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The famous French chef collaborated with the crystal-maker on a striking new restaurant and bar, with more to come.

PARIS — Alain Ducasse finds many parallels between fashion and food, and so he characterizes his new restaurant at the Maison Baccarat in Paris as “pret-a-porter de luxe.”

“Not too formal,” he said over lunch recently, ahead of its official opening later this month. The Michelin-starred chef turned over every plate and utensil as his two guests oohed and awed over blue lobster chunks flavored with rose, a deconstructed niçoise salad, and scrumptious wines from across the price and age spectrum.

A fervent collector of vintage Baccarat since forever, Ducasse approached Maggie Henriquez, the crystal-maker’s president and chief executive officer, the second he heard she planned to transform and modernize its landmark town house on Place des États-Unis — and exalt the brand’s long links to art and artistry.

He brought a new gastronomic concept: small, intensely flavorful and transporting dishes, accompanied by a vast range of wines from storied vineyards and bold upstarts, all served in a casual, upbeat manner that contrasts with the exceptional crystal glasses, and an eclectic array of the finest tableware and cutlery, some from Ducasse’s personal collection.

“Simple, good and efficient,” Ducasse said as he urged Henriquez to dollop cherry and olive marmalade on Roquefort chunks, and tuck into a slim slab of turbot topped with seaweed.

“We are eating the sea,” he said of the unadorned, perfectly cooked fish.

The ebullient French chef curated every detail of the menu and the decor — with not a typical chandelier in sight.

Echoing a theme recurring throughout the vast mansion — exalting crystal artisans — the droplet-shaped light fixtures echo the glass when first blown — some transparent, some in Baccarat’s signature red.

Also lording over diners in the main room’s orderly rows are hundreds of human-like figures, each unique, carved from oak by French artist Jean-Guillaume Mathiaut, whom Ducasse anointed “the Brancusi of wood.”

The little statues partially shield the baroque grandeur of the room, letting the eye wander from the block-like, almost pixelated creations, and out to the plane trees in the square.

(Ducasse explained that his family name roughy translates to oak, so this warm material figures in each of his projects.)

Lunching with Ducasse — his first meal during Baccarat’s soft opening period — was to witness a mindful perfectionist and charismatic conductor, beckoning staff to offer suggestions, launch queries or explain dishes.

One brought over a rectangle of folded red leather that will soon house the wine list, which the chef caressed, sniffed and handed to his guests, explaining that the Umbrian tannery that produced it turns out a quality “better than Hermès. So chic.”

At one point, he picked up a corner of the white tablecloth to show how the red border is embroidered as beautifully on both sides. Like the late Karl Lagerfeld, he’s mad for vintage linens and bought many from the same dealer in Saint-Jean-de-Luz that the German designer frequented.

“Antique crystal and antique linen, I’m obsessed,” Ducasse said.

He shares many traits with Lagerfeld, including a penchant for vintage French luggage — and a curiosity and hunger for the new that seems insatiable. “I never do the same recipe twice,” he stressed.

He loves shopping at Dover Street Market in New York, where he recently scored a white suit by Dries Van Noten, and discovering young artists, winemakers and potters, whose creations find their way into his culinary projects.

Ducasse found his mixologist Margot Lecarpentier in a bar in the gritty Belleville neighborhood of Paris, bowled over by her signature Impeccable cocktail that exalts bitterness and acidity. (Its ingredients include tequila infused with capers and green walnut liqueur.)

The chef also delights in high-low contrasts. Lagerfeld’s most famous was his H&M collaboration in 2003, while Ducasse sees his new Baccarat eateries as welcoming clienteles with a range of means.

He noted it’s possible to have a salad and cocktail in the bar — surrounded by the sublime parchment-walled decor by Jean-Michel Franck, circa 1925 — for under 50 euros, or to splash out on an exceptional bottle of wine for three grand or more.

The main restaurant has a set prix-fixe menu taking into account personal food preferences, with lunch at 90 euros, and dinner at 220 euros.

