Weekly Spotlight: Slimane’s Celine Negotiations, Pharrell’s LV Collectible, LVMH Finalists, and More
1. Hedi Slimane May Leave Celine as Contract Negotiations with LVMH Stall
Hedi Slimane, the Creative Director of Celine, is in the midst of contract negotiations with LVMH, with the possibility of his departure looming. Slimane joined Celine in 2018, succeeding Phoebe Philo and subsequently introducing menswear, couture, fragrances, and beauty lines to the brand. Under his leadership, Celine adopted a distinctive all-black, slim-fit style, which initially saw a drop in sales but later rebounded, achieving record revenues of $2.1 billion in 2023. Despite this success, Slimane’s six-year contract with LVMH expired early in 2024, and while discussions are ongoing, no decision has been made regarding his continuation. Slimane is known for demanding a high salary and royalties, coupled with full creative control, which has led to significant investment in new projects—some of which are later scrapped. Meanwhile, LVMH is reportedly considering other candidates for the role, especially as the conglomerate also seeks to fill the vacant Creative Director position at Givenchy.
2. Pharrell‘s Debut LV Digital Collectible Hits the Market at Over $8,000
Louis Vuitton has unveiled its latest digital fashion piece, the VIA Varsity Jacket, designed by Pharrell Williams. This digital collectible mirrors the physical varsity jacket featured in Louis Vuitton’s Fall/Winter 2024 collection and is Pharrell’s first ready-to-wear design for the brand’s VIA platform. Limited to just 200 editions, the jacket is available exclusively to owners of the VIA Treasure Trunk, which costs nearly $42,000 USD and requires crypto eligibility for purchase. Priced at approximately $8,418 USD, the digital jacket showcases Western design elements with luxurious leather and suede details.
3. LVMH Prize 2024: Finalists Announced, Phoebe Philo and Pharrell Williams Join Jury
LVMH has announced the eight finalists for the prestigious LVMH Prize for Young Designers. The finalists are Julian Louie’s Aubero, Duran Lantink, Ellen Hodakova Larsson’s Hodakova, Marie Adam-Leenaerdt, Niccolò Pasqualetti, Paolo Carzana, Pauline Dujancourt, and Michael Stewart’s Standing Ground. These designers will showcase their collections at the Louis Vuitton Foundation in Paris on September 10. This year, the jury welcomes new members Phoebe Philo and Pharrell Williams, joining other prominent figures in fashion such as Jonathan Anderson, Maria Grazia Chiuri, and Marc Jacobs. The winner of the LVMH Prize will receive €400,000, with additional prizes for the Karl Lagerfeld and Savoir-Faire categories.
4. ByteDance Considers Shutting Down TikTok in US Amid Legal Challenges
ByteDance, the parent company of TikTok, may shut down the app in the United States rather than sell it if legal avenues to contest a potential ban fail, according to sources. U.S. President Joe Biden recently signed a bill mandating ByteDance to divest TikTok’s U.S. assets within 270 days, or face a ban. ByteDance is unwilling to sell the core algorithms used by TikTok, which are integral to its other operations, making divestiture a complex issue. With TikTok accounting for a relatively small share of ByteDance’s total revenue and daily active users, a shutdown might have a limited impact on the company’s overall business. TikTok’s CEO, Shou Zi Chew, expressed confidence in their legal challenge to block the legislation, suggesting they expect to win on constitutional grounds. Despite the ongoing pressures, ByteDance has made it clear that it would not consider selling TikTok’s algorithms, considering them a valuable asset and critical to its technology infrastructure.
