World Footwear

Luxury

China: luxury online sales slowdown

Nov 25, 2022 / China
E-commerce sales of luxury products in China declined by 1% in the first nine months of 2022, as compared to the same period of last year, after a slowdown in the second and third quarters

Gucci's Creative Director Alessandro Michele steps down

Nov 24, 2022 / Italy
The Italian-based luxury House has announced that the Rome-born designer is stepping down as Creative Director, effective immediately, after almost eight years in the job

Farfetch reports third quarter profit loss

Nov 21, 2022 / United Kingdom
The luxury online retailer posted a slight revenue increase of 1.9% and a GMV decline of 4.9% in the third quarter of 2022, year-over-year, lowering its guidance for the full year

Burberry posts revenue growth

Nov 18, 2022 / United Kingdom
The UK-based luxury group reported a revenue increase of 11% in the first half of fiscal 2023, year-over-year, mainly driven by a strong performance in the EMEIA region

LVMH joins the Circular Bioeconomy Alliance

Nov 16, 2022 / France
The luxury group will be supporting the Circular Bioeconomy Alliance's Living Lab in Chad, which is developing a sustainable cotton production under a regenerative agroforestry system

World's largest duty-free shopping complex opens in Hainan

Nov 15, 2022 / China
Regarded as the world's largest duty-free facility, the Haikou International Duty-Free City Shopping Complex, located in the province of Hainan, China, is now open to the public

Tapestry announces first quarter results

Nov 15, 2022 / United States
The owner of Coach, Kate Spade and Stuart Weitzman posted net sales growth of 2% in the first quarter of fiscal 2023, year-over-year, lowering its previous guidance for the full year

École Hermès des savoir-faire expands training programme

Nov 4, 2022 / France
Hermès apprenticeship training school, which prepares students for the French national diploma in leatherwork, will include a vocational qualification certification in cutting and stitching

Kering posts revenue growth

Oct 25, 2022 / France
The French-based luxury group continued to grow in the third quarter of the year, led by the "stellar" performance of Yves Saint Laurent. Gucci still hit by COVID-19-related restrictions in China

Burberry raises pay rates early to support staff during cost-of-living crisis

Oct 25, 2022 / United Kingdom
The UK-based luxury group announced that, in light of the rising cost of living, has decided to anticipate the new UK real Living Wage pay rates by more than six months

Hermès sales on rising mode

Oct 24, 2022 / France
The French-based luxury group reported a sales jump of 30% in the first nine months of 2022, year-over-year, and shows no signs of slowing down. Price hikes are in the pipeline for 2023

UK: VAT-free shopping scheme will not be reinstated

Oct 19, 2022 / United Kingdom
The new British Finance Minister Jeremy Hunt announced that the Government no longer plans to reintroduce VAT-free shopping for overseas visitors. Luxury and retail sectors are against it

LVMH reports steady growth

Oct 12, 2022 / France
After recording revenue growth of 28% in the first nine months of 2022, the French-based luxury group said that "growth continues at the same pace". Sales also increased in the third quarter

Gucci appoints new CEO of its Vault and Metaverse Ventures

Oct 11, 2022 / Italy
The luxury House has named Robert Triefus as CEO of Gucci Vault and Metaverse Ventures, the newly created division designed to scale and expand the brand's metaverse and gaming strategies

Christian Louboutin to launch a family-focused line

Oct 10, 2022 / France
The luxury footwear and accessories brand announced the launch of LoubiFamily, a brand-new product category designed for every family's member, from adults to kids and pets
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