China is building its own luxury industry
Plus: Nissan Leaf creator defends the Ferrari Luce, Chanel's secretive owners pocket multi-billion dollar windfall, and LVMH touts 'human rights'
In this week’s Dark Luxury newsletter
Even friendly press didn’t love the Ferarri Luce
Chanel’s Wertheimers bank monster dividend
LVMH’s ‘Human Rights’ to-do list
Audemars Piguet CEO counts the web hits
China is building its own luxury industry
Ferrari’s Luce launch destroys billions in market value
Ferrari’s share price is down nearly eight per cent since it unveiled the Luce, its first fully electric vehicle, erasing billions in the company’s market capitalisation. The Luce is priced at €550,000 ($640,000), is designed by former Apple designer Jony Ive and Marc Newson’s LoveFrom firm, and yet from the outside it looks a lot like a Jaguar I-PACE (or a Waymo) to our eyes.
The market, and almost everyone in our social media feeds, did not hide its feelings about this, unlike Ferrari’s carefully selected cohort of press who were invited to see if before everyone else.
