Luxury
Kering expects H1 recurring operating income to decline by 40-45%
The French-based luxury giant expects its first half operating profit to plummet by 40% to 45%, after reporting a 10% year-over-year fall in sales, largely due to the weak performance of Gucci
US regulator moves to block Tapestry’s acquisition of Capri
The Federal Trade Commission (FCT) has filed a lawsuit to block the merger of luxury fashion conglomerates Tapestry and Capri Holdings, arguing that it would lead to higher prices for US consumers
Harvey Nichols appoints new CEO
The British department store Harvey Nichols has announced the appointment of Julia Goddard as CEO. She joins the company from Alexander McQueen, where she spent 14 years
Slow start to 2024 for LVMH
Amid a slowdown in demand for luxury and a challenging geopolitical and economic environment, the French-based luxury group has reported a 3% rise in revenue in the first quarter of 2024
Luxury hit the brakes in 2023
Ahead of the 2024 first quarter results, here’s a look at the sales figures reported by the world’s major luxury players in 2023, which were in general affected by a slowdown in luxury demand
Golden Goose posts double-digit growth
Ahead of its initial public offering (IPO), the Italian-based luxury brand, known for its Superstar sneakers and distressed styles, has posted an 18% year-on-year net sales growth in 2023
New deputy CEO for Gucci
Kering, the French-based luxury group that owns Gucci, has appointed Stefano as deputy chief executive officer of the Italian house. The move comes amid efforts to revive Gucci
Alessandro Michele named creative director of Valentino
The Italy-based Maison has appointed Alessandro Michele as Creative Director, as of the 2nd of April. The news ends months of speculation as to where Michele would re-emerge after he left Gucci
Zegna Group to build a new footwear factory
The Italy-based fashion luxury group will open a new footwear and leather goods factory in Parma to expand its production capacity and promote and enhance Italian craftsmanship
Toni Belloni to step down as LVMH Group’s Managing Director
After more than 23 years at Arnault’s side, Belloni will step step down as Group Managing Director and Chairman of the Executive Committee of the LVMH Group, effective from the 18th of April
Kering warns of a 20% slump in Gucci sales for the first quarter
The French-based luxury group has issued a preliminary statement for the first quarter, warning of a 10% drop in sales, led by its star house Gucci
Prada’s full year profits surge by 44%
The Italian-based group ended 2023 with a 17% growth in revenue and a 44% rise in profits, as compared to the previous year, boosted by the desirability of its Prada and Miu Miu brands
Farfetch CEO José Neves steps down
Following Farfetch’s acquisition by South Korea’s Coupang in December, José Neves, who founded the luxury e-commerce platform in 2008, is stepping down from the CEO role
Hermès posts full year revenue growth
The French-based luxury group reported “an outstanding performance” across all regions in 2023, with total revenue up by 21% year-on-year at constant exchange rates to 13.42 billion euros-
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