Luxury
Mulberry appoints new CEO
The British luxury brand has announced the appointment of Andrea Baldo as Chief Executive Officer, effective from the 1st of September. He succeeds Thierry Andretta, who has already stepped down
Burberry announces new CEO and warns of loss as first quarter sales slump
The luxury company has warned of an operating loss in the 1H of the year if the slowdown in the luxury sector continues, after reporting a 21% year-on-year fall in sales in the 1Q and announcing the exit of CEO Jonathan Akeroyd
Hundreds of jobs to be axed at Burberry
The UK-based luxury label plans to cut hundreds of jobs as part of a radical cost-cutting programme intended to bolster falling profits, the Telegraph reports
Saks Fifth Avenue owner to acquire Neiman Marcus
HBC, the parent company of Saks Fifth Avenue, has signed a definitive agreement to acquire the Neiman Marcus Group, owner of Neiman Marcus and Bergdorf Goodman, in a deal valued at 2.65 billion USD
Golden Goose postpones IPO
Permira-backed luxury sneaker company Golden Goose has postponed its IPO due to a climate of political uncertainty in Europe. The shares were due to start trading next Friday
Golden Goose valued at up to 1.86 billion euros for IPO
The Italian luxury sneaker company is targeting a market capitalisation of up to 1.86 billion euros in its initial public offering on the Milan stock exchange, below earlier expectations
LVMH increases its stake in the Spanish tannery Riba Guixà
LVMH’s Métiers d’Art has signed an agreement to increase its stake in Riba Guixà, the Spanish tannery renowned for its expertise in tanning Enterfino lambskin
Capri results disappoint in the fourth quarter
As its ongoing acquisition by Tapestry awaits legal resolution after being blocked by a US regulator, the luxury fashion group reports a disappointing fourth quarter due to weak global demand
Golden Goose to list in Milan in June
The Italian Luxury sneaker brand Golden Goose plans to list on the Milan stock exchange in June, saying it will sell 100 million euros worth of shares to fund expansion and pay down debt
LVMH extends partnership with Alibaba
The French-based luxury group has extended its partnership with the Alibaba Group for the next five years to enhance its omnichannel strategies and digital presence in China
Weak performance in China affects Tod’s first quarter turnover
Ahead of the delisting, the Italian luxury group has reported a 6.7% year-on-year fall in turnover in the first quarter of the year, mainly due to a weak performance in the Chinese market
Burberry full year results hit by slowing luxury demand
The luxury group has reported a decline in both sales and profits amid a slowdown in demand for luxury goods, which particularly affected its performance in mainland China and the US
Ferragamo posts revenue decline
The Italy-based luxury group saw its revenue fall by 18% year-over-year in the first quarter of the year, mainly due to a weak Chinese market and a difficult wholesale environment
Miu Miu drives growth for Prada
The Italy-based luxury group posted a strong performance in the first quarter of the year, with the Miu Miu brand standing out with a retail sales growth of 89% as compared to the same period in 2023
Hermès reports strong first quarter
The luxury group reported a first quarter sales growth of 17% at constant exchange, as compared to the same period of last year, “with solid activity in all geographical areas”-
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