LVMH Talks About Edun

Paris - LVMH is to take a minority stake in Edun, the ecological and ethical fashion start-up founded by Irish singer Bono and his lovely wife, the world's biggest luxury group said last Thursday.

Launched in 2005, Edun aims to promote sustainable development and fair trading by selling T-shirts and dresses in organic cotton made in countries such as India, Peru, Uganda, Kenya and Lesotho.

Financial details of the deal were not disclosed.

"We are proud to contribute to the operational development of Edun and to the improvement of living standards of local communities," LVMH Chief Executive Bernard Arnault said in a statement.

The French group's other fashion brands include Celine, Kenzo, Donna Karan and Louis Vuitton.

Bono, whose real name is Paul Hewson, is the lead singer of rock band U2 and an active humanitarian campaigner, nominated for the Nobel Peace Prize.

"With LVMH, we can step up (Edun's) development, giving greater stability to our suppliers and the local communities they support," Bono said in LVMH's statement.

Edun will maintain its headquarters in Dublin and a subsidiary in New York. Mark Weber, head of Donna Karan International, will supervise LVMH's investment for the French luxury group.

As he announced the Edun deal, Arnault said trading in April was broadly in line with the level seen during the first quarter, with a slight improvement in wines and spirits.

Asked about the group's operations overall, Arnault told Reuters: "It is in line with the first quarter."

Jean-Jacques Guiony, LVMH Finance Director, later told Reuters there had been a slight improvement in wines and spirits particularly in Cognac sales, which made up about half of the unit's sales.

But conclusions could not be drawn based on one month's trading, he added.

Moet Hennessy, LVMH's wines and spirit unit, saw revenue drop 22 percent in the first quarter on a like-for-like basis.

Hennessy volumes alone were down 21 percent.

Arnault added that Diageo, which still owns 34 percent of Moet Hennessy, was not planning to sell its stake.

"To my knowledge, our partner is not looking to sell its stake, so the question is not on the agenda," he said.

Last month, LVMH denied it was in talks to sell control of Moet Hennessy to Diageo, attempting to quash market rumors the two groups were preparing a deal. Industry observers at the time said they believed Diageo appeared more keen on fully owning Moet Hennessy than LVMH was on selling.

Citing analysts who expect to see green shoots of recovery next year, Arnault forecast market conditions would improve faster in the United States than in Europe.

"The economy will have to pick up again," Arnault said.]

Source: Reuters UK

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Japanese Fashion Designer Kenzo Art Auctions

Paris, France - Vowing to change his life, Japanese fashion designer Kenzo is auctioning off a treasure trove of Asian art, furniture and antique kimonos that adorn his luxury Paris home.

Kenzo, whose full name is Kenzo Takada, has already sold the Japanese-style villa in eastern Paris, complete with paper screens, a swimming pool, and a traditional garden featuring an ornamental pond with carp.

Last month, the sale of late designer Yves Saint Laurent's collection broke several records and Sotheby's has also auctioned the late Gianni Versace's collection, but Kenzo said he was focusing on life before death.

"Today I want to turn a page and live differently, more free, lighter," the 70-year-old told reporters at the villa, surrounded by trees and stones imported from Japan.

The collection is expected to fetch between 1.5 million euros to 2 million euros ($2.04 million to $2.73 million) at auction, scheduled for June 16 and 17.

Together with the Yves Saint Laurent and Gianni Versace events, Kenzo's decision to sell up marks the end of an era for the star couturiers -- as illustrated by a photo on his desk that shows the Japanese designer, tanned and smiling, next to Saint Laurent at the height of their careers.

Highlights of the auction are a Chinese wooden horse dating from the Han era, around 100 AD, estimated at 100,000 euros, and two Chinese wooden funeral figurines dating from 500-300 BC, which are valued at 30,000 to 60,000 euros ($40,000-$80,000) each.

A diplomatic tussle broke out between China and France over two historic Chinese bronze sculptures looted in the 19th century and sold as part of the Yves Saint Laurent collection.

A Chinese buyer snapped up the pieces, but then refused to pay for them.

Kenzo's sale is less likely to attract controversy. He had the 1,100 square-meter villa built 20 years ago, as his empire of colorful, printed clothes and perfumes expanded along with his taste for lavish parties.

Luxury conglomerate LVMH bought the Kenzo brand in 1993.

Having sold the villa to French buyers, Kenzo is planning to move into his new apartment overlooking the Seine -- still generous at 250 square meters.

"At the end of the 1980s. I wanted a Japanese house with a garden in the middle of Paris. My dream came true," he said as he showed reporters his old home.

An Asian art expert looking at a small Korean table and a bronze sculpture of a rat munching a chestnut, described the collection as an "accumulation of beautiful little things."

Source: Reuters

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