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Italian luxury goods group Salvatore Ferragamo said on Thursday its revenue dropped by 4 percent at constant currencies in the fourth quarter, flagging “encouraging results” from its direct-to-consumer sales which were overall flat in the last three months of the year. Sales in the North American region, which accounted for 29 percent of total revenue,…
Kering has sold its “The Mall Luxury Outlets” unit to US real estate company Simon, the French luxury conglomerate said in a statement on Thursday. The divestment will generate net proceeds of approximately €350 million ($365 million) for the Gucci owner, hit harder than its peers by the global luxury slowdown. Kering’s sales and profits…
Louis Vuitton will be title sponsor of Formula One’s season-opening Australian Grand Prix in Melbourne in March, the sport announced on Thursday. The LVMH brand will have prominent trackside signage at the March 16 race, whose official title will be the Formula One Louis Vuitton Australian Grand Prix, with trophy trunks featuring on the podium….
Spanish fashion and fragrance company Puig reported a 14.3 percent rise in fourth-quarter sales on Thursday, beating analyst expectations for the key holiday period. The Barcelona-based company behind perfume brands Rabanne, Carolina Herrera and Jean Paul Gaultier said net sales for the three months to Dec. 31 were 1.36 billion euros ($1.42 billion), above the…
A slimmed-down Estée Lauder awaits. On Monday, Bloomberg reported that the company had appointed the advisory firm Evercore to help it refine its more than 20-strong brand assortment, which includes household names like MAC Cosmetics, Jo Malone London, Clinique and La Mer. The news sent the company’s stock price up 5 percent. The company declined…
Levi Strauss & Co.’s shares fell after the clothing company delivered weaker than expected full-year guidance, forecasting a revenue decline that follows a year of mixed earnings reports. The San Francisco-based retailer is expecting revenue to fall 1 percent to 2 percent in fiscal 2025, missing analyst expectations for growth. The shares fell 7.7 percent…
PARIS — Around the world, the happy few are both happier (at least in financial terms) and fewer. As such, haute couture, with price tags soaring into the hundreds of thousands, is as relevant today as it was a century ago. The couture looks that were paraded in Paris this week came with an air…
On a freezing Monday night in Madrid’s upscale Salamanca neighbourhood, a long line of shoppers wait outside Spain’s only Sézane store. The scene – reminiscent of shoppers queuing outside luxury boutiques post-pandemic – is not unique to Sézane, but rather a testament to the appeal of new wave French DTC brands. Customers regularly wait hours…
Hennes & Mauritz AB shares declined as the company posted weaker-than-expected sales growth, showing chief executive officer Daniel Erver’s turnaround strategy for the Swedish fast-fashion retailer faces hurdles. Sales, which edged up 3 percent in local currencies for the fourth quarter, rose by less than analysts had projected during the crucial Christmas trading period, showing…
Opens in new window In 2024, the value of Swiss watch exports slipped after two years of record sales in 2022 and 2023. Brands battled the lingering effects of inflation across key markets, a sustained deterioration in Chinese demand and a challenging geopolitical climate amid conflicts in Ukraine and the Middle East. Volumes also continued…