Luxury
World's largest duty-free shopping complex opens in Hainan
Regarded as the world's largest duty-free facility, the Haikou International Duty-Free City Shopping Complex, located in the province of Hainan, China, is now open to the public
Tapestry announces first quarter results
The owner of Coach, Kate Spade and Stuart Weitzman posted net sales growth of 2% in the first quarter of fiscal 2023, year-over-year, lowering its previous guidance for the full year
École Hermès des savoir-faire expands training programme
Hermès apprenticeship training school, which prepares students for the French national diploma in leatherwork, will include a vocational qualification certification in cutting and stitching
Kering posts revenue growth
The French-based luxury group continued to grow in the third quarter of the year, led by the "stellar" performance of Yves Saint Laurent. Gucci still hit by COVID-19-related restrictions in China
Burberry raises pay rates early to support staff during cost-of-living crisis
The UK-based luxury group announced that, in light of the rising cost of living, has decided to anticipate the new UK real Living Wage pay rates by more than six months
Hermès sales on rising mode
The French-based luxury group reported a sales jump of 30% in the first nine months of 2022, year-over-year, and shows no signs of slowing down. Price hikes are in the pipeline for 2023
UK: VAT-free shopping scheme will not be reinstated
The new British Finance Minister Jeremy Hunt announced that the Government no longer plans to reintroduce VAT-free shopping for overseas visitors. Luxury and retail sectors are against it
LVMH reports steady growth
After recording revenue growth of 28% in the first nine months of 2022, the French-based luxury group said that "growth continues at the same pace". Sales also increased in the third quarter
Gucci appoints new CEO of its Vault and Metaverse Ventures
The luxury House has named Robert Triefus as CEO of Gucci Vault and Metaverse Ventures, the newly created division designed to scale and expand the brand's metaverse and gaming strategies
Burberry appoints Daniel Lee as new Chief Creative Officer
Daniel will join Burberry on the 3rd of October 2022. He will be based at Burberry’s headquarters in London and report to Chief Executive Officer, Jonathan Akeroyd
Burberry COO and CFO to step down
The UK-based luxury brand has announced that Julie Brown will leave both her roles as Chief Operating and Financial Officer at the close of the company’s fiscal year, on the 1st of April 2023
Tod's exceeds pre-pandemic levels
The Italian-based luxury group, whose revenue in the first half of 2022 grew by 17.4% year-over-year to 467.5 million euros, reported having "returned to values higher than those of 2019"
Ferragamo reports solid first half
The Italian-based luxury group posted revenue and profits growth in the first half of the year, as compared to the same period of last year, "despite the enduring impact of the pandemic in China"
Louis Vuitton launches sustainable sneaker
The French luxury Maison, owned by LVMH, released a new unisex version of the LV trainer made from 90% recycled and organic materials, designed by its late creative director Virgil Abloh-
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