Luxury lingerie brand Bottega Veneta has confirmed that it will be investing $300 million in the UK, and that it’s aiming to be the “premium” brand in the country, in a move that could be seen as a sign of the times.
The company’s CEO, Ben Waddington, made the announcement during an earnings call, and the news comes on the heels of a big announcement in the US last week, in which the company said it plans to buy up to 30% of US clothing retailer TJ Maxx for $1.5 billion.
Waddington says that the new investment is “a big step forward for us and our company”, adding that “it’s the future of fashion”.
“This is a big change in our business, and it’s a big milestone for our brand,” he said.
“We’re moving beyond our roots, we’re moving into a new era.”
He went on to say that the investment will allow the company to “take on new brands in emerging markets, which will help us take on bigger markets”, and that the company “will be able to leverage the brand’s global reach to drive the kind of revenue growth we’re seeing in emerging market businesses”.
The announcement follows on from last month, when the luxury retailer bought up to 40% of the UK clothing chain, JCPenney, for a reported $1 billion.
BottegaVeneta’s UK deal is part of a wider shift in luxury’s strategy.
Earlier this year, the luxury footwear brand L’Oreal announced it would be closing its UK headquarters, which was based in Coventry.
Bottegal Veneta already owns the iconic British footwear brand, Alexander McQueen.
It is one of the biggest manufacturers of leather shoes in the world.
The company’s founder and CEO, Dan O’Brien, is also the founder and chief executive of the fashion brand, Balenciaga.
Brie-Marie has previously spoken of the importance of fashion brands, saying that “fashion is the future”, adding: “When you talk about the future, you need to know the future and how to be relevant to the future.”