Luxury
Tod's: Diego della Valle denies sale and talks about recovery in China
The Chairman and CEO of the Italian premium fashion brand said he has no intention of selling the company. Diego della Valle says the brand is already seeing optimism in certain markets
Kering announces new additions to the Board of Directors and publishes Biodiversity Strategy
Kering’s shareholders have approved the appointment of Ms. Jean Liu, Mr. Tidjane Thiam and Ms. Emma Watson as Directors during their Annual General Meeting. The luxury group also published its biodiversity strategy and announces its targets
Gucci rises up prices of handbags
Popular items of the brand, the Dionysus and the Zumi handbags, are now more expensive. Jefferoes International reports they now cost up to 9% more
50% of luxury firms may be at risk
Daniel Langer, Chief Executive of Luxury, Lifestyle and Consumer Brand Strategy from firm Équité, believes half of the luxury brands around the world will fail to survive the COVID-19 crisis
Capri gives update regarding phased reopening of global stores
After taking the hit of the diffusion of Covid-19 and having most stores closed across the world, Capri now has slightly more than half of the company’s global retail fleet of stores open
Burberry: sales decline by 27% in the last quarter
The British-based luxury fashion house was heavily impacted by the COVID-19 pandemic, with 60% of stores closed by the end of March. In the fourth quarter sales declined by 27%
Picard calls for creditors’ protection
The Germany-based leather goods label has moved to ask for creditors' protection. The company took the hit of the Covid-19 crisis as most of the retail locations with their products are now closed
Richemont with two-digit sales drop
The luxury group closed the financial year with a 2% growth in sales, but the last quarter (ended 31st March 2020) was heavily impacted by Covid-19
Burberry says it will not apply for British state crisis money to pay salaries
With the UK under lockdown given the Covid-19 pandemic, many companies have taken advantage of the state job retention scheme. Burberry has said it won't take any of this cash
Kering announces quarter heavily impacted by Covid-19
The luxury group has announced consolidated revenue in the first quarter of 2020 of 3 203.2 million euros, down by 15.4%, as reported (-16.4% on a comparable basis)
LVMH says its first quarter showed good resilience
The French-based luxury group recorded revenue of 10.6 billion euros for the first quarter of 2020, down by 15% compared to the same period in 2019 and down by 17% on an organic basis
LVMH cancels prize final and launches solidarity fund
As a result of the Covid-19 pandemic, the final of the 7th edition of the LVMH Prize for Young Fashion Designers, originally scheduled on 5th June 2020 at the Louis Vuitton Foundation, has been cancelled
Tapestry stores continue closed in many locations but China re-opened
Tapestry has extended store closures in North America and Europe for an additional two weeks (through the 24th of April). Stores in China have re-opened
Sergio Rossi dies at 84
Unanimously named a footwear legend Italian Sergio Rossi has built a successful luxury footwear brand and has inspired generations of designers-
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