LUXURY PRESS DIGEST 1ST MAY

Luxury Fashion, Retail & Consumer Goods

LONDON CRAFT WEEK SPOTLIGHTS THE CITY’S BEST ARTISANS
The Londonist reports that this month, over the weekend of 6-10 May, the capital celebrates its long-held artisan traditions with the first-ever London Craft Week, of which Walpole are strategic partners. The four day long programme is packed with events, workshops and demonstrations in both high-end department stores and small manufacturing labs. The Londonist rounds-up the highlights, day by day:

LYST ANNOUNCES $40 MILLION INVESTMENT
Vogue reports that Lyst has become the latest e-commerce platform to secure a significant financial boost. The group announced this morning that it has raised $40 million from a Series C round of investment from some of the most influential fashion and internet investors, including Group Arnault (LVMH's controlling shareholder).

CLESSIDRA BUYS CONTROL OF ITALIAN FASHION LABEL CAVALLI
Reuters reports that Italian private equity fund Clessidra acquired control of fashion house Roberto Cavalli on Thursday for an undisclosed sum, concluding one of the longest running courtships in the luxury goods industry. Clessidra, which has invested in jeweller Buccellati, held discussions with Cavalli back in 2008 and 2009 and since then, talks had been on and off with other private equity firms including Permira, Investcorp and Russia's VTB Capital.

ASTON MARTIN RAISES $307 MILLION TO FUND NEW LUXURY CROSSOVERS
Bloomberg reports that Aston Martin Lagonda Ltd. has secured an investment of £200 million ($307 million) to fund the production of the DBX crossover, a break from the British luxury brand’s traditional low-slung sports cars.

Luxury Travel, Culture & Leisure

THE TOP DREAM DESTINATION FOR CHINESE TOURISTS: IT’S FRANCE
The Financial Times reports that back in 1986, Hiroaki Ota, a Japanese psychiatrist, identified Paris Syndrome: a state of psychological trauma experienced by first-time Japanese visitors to the City of Light when they discovered that the French capital was far grittier than the glamorous vision they were expecting. Three decades on, an even larger number of Chinese visitors to France — attracted by the same visions of fashion, romance, culture and history as Japanese tourists in the 1980s — are grappling with similar culture shock. But while some have been afflicted, the allure of France — and Paris in particular — remains extremely potent.