Good morning. Did you know? New York City is home to as many as 800 languages! with Queens having the highest concentration of them.

ART
Frieze LA Sunday Happy Endings

Richard Serra's $2 million drawing was the top sale at Frieze L.A.'s VIP day, which began on 29th Feb. The fair, held at Santa Monica Airport, was attended by high-profile guests including Leonardo DiCaprio, Robert Downey Jr., Will Ferrell and Owen Wilson.

MONEY
New York closed a Harvard Ponzi scheme

Vladimir Artamonov, a Harvard Business School graduate, allegedly tricked alumni and associates into investing at least $2.9 million in a Ponzi scheme. He reportedly claimed to predict Berkshire Hathaway's investments, promising returns of 500% to 1,000%. The fraud was discovered after an investor, who lost $100,000, ended his life.

STOCKS
Goldman Sachs Removes Apple

Apple was taken off Goldman Sachs' top stocks list last Friday after a week of instability. The investment bank anticipates that companies in the mineral and biotech sectors will outperform others this year.

After this, Apple's shares dropped up to 2%, and its market capitalisation dropped below Microsoft's by $314 billion during Friday's trading. This represents the most significant lead Microsoft has held over Apple since 2003.

LUXURY
The Row: Privilege & Privacy

After taking over Dualstar in 2004 and generating $1.2 billion in sales, The former child stars Mary-Kate and Ashley Olsen became some of the richest women in entertainment.

They launched The Row in 2006, following Ashley's search for the perfect T-shirt, the brand has grown into a $300 million business by avoiding traditional advertising and earning celebrity endorsements. The brand values anonymity, and the sisters maintain no social media presence. They initially kept their roles as the brand's creators a secret and did not stage a fashion show, which deviates from traditional practices for new brands. Despite initial skepticism from barney's and other stores due to their celebrity status, their products were sold out immediately due to their quality and design.

Known for relaxed shapes, luxury materials, and distinctive shoes and bags, the Row attracts customers who value quality over cost. Prices range from $300 for tees to over $5,000 for coats, positioning it in the high-end luxury segment. Its Margaux bag, compared to the iconic Birkin bag, starts at $3600.

Since inception, the brand launched several products and opened flagship stores in LA, NYC, and London, growing 20-30% annually. Estimated revenues are $250-300 million.

The Future: The Row has the potential to branch out into sectors like fragrances, cosmetics, furniture, and jewelry. Its stores already display mid-century furniture and art installations, suggesting a fully-realized lifestyle business. The Row redefined luxury fashion at their FW2024 Fashion Show by barring attendees from recording or taking photos, highlighting product essence. This mirrors Tom Ford's 2010 show excluding influencers, which backfired and later showed the significance of the digital community.

It's unclear whether The Row's strategy of excluding the masses through its lack of digital presence and high pricing be successful in the long term, or will it be overshadowed by brands who let the people be part of their dream?

BUSINESS
Agnelli’s Investment in Tech

John Elkann, the billionaire heir of the Agnelli dynasty and CEO of the family’s holding company, Exor, believes that Italian tech has a problem. Despite its strong GDP, Italy lags behind Europe in tech investment and startups. In recent years, Italy has only generated two private unicorns, compared to the UK, which leads with 50.

Elkann, from Italy's prominent Agnelli family who built their wealth in the auto industry, is the descendant of Fiat founder Giovanni Agnelli. The family has historically invested much of its money in automotives: it controls Ferrari and holds the biggest stake in Stellantis. Inheriting Fiat in 2003, Elkann has since expanded Exor's net assets to €33bn, an eightfold increase since 2009. Investments include Ferrari, Stellanis, The Economist, Louboutin and Philips.

He also started diversifying into technology and healthcare in the past five years. Elkann says that Exor has invested €1bn in tech in the last five years.
Exor announced that it has 2 billion euros available for new investments, with a focus on tech, healthcare, and luxury.

BUSINESS
Family Offices: Strategy Shift

By 2022, around 9,100 family offices globally managed wealth and influenced corporate governance. They are projected to grow further in 2024 due to favorable trends.

Family offices, initially for high-net-worth individuals, grew with wealth expansion. 40% are in the US, followed by Asia (27%) and Europe (25%). Despite inflation and geopolitical tensions, 41% increased their allocations in 2022. Private equity, their top asset class, accounted for 21% of 2022 investments, up 2% from 2021.

Family offices are expanding beyond traditional wealth management into real estate, infrastructure, private debt, and philanthropy. Analysts forecast that family offices will increase to 10,000 globally in two years, driven by evolving family structures favoring distributed financial decision-making. This shift promotes responsible investing in local businesses and new technologies. Over 50% of family offices have invested in sustainable assets, and 40% expect the majority of their portfolios to be sustainable by 2025.

FASHION
PRADA x DRAKE

Prada Mode is heading to Los Angeles to present the third edition of The Double Club, a project by Carsten Höller (a German Architect) in collaboration with Luna Luna and Drake. The event, running on March 7 and 8, will feature a site-specific installation in a warehouse in the Arts District, based on Höller's signature trope including musical programming curated by Höller and Drake, and will be open to the public the two following days.

FINANCE
Watch Sales by Brand 2023

Rolex leads the luxury watch category. In 2023, the Swiss company sold 1.24 million watches, generating a record $11.5 billion in sales, an 11% rise from the previous year. It has an "unprecedented" 30% market share, according to a Morgan Stanley and LuxeConsult report.

NEW YORK CITY
HERR OBER: Montage’s City Edition

The New York subway is an iconic thing, why not build a restaurant there?
Nōksu is a Korean fine dining restaurant situated in Manhattan's Subway, tucked away in a secret location protected by a keycode. The intimate setting accommodates only 14 guests. Chef Dae Kim offers 12 courses with a paired drinks selection for around $400.

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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