Good morning. While Bitcoin has often been called “digital gold,” actual gold hit its all-time high, reaching $2,181 per troy ounce, a gain of 8% in the last month.

FINANCE
The Rise of ‘Granolas’

Goldman Sachs highlighted Europe's stock leaders, the GRANOLAS, a term inspired by the 'Magnificent Seven'. These are GSK, Roche, ASML, Nestlé, Novartis, Novo Nordisk, L'Oréal, LVMH, AstraZeneca, SAP, and Sanofi. With a combined market cap exceeding €2.6 trillion, they have outperformed the wider European market. In the past year, the GRANOLAS have generated over €500 billion of revenue, however companies like LVMH, L'Oréal, and ASML are at risk due to their dependence on China.

FASHION
The Fall of Luxury E-Commerce

Luxury e-commerce companies are facing significant challenges post-pandemic, with Farfetch's shares dropping 98% and being sold to Coupang, a Korean Fund. Yoox Net-a-Porter reporting a net loss of €541mn, and Matches set to shut down after reporting losses. Additionally, Lyst cut 25% of its staff, and SSENSE dismissed 7% of its workforce. Shares of other e-commerce brands have also fallen drastically.

Drawing from my experience with luxury e-commerce and brands, I predict an increase in M&A deals. This is a result of consolidation in the industry, driven not only by luxury brands wanting to control their margins but also by the higher profits they make by selling directly to customers rather than through third parties. Additionally, during geopolitical and economic challenges, customers tend to invest in hard luxury items and brands. These are viewed as investment pieces and hence, brands like Hermes and Patek Philippe continue to perform well despite a decline in the luxury market.

STOCKS
JPMorgan: Not A Tech Bubble

For those concerned about a possible tech bubble burst this year, we bring some reassuring news. Analysts at JPMorgan Chase suggest that the seven major tech stocks forming the backbone of the S&P 500 are, in fact, undervalued.

"Magnificent Seven" companies, a term coined by Bank of America analyst Michael Hartnett to describe the seven largest tech-focused companies in the S&P 500 -- Microsoft, Apple, Nvidia, Amazon, Alphabet, Meta, and Tesla. Combined, they make up 28.8% of the index.

MARKETING
Gen Z: The New Brand Architects

Gen Z's primary marketplace, social media, is also their entertainment, social hub, learning platform, and news source, making shopping a blend of influences and mindsets with YouTube, TikTok, and Instagram being the most popular platforms.

Inspiration: 77% seeking style inspiration, hence it's becoming more difficult for brands to stand out. Many brands have tried to integrate into the TiK Tok and instagram shopping tools but the success is uncertain outside APAC. 71% of Gen Z says they are open to discover new brands.

Offline: 74% of Gen Z values in-person experiences more than digital ones, and 73% prefer making purchases in-store.Despite heavy investment by brands in the metaverse, many Gen Z individuals are not excited about it.

Research: 70% trust a brand after personal research, and 56% of Gen Zs suspect brands of dishonesty. The comments section plays a vital role in their research. Brands must educate and provide more information.

Community: Many Gen Z customers favor brands that build a community, with 54% preferring brands that foster this sense. Their likelihood to purchase increases by 84% for brands they perceive as "cool", making universe building essential for gaining their loyalty.

Loyalty: Gen Z is well-informed but noncommittal. To earn Gen Z's loyalty, brands need to offer engagement beyond transactions.

Today's consumption is a continuous cycle of inspiration, exploration, community, and loyalty. Brands should shift their focus from traditional target groups to communities. It's not just about offering products anymore, it's about growing and creating stories together. In the old world, brands were at the centre of the consumer journey — today, people are (and, you could argue, always should have been).

PRODUCT
Kobe’s Trikot Sold For $915,000

A game-worn Kobe Bryant NBA Finals jersey sold for $915,000, nearly triple its last sale of $337,334 in January 2021, as rare game-worn items continue to show strength.

RETAIL
A Changing Room In The Post Office?

France's national post office, La Poste, is testing in-store changing rooms for immediate returns of online purchases. This initiative aims to simplify the return process, save customers' time, and boost traffic to offset declining letter traffic.

PARIS
HERR OBER

Welcome to Herr Ober, a delightful city edition of Montage! We take you on a weekly journey through different cities.

START UP
A Brand Sold On The Dark Net?

Bloody Osiris, a fashion stylist from Harlem, is known for his avant-garde style and influence in the fashion industry. He has worked with celebrities like Travis Scott, styled for Off-White, and modeled for YEEZY.

Bloody Osiris created the fashion brand Murd333r.FM, known for its extreme exclusivity and limited releases. The brand has gained attention for being worn by celebrities like Lil Uzi Vert, Lil Yachty, Yeat, and Travis Scott, quickly selling out due to its rarity.

The access to special collections is granted through a members-only gold card or through a subscription that provides a code detailing when and where an item can be purchased. What's also notable is the design of its former website, which resembles Silk Road, mimicking the appearance and atmosphere of the Dark net. Did they really sell on the Dark net? It remains unclear.

The brand is challenging traditional platforms by creating an exclusive community through limited stock and rarity. Hoodies start from $500. The main focus is on promoting a sense of community through time-limited events and releases. There is no advertising around the brand. It's kind of an underground brand for the few in the know. Well, now you know. Click below to get access:

Hello there,
just a quick note to introduce myself. I'm Fae, also known as Ramona, a global citizen with a multicultural heart and roots in many places that I have grown to love. I have been lucky enough to call Berlin, Milan, Dubai, Munich, and LA home. These are the cities where I gained my work experience and built a career in impressive luxury fashion houses such as Prada, Valentino, and Dior. Being multilingual in five languages helped me to work across three continents! I then took the leap into the exciting world of investment and finance. I started this newsletter, because I believe in the power of shared knowledge and community building. I hope you find joy in MONTAGE.

Feel free to connect with me on LinkedIn, Instagram, or by simply replying to this email. Love, Fae x

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