Luxury & markets analysis without the PR gloss. On-the-ground channel checks from Monaco to Madison Ave. Coverage includes LVMH, Ferrari, RH, Hermès, Cucinelli
Ferrari is about to make you pay a “Luce Tax.”
I have it on good authority they unveil the 12Cilindri MM (manual) tonight at Le Mans, limited to ~500 cars.
The catch? To buy one, you reportedly have to buy a Luce first.
Why that’s a problem 🧵 $RACE
ALT A white Ferrari 296 Challenge track car displayed on a low plinth inside a modern Ferrari dealership or atelier. The car features an aggressive front splitter, a louvered engine cover with cooling vents, gloss silver multi-spoke forged wheels on Pirelli slicks, a roll cage visible through the windshield, and the yellow Ferrari shield on the front fender. Behind it, a green accent wall displays framed Ferrari prints, a slatted wood feature wall sits to the right, and linear ceiling lighting runs overhead. A second race car with a rear wing is partially visible to the left.
Ferrari is about to make you pay a “Luce Tax.”
I have it on good authority they unveil the 12Cilindri MM (manual) tonight at Le Mans, limited to ~500 cars.
The catch? To buy one, you reportedly have to buy a Luce first.
Why that’s a problem 🧵 $RACE
ALT A white Ferrari 296 Challenge track car displayed on a low plinth inside a modern Ferrari dealership or atelier. The car features an aggressive front splitter, a louvered engine cover with cooling vents, gloss silver multi-spoke forged wheels on Pirelli slicks, a roll cage visible through the windshield, and the yellow Ferrari shield on the front fender. Behind it, a green accent wall displays framed Ferrari prints, a slatted wood feature wall sits to the right, and linear ceiling lighting runs overhead. A second race car with a rear wing is partially visible to the left.
So: a hyped manual used to force sales of a slow-selling car, slipping service quality, and shifting commission structures.
More on Ferrari next week. Full note below (paid subscribers got this first)!
There’s also no flywheel. It artificially simulates the resistance, bite point, and stall risk of a traditional analog manual.
Gear ratios even change with drive mode: shorter in Track for acceleration, longer in Road.
This day just keeps getting better. Walked the paddock as Charles Leclerc came back from a session, then got a look inside the Red Bull garage with the car stripped down on stands
What a day!
ALT Ferrari driver Charles Leclerc walking through the paddock at the Circuit de Barcelona-Catalunya during the Spanish Grand Prix, wearing his white and red Scuderia Ferrari race suit tied down at the waist with HP, Shell, ZYN, and Puma branding. He is flanked by two Ferrari team members in red shirts, passing the navy Oracle Red Bull Racing hospitality wall covered in sponsor logos and a “3/6” graphic.
ALT Inside the Oracle Red Bull Racing garage at the Spanish Grand Prix, mechanics in navy Red Bull and Mobil 1 team kit work on Max Verstappen’s stripped-down RB21 Formula 1 car, raised on stands with bodywork removed to expose the chassis and front suspension. A white Hexagon measuring scanner on a tripod stands in the foreground, with “PIT LANE” marked in red on the garage floor and Oracle and TAG Heuer branding overhead.
Behind the scenes at the Spanish GP before qualifying. Not a bad day to be an Intern!
Leclerc’s Ferrari heading down the pitlane, a walk through the Red Bull garage, and a stack of tyre blankets quietly warming up for the session.
The access never stops being surreal!
ALT Charles Leclerc’s number 16 Ferrari SF-25 Formula 1 car driving down the pitlane at the Circuit de Barcelona-Catalunya during the Spanish Grand Prix, painted in classic Scuderia Ferrari red with HP, Shell, and Santander branding on soft compound Pirelli tyres. The Williams pit wall and grandstands are visible across the track.
ALT Stacks of Pirelli Formula 1 tyres wrapped in black Oracle Red Bull Racing tyre warmer blankets inside the team garage, labelled “Front Left” and “Rear Left” with driver number 06406. The Red Bull logo and bull mascot are mounted on the wall behind, with overhead lighting rigs above.
