July 2: A Tale of Two Deals in French Luxury: Chanel Buys Charvet as Moreau Is Sold in Court, the Most Expensive Tequila Ever Sells at Auction, and Luxury Shoppers Outrun the Brands on AIA tale of two deals frames the day: Chanel buys the 188-year-old Parisian shirtmaker Charvet while the leather-goods house Moreau Paris is sold off through a court-supervised process, consolidation at the top and attrition below. A single bottle of tequila becomes the most expensive ever sold at auction, new research finds luxury's own affluent shoppers are adopting AI faster than the brands, watchmaking opens a new chapter, Richemont backs six emerging designers, and European luxury opens firmer. ALT/FNDATA- Membership (Save 15% with code PODCAST15): https://altfndata.com/go/ob-260702- Market reports: https://altfndata.com/go/ob-260702-r- Podcast episodes: https://altfndata.com/go/ob-260702-p A Tale of Two Deals- Chanel, the private house controlled by the Wertheimer family, has bought Charvet, the Parisian shirtmaker founded in 1838 on the Place Vendôme, to secure the 188-year-old company's future. Charvet has worked closely with Chanel's artistic director Matthieu Blazy. The great houses are spending to lock up craft that cannot be replaced.- Meanwhile Moreau Paris, a maker of fine leather goods, is being sold through a court-supervised process, with strategic and financial buyers circling. Two deals, one picture: consolidation at the top, attrition below. A Record at Auction- A bottle of Clase Azul Día de Muertos añejo (2017, one of only 300 made), first sold for 250 dollars in Cabo San Lucas, fetched 35,000 dollars at a Sotheby's online sale, the most ever paid for a tequila at auction and roughly a 140x return in under a decade. Rare spirits have become one of the fastest-appreciating corners of the passion-asset world. Luxury's Customers Race Ahead on AI- New research from Bain & Company finds affluent shoppers are adopting generative AI to discover, compare and decide on purchases faster than the houses are adapting. An unusual reversal, with the wealthy buyer out ahead of the brands. Watchmaking's Independent Turn- François-Henri Bennahmias, the former chief executive of Audemars Piguet, is launching his own brand, N3W5, debuting at Dubai Watch Week next year.- At the revived Universal Genève, chief executive Georges Kern is rebuilding the dormant name with a couture-house approach, and hints jewelry could follow. The energy in watches sits with founders and revivalists. Richemont Backs the Next Generation- Richemont (ticker CFR on the Swiss exchange, about 183 francs), owner of Cartier and Van Cleef & Arpels, is backing six emerging designers, helping them produce and sell their collections at a Paris pop-up this fall. A signal the establishment still sees room to grow the market, not just defend its share. Quick Hits- Messika unveiled a one-of-a-kind necklace set with a 20.46-carat blue diamond from Botswana, one of the largest and rarest such stones ever found in the country.- Fred, the jeweler owned by LVMH, marks its 90th anniversary with a 101-carat yellow diamond, the Soleil d'Or, which returns to the house's vaults after a showing at Paris Couture Week.- Looking ahead to July's sales: a dinosaur skeleton named Gus, a dramatic Highland landscape by Landseer, and an early model of the Statue of Liberty. The Markets (Thursday open)- European luxury opened firmer after the soft start to the half: Watches of Switzerland up almost 3 percent, LVMH, Kering and Hermès each modestly higher, Burberry down about half a percent. It went on to rally hard into the close; full read this evening on Closing Price. Also from ALT/FNDATA:- Closing Price — this evening, the day's signals- Open Bid returns tomorrow