owned models in watches (e.g., Bucherer/Rolex CPO) to enforce standards. Scarcity also fuels demand, Hermès Birkin models can average ~250% of original price on resale, while vintage “story value” adds appeal.
In reality, integration remains tentative: only 7% see secondhand as a key strategic asset; 42% are interested but unsure how to incorporate it, and 51% still exclude it from strategy—underscoring the need for disciplined pilots and clear business cases.
Luxurynsight released a report of its own, Global Luxury Brand Analysis H1 2025, this week zeroing in on luxury pricing, activations, and market trends. The topline: luxury entered 2025 on softer footing, with brands trimming splashy global campaigns in favor of sharper, locally tuned moves, while pricing emerged as the standout theme, with a clear normalization of increases (low single digits overall), marked regional divergence (Japan and the U.S. leading), and brand-by-brand disparities that the report maps in detail …
> Pricing strategy turned more surgical as tariffs, currency moves, and commodity costs tested margins; in beauty, innovation and personalization helped preserve relevance.
>> Pricing got “micro” and market-by-market. Houses widened price bands and fine-tuned country-level lists to reflect FX and local condition – protecting icons while taking selective, defensible increases elsewhere.
>> Fewer blanket hikes; more targeted moves. Instead of across-the-board rises, brands leaned on mix, limited editions, and packaging to carry pricing power without jolting loyal clients.
>> Accessibility without dilution. Elevated “entry” categories – scarves, small leather goods, and new makeup lines – kept traffic flowing while preserving core positioning.
Other observations, include …
> Beauty as a relevance engine. Expanding cosmetics and dedicated spaces brought the brand into daily routines and opened on-ramps for new customers.
> Personalization in practice (wellness included). Beyond counters and content, longer, tailored programs and retreats met clients with individualized care inside the brand world.
> Innovation to center stage. Leadership prioritized faster iteration across products, services, and experiences – alongside the continual enhancement of house icons.
> The market for pre-owned watches in the U.S. …
