Luxury
Ferragamo first half profits plunge
The Italian luxury group has reported another weak quarterly performance. Both Ferragamo’s operating profit and net profit in the first half of the year fell by 41% and 71%, respectively
Tapestry appoints Eva Erdmann as CEO & Brand President of Kate Spade
The New York-based company has appointed Eva Erdmann as CEO & Brand President of its Kate Spade brand, effective October. She will succeed Liz Fraser, who is leaving Tapestry in September
Prada reports strong first half
In a challenging macroeconomic environment, the Italy-based luxury group has reported a 17% first half revenue growth as compared to the same period of last year. Miu Miu continues to shine
Hermès continues to grow
Amid a general slowdown in the luxury sector, the French-based luxury group stood out by reporting a strong first half in 2023, with both sales and profits up
Kering profits plunge in the first half
Amidst a general slowdown in demand for luxury goods and with Gucci struggling badly, Kering has seen its first half net profit halved as compared to the same period last year
LVMH posts a 14% drop in net profit
The French-based luxury conglomerate has posted a 14% year-on-year fall in first half net profit amid an uncertain macroeconomic environment. Fashion & Leather Goods division hit by currency fluctuations
Low expectations for a recovery in the Italian luxury sector
There are no signs that the downturn in the luxury sector is over, says the Confindustria Moda. Only 1 in 10 entrepreneurs expects an improvement in the second quarter of the year
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-
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