Luxury
Slower demand for luxury impacts Burberry’s full year forecasts
Despite a revenue increase in the first half of its fiscal year, the UK-based luxury group is now less optimistic about its full year forecasts due to a gradual slowdown in luxury demand worldwide
Capri posts results below expectations
The owner of Versace, Michael Kors and Jimmy Choo posted an 8.6% fall in revenue in the second quarter of fiscal 2024, as compared to the same period of last year, will all brands underperforming
Tapestry’s sales growth slows down
The US-based company posted record net sales of 1.51 billion US dollars in the first quarter of fiscal 2024, but a figure only slightly higher than the one recorded a year ago
Prada announces nine months results
The Italian-based luxury group posted a 17% increase in revenue in the first nine months of 2023, as compared to the same period of last year, underpinned by solid retail sales growth in all regions
Ferragamo acquires minority stake in three Greater China joint ventures
The Board of Directors of the luxury group has announced the purchase of the minority interests held by Imaginex Holdings and Imaginex Overseas in the three Greater China joint ventures
Hermès reports solid performance
From January to September 2023, the French-based luxury group’s revenue reached 10.1 billion euros, increasing from the 8.6 billion euros recorded in the same period of last year
Kering posts revenue decline
The French-based luxury group posted a 13% revenue decline in the third quarter of 2023, as compared to the same period of last year, due to weak performances at all of its main Houses
Partnership between Richemont and Farfetch receives antitrust clearance
The European Commission (EC) has “unconditionally” approved Farfetch’s acquisition of a 47.5% stake in Yoox Net-a-Porter. The EC was the last regulatory authority required to give authorisation
Ferragamo posts net sales decline
In the first nine months of 2023, the luxury group posted a net sales decline of 8.3% at current exchange rates or 9.2% at constant exchange rates, as compared to the same period of 2022
Bottega Veneta is launching an academy to preserve craftsmanship
The Kering-owned Italian label is establishing the Accademia Labor et Ingenium, a school that reinforces its commitment to supporting and developing artisanal craftsmanship
LVMH’s growth slows in the third quarter
The French-based luxury conglomerate posted an organic revenue growth of 9% in the third quarter, as compared to an organic growth of 17% recorded in the previous quarters of 2023
Manolo Blahnik’s sales and profits soared in 2022
The UK-based footwear and accessories brand posted a “record financial performance” in 2022, and thanked its employees by distributing more than 1 million euros in bonuses last November
The Burberry Foundation announces programme to support young Ukrainians
The foundation set up by the Burberry Group is partnering with the organization Save the Children to launch the Life Chances programme, which aims to support young people affected by the war in Ukraine
Prada appoints Luigi Preziotti as Design Director
The Italian-based luxury group has appointed Luigi Preziotti as Design Director and also confirmed Dario Vitale in his current role as Miu Miu's Design Director
LVMH's Métiers d’Art acquires Spanish tannery Grupo Verdeveleno
The LVMH subsidiary designed to preserve the group's expertise in luxury raw materials and craftsmanship has acquired the Grupo Verdeveleno, a Spanish tannery specialising in exotic skins-
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