Adjacent to the bar is a striking, octagonal room for wine tasting, where a raised platform gives a spectacular view of a painting by Gérard Garouste, one of the many artworks dotted throughout the building.

The bar restaurant is open from noon to midnight — hence the name Midi Minuit — underscoring the welcoming, laidback spirit Ducasse was after.

“We take seriously what we do, but we don’t take ourselves too seriously,” was how Henriquez summed up the attitude.

Alain Ducasse Baccarat brings the number of restaurants the chef operates to 35, and one that is sure to attract young generations.

The Maison Baccarat figures prominently in the fourth season of “Emily in Paris” as the site of a lavish and dreamy masquerade ball.

“The awareness that has created has been fantastic,” Henriquez said. “I’ve been very impressed by the number of young people who wrote to me to say, ‘Maggie, wonderful, wow, Baccarat in “Emily in Paris.”‘”

What’s more, she said the scenes on the hit Netflix series perfectly exalt Baccarat’s long links to celebratory moments, giving a youthful and contemporary elan to a brand that’s 260 years old this year.

“It’s very aligned with the soul of his house,” she said. “We say Baccarat is the alchemy of joy.”

Ducasse, too, “understands us well and has a sensitivity for this house. That’s why he decided to bring the gastronomy of the future.”

Almost on cue, the sommelier filled narrow flutes with Jacquesson Champagne and a waiter brought several amuse-bouches, including a carmelized eggplant that resembled a baked brie.

“That’s the sound of Baccarat,” Henriquez enthused after clinking glasses with Ducasse and putting it to her ear to enjoy the crystal’s lingering music.

The bar Midi Minuit at Alain Ducasse Baccarat in Paris.

The intervention of contemporary creators — Mathiaut chairs and tables feature elsewhere in the Baccarat maison, with a graffiti-like work by Harry Nuriev lining the entrance corridor — perpetuates a long association with great artists, who have included Salvador Dali and Pablo Picasso, brought to the mansion by its most famous owner, art patron Marie-Laure de Noailles.

“This house breathes the art of creation,” Henriquez said. “Baccarat is a very important component of the history of France. And Alain is, without any doubt, the most important ambassador for French gastronomy in the world.

“It is very important for us, in a joyful and very informal manner, to permanently bring this connection with culture,” she stressed. “It’s very important that this house spotlights young creators. This is my obsession.”

Baccarat has occupied the grand hôtel particulier since 2003, initially with a decor by Philippe Starck, who continues to design crystal for the maison alongside the likes of Marcel Wanders, Arik Levy, Nicolas Triboulot and others.

The latest overhaul of the sprawling venue extends to the gift shop, where designer Philippe Nigro pays homage to Baccarat’s pot furnaces, cooling arches, tools and wheeled shelves.

In 2025, a restaurant and bar will open directly onto the garden, being transformed by landscape designer Jérémie Attali, working in tandem with Ducasse.

HSBC now expects organic growth of only 2.8 percent this year, and no return to double-digit growth for the sector.

Flagging a weak macro environment and a wave of recent downgrades, HSBC said Tuesday it now expects only 2.8 percent organic growth for the global luxury goods sector in 2024, down from an earlier forecast of 5.5 percent.

In a report titled “Cruel Summer,” the investment bank said it no longer expects a return to double-digit growth in Q3 and Q4, “and this despite a much easier basis of comparison.”

That means 2024 is poised to be the “sixth worst year in the past 20-year period” after 2020, 2009, 2016, 2008 and 2015.

HSBC only had a “buy” recommendation on Prada Group until Tuesday, when it upgraded Moncler to buy “as the brand should benefit from the colder months ahead, and more importantly its next impactful Genius event.”

As reported, the Italian company is to unveil its next round of collaborations in China on Oct. 19, having secured a slot at Shanghai Fashion Week, which kicks off on Oct. 9.

