Why Luxury Brands Can’t Resist Cannes

Versace has a longstanding relationship with Dua Lipa, bringing her to the Met Gala in 2019, casting her in the brand’s September 2021 show in Milan and dressing her for multiple red carpet appearances. Now the pair are going a step further, debuting a collection co-designed by Lipa at Cannes on May 23. The collection, which includes everything from swimwear and accessories to evening wear and jewellery, will be shown in an intimate setting, according to a person familiar with the brand’s plans. The fact that the show will be see-now-buy-now indicates it’s designed for maximum commercial potential.

Versace’s deepening connection with one of its highest-profile friends of the brand is in keeping with parent Capri Holdings’ plans to boost annual sales to $2 billion. After an initial post-pandemic bump, progress on that front had stalled by early 2023, with sales dropping slightly in the quarter ending in December. A star-studded show in Los Angeles in March kickstarted a new phase, with an emphasis on accessories (the brand’s fastest growing category in that last quarter). This week’s collection is likely to continue in that vein, both reinforcing Versace’s cultural cachet and offering plenty of items at different price points for fans of the brand and the artist to buy.

Cannes is playing a bigger and bigger role as a launchpad for these sorts of projects. Now fully back to its pre-pandemic glory, and with a lineup heavy on blockbusters like the latest Indiana Jones, the concentrated star wattage and scenic backdrop of the French Riviera is irresistible to luxury brands. Kering and L’Oréal Paris are two main sponsors, and Dior Beauty is staging a pop-up spa steps from the red carpet. This week will also see Chopard debut its first couture line alongside its usual high jewellery presentation, a Cannes staple since 2007. Saint Laurent’s recently launched film division showed its first feature, the 30-minute, Pedro Almodóvar-directed “A Strange Way of Life” last week. Expect another round of luxury activations at the Venice Film Festival in September; Armani announced he will show couture there last week.

As Golden Goose CEO Silvio Campara put it to BoF, “culture is the new luxury.” Versace was ahead of the curve on that front; with its celebrity co-designed collection this week, it will find out if it can monetise the concept too.

What Else to Watch for This Week

Sunday

G7 summit concludes in Japan

Monday

Golden Goose kicks off a series of cultural activations in Venice

Tuesday

Dua Lipa/Versace collection shown in Cannes

Chopard shows couture and high jewellery in Cannes

“Bama Rush,” a documentary on the Alabama sorority phenomenon, streams on HBO Max

VF Corp., Urban Outfitters report earnings

Wednesday

Elf, American Eagle, Abercrombie, Kohl’s report earnings

UK reports April inflation data

Thursday

The amfAR gala is held in Cannes

Ulta, Ralph Lauren, Gap report earnings

Friday

UK reports April retail sales

-Tiffany Ap and Robert Williams contributed to this article

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