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Why luxury goods are becoming even more expensive

A round-up of news from the world of fashion, watches and auctions

Models presenting creations for Dolce & Gabbana's Men's Fall/Winter 2022/2023 fashion collection gesture from behind a venue's glass door for the public outside, on 15 January in Milan. (AFP)

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Swiss watchmaker Hublot’s creations are soon going to come with an even bigger price tag. Its chief executive director (CEO) Ricardo Guadalupe said in an interview with Bloomberg that the rising raw material costs for gold and diamonds will lead to price increases of 3% to 4% in April or May. On average, Hublot’s products sell for about 20,000 francs ($21,500). “Almost all our suppliers are increasing prices,” Guadalupe said, noting that costs for steel and titanium are also spiking. Diamond suppliers have shot up prices by 10% to 15%, he said. “The main problem is the production and the supply chain,” Guadalupe said, adding that almost all of Hublot’s high-end Swiss watch rivals are expected to boost prices. “We have to do it anyway, and since everybody is doing it, it is acceptable.”

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Earlier this week, the CEO of Capri Holdings Ltd., owner of the Michael Kors and Versace brands, said he expects to have trouble meeting robust demand for luxury accessories for at least half a year, owing to ongoing supply-chain problems. “It’s going to take us the better part of six months to really get ourselves fully caught up and in a good position that we can support our own stores, as well as our wholesale partners,” John D. Idol, Capri’s chief executive officer, told analysts on Wednesday. “Many of the ports are quite backed up.” To ensure that brands have enough product to meet what Idol calls “healthy” worldwide demand, Capri will stock up on some of its core products, according to Bloomberg. “Inventory growth is expected to outpace sales growth for the next 12 months,” Capri chief financial officer Thomas Edwards told analysts.

Dolce & Gabbana joins the fur-free club

Dolce & Gabbana has said it will stop using fur in its collections from this year, joining a long line of luxury brands seeking more humane alternatives, reports AFP.

“Dolce & Gabbana is working towards a more sustainable future that can’t contemplate the use of animal fur,” communications officer Fedele Usai said in a statement. With this move, the Italian fashion house joins other luxury brands, including Gucci, Prada and Moncler, who decided to follow the guidelines set by the Fur Free Alliance, a global network of animal rights groups. Armnai has even stopped the use of Angora wool owing to concerns about cruelty in raising Angora rabbits and harvesting their fur. In a bid to preserve the skills of the master furriers, Dolce & Gabbana said it would “continue to collaborate with these artisans in the creation of eco-fur garments and accessories, a sustainable faux fur alternative that uses recycled and recyclable materials”.

Rare Tom Brady card’s auction record

A football card that has football quarterback Tom Brady in the year he won his first Super Bowl sold for $118,000 at an US auction, a day before he formally announced his retirement Tuesday.

The 2002 Topps Finest X-Fractor card was one of only 20 featuring the NFL quarterback who’d won his first Super Bowl on 3 February 2002, reports AP. The bid was won by a Brady fan from New England. A pair of signed rookie football cards sold for $2.25 million and $3.1 million last year.

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