HSBC has lowered expectations for a wide swath of luxury shares, including LVMH, Kering, Richemont, Burberry, Hermès and Swatch, largely due to lower growth in mainland China.

“As organic sales momentum slows down even more than initially anticipated and visibility on a potential rebound of China luxury sales is really poor, we have decided to increase the luxury sector beta from 1.0 to 1.1, hence affecting all the target prices in the luxury universe,” it said.

Over the summer, luxury consumption remained strong only in Japan, boosted by Chinese tourism, whereas the Chinese cluster decelerated, the American cluster did not improve as much as expected, and Europe delivered a mixed bag, according to HSBC.

On the Continent, many consumers have adopted a wait-and-see attitude as victims of “greedflation,” HSBC’s term for steep price hikes at many brands post-COVID “just because they could get away with it rather than just a pure reflection of inflationary pressures.”

The bank has lowered its expectations for the second half of 2024 to 4 percent versus 13 percent previously.

However, there’s some light at the end of the tunnel for the luxury sector.

“We expect 7 percent growth in 2025 and we should see a return to high single-digit growth as soon as Q1 2025, and probably double-digit growth in Q2 2025,” HSBC said. “December could be a good time to revisit some names as 2025 prospects will be in sight.”

Advertising group says purchase shows industry still needs creative talent despite advances in AI

WPP, the London-based advertising group, has returned to the acquisition trail in the UK with the purchase of one of the country’s leading independent creative ad agencies.

New Commercial Arts was founded in 2020 by a team led by industry veterans James Murphy and David Golding, who sold their previous agency adam&eve to DDB in 2012. 

Mark Read, chief executive of WPP, said that the deal showed that even with the advances in artificial intelligence — which is increasingly used to replace some of the more traditional roles in the industry — advertising required creative talent. 

“Even where we are in a world of AI, we still need world-class creative ideas,” he told the Financial Times. “We are investing in our core creative offer. We have been quite quiet on the acquisition front.”

WPP last week won the mandate to provide media services to Amazon, one of the world’s biggest marketers, in Europe, the Middle East and Africa and Asia Pacific. Shares rose about 5 per cent on the news.

The group will bring NCA into Ogilvy, its creative advertising arm, adding close to 100 staff in London and Scotland as well as large client contracts such as J Sainsbury in the UK. Other NCA clients include Vodafone, Peugeot, Paramount+ and Uber.

Murphy will become the chief executive of Ogilvy Group UK, which will retain the NCA name and team. Fiona Gordon has been promoted to global chief executive of advertising at Ogilvy.

WPP declined to comment on the value of the deal.

Read described NCA as “one of the UK’s most exciting new agencies with a great team, an impressive roster of clients and a track record of elevating beloved British brands”.

WPP’s last significant acquisition in the UK was more than a year ago, with the purchase of influencer marketing agency Goat, and it has since embarked on a rationalisation and restructuring of its network that has resulted in a streamlined organisation and fewer divisions. 

Last month, the group sold its controlling stake in public relations group FGS Global to private equity partner KKR for $767mn in cash.

Murphy, who began his career as a graduate trainee with Ogilvy, is a well-known UK advertising executive as founder of adam&eve, which was feted for its work for retailer John Lewis.

The deal reflects the polarisation of the advertising agency world between smaller groups that can specialise in certain sectors or creative niches, and the larger networks that are investing hundreds of millions in new AI technology that promises to revolutionise how the industry works.

Murphy told the FT that it was increasingly tough for mid-sized advertising companies that lacked the scale to invest in capabilities such as AI.

“The truth is that as New Commercial Arts, we’re never going to be able to lead the thinking and the innovation on [AI]. Whereas plugged into WPP, we can be part of a group that are and there are obviously benefits in terms of the quality of the work that we’ll do.”

He added: “In our industry, there are two really good things to be: one is small, the other is big, and that’s become much more pronounced with the impact that technology and data is having on the industry.”