ALT Entrance to the Oracle Red Bull Racing garage at the Spanish Grand Prix, flanked by navy panels displaying the team’s Drivers’ and Constructors’ Championship laurels from 2010 through 2024. Safety signage covers the wall, and a team member in Red Bull kit walks down the polished garage corridor.
ALT The Scuderia Ferrari HP team building in the Formula 1 paddock under a clear blue sky, with the Ferrari prancing horse and HP logos prominently displayed alongside sponsors including Shell, IBM, Puma, and ZYN. Several people in paddock passes and team kit talk near the entrance.
If $LULU were smart they’d drop Hamilton and make a video of Kimi Antonelli finding his towel
ALT Screenshot of Lululemon’s Spanish-language e-commerce site showing the product page for ‘Toalla The (Small) Towel,’ a pale sage workout towel designed for yoga and training, listed under Accessories / Equipment. The product holds a 4.7-star rating from 144 reviews and carries an ‘Exclusivo online’ (online exclusive) badge, indicating it is not sold in stores. The towel is photographed rolled upright against a grey studio background with an embossed lululemon logo tab. Shopping cart shows zero items. Relevant to lululemon ($LULU) channel mix, accessories category pricing, and European market merchandising.
Police investigate luxury watch thefts during Monaco Grand Prix weekend: Authorities in Monaco are investigating a series of luxury watch thefts reported during the Formula One Grand Prix weekend amid concerns about organis rt.news.mc/TT0fXy
“Bernard Arnault, His Ruthless World” was published yesterday. Excellent read (I finished in one sitting) and would highly recommend if you’re interested in LVMH or need a good book over the weekend! You can buy it here: amzn.to/4dYr8vC
ALT Cover of the French investigative book Bernard Arnault, son univers impitoyable: L’enquête by historian Audrey Millet, published by Les Tribunes. A black silhouette of a man in a suit stands against a white background with bold red and black typography. The book is a critical investigation into the LVMH founder and the luxury industry.
Nice photo shop job here from ESPN. Kimi Antonelli’s hands are nowhere near that muscular or that hairy… I doubt George Russell’s are either 🤷🏻♂️
ALT George Russell in Mercedes AMG Petronas F1 race suit and helmet embraces Lewis Hamilton, who wears a red Ferrari race suit with HAMILTON printed across the back, in parc ferme after a Formula 1 Grand Prix. Red circles highlight Russell’s hands on Hamilton’s back, one still holding his racing gloves. Mercedes sponsors Petronas, IWC, Solera and Akkodis visible on the suit.
ALT Kimi Antonelli, Mercedes F1 driver, wearing a white tank top and light wash jeans, washes his hands under an old outdoor stone fountain tap surrounded by greenery. Screenshot of a viral X post from Brazilian F1 account Estagiario da F1 joking that Mercedes made a video mocking Antonelli’s towel tour, the one used by Kim Kardashian.
New primary research from Intern Pierre
I surveyed recently former Lululemon Sales Associates across the US, Europe and Asia on competition, sales trends and where the brand goes next
A few findings worth flagging on $LULU 🧵
ALT Horizontal bar chart titled "Q6. Biggest threat to Lululemon" from an Intern Pierre primary research survey of former Lululemon Educators and Sales Associates. When asked which company poses the biggest threat to Lululemon, respondents answered: Alo 68%, the longest red bar by far; Vuori 16%; "Lululemon is the best in the category" 13%; and Other 3%. Notably, Nike received zero votes. The chart shows Alo as the dominant perceived competitive threat in the athleisure and activewear category, well ahead of Vuori. Off-white background with red bars in Intern Pierre house style.
Full report: charts, verbatim responses, the full threat ranking and the comp dispersion.
Available to Intern Pierre Professional subscribers.
Link below to request access 👇