Tiffany & Co earnings dive as Hong Kong protests hurt sales December 5, 2019 Luxury jewellery maker Tiffany & Co reported a sharp drop in earnings in the third quarter after disruption caused by protests in Hong Kong hit sales, ahead of the company’s acquisition by Louis Vuitton owner LVMH. The company posted net earnings of $78m in the three months to 31 October, down 17 per cent on [...]
Spac-tacular: The City welcomes overhaul of stock market listings March 3, 2021 The US phenomenon of Spac listings could soon make its way to the City after a government-backed report called for widespread reform in the stock market. Lord Jonathan Hill’s report into London’s listing requirements called for regulators to allow blank-cheque vehicles to list in the capital as well as to ease other listing restrictions. It [...]
Burberry shares fall as spread of coronavirus spooks investors February 24, 2020 Shares in luxury goods giant Burberry have fallen a further six per cent this morning as the spread of coronavirus in Europe spooked investors. The British brand has seen its share price drop in recent weeks as the virus took hold in China, one of Burberry’s major markets. Earlier this month Burberry was forced to close [...]
Moncler shares jump on reports of Kering takeover bid December 5, 2019 Shares in high-end coat retailer Moncler jumped this afternoon following reports that Gucci-owner Kering is mulling a takeover bid, despite Moncler boss Remo Ruffini’s instance that there is no “concrete” deal in the works. The luxury group, which also owns Yves Saint Laurent, has reportedly held early-stage talks with Moncler about a potential deal, which [...]
Starbucks to reopen stores for takeaway and drive-thru this week May 11, 2020 Starbucks will begin a phased reopening of drive-thru and takeaway-only stores with social distancing measures in place this week. The coffee shop giant said stores will begin reopening from Thursday after the government eased the lockdown restrictions to allow more traffic on the roads. Starbucks said it will offer a “near complete” drinks menu and [...]
Louis Vuitton to make jewellery from the world’s second biggest diamond January 16, 2020 Louis Vuitton has entered into a partnership with Canadian corporation Lucara to make jewellery from the second largest rough diamond ever mined, in a sign of its growing ambitions in the high-end jewellery market. The Sewelô diamond, which was found in Botswana in April 2019, clocks in at 1,758 carats, second only to the legendary [...]
Coronavirus: Ikea shuts mainland China stores following outbreak January 29, 2020 Ikea is the latest company to announce it will temporarily close stores in China due to the outbreak of coronavirus. The Swedish retailer will shut around half of its 30 stores in mainland China until further notice to help halt the spread of the disease, the company’s owner Ingka Group said. Other global chains including [...]
LVMH is set to buy hotel group Belmond in a deal worth $3.2bn December 15, 2018 Hotel group Belmond is set to be acquired by LVMH for $3.2bn (£2.54bn) as the world's largest luxury group bolster their hotel portfolio. LVMH already owns Cheval Blanc hotels in Courchevel, the Maldives, Saint-Barthélemy and Paris as well as owning Bulgari Hotel and Resorts and will now add Belmond's hotels across 24 different countries to its ranks. [...]
Coronavirus: Ineos to build third European hand sanitiser plant March 31, 2020 Chemicals company Ineos said today it will build a hand sanitiser plant in France in 10 days to help meet a European shortage. Ineos has already begun production on hand sanitiser plants in the UK and Germany. Last week the privately owned UK business said it would build UK and German plants to supply schools, [...]
Kurt Geiger: Customers will remember retailers’ coronavirus response April 17, 2020 Businesses that protect employees and support the NHS during the coronavirus pandemic will be rewarded by customers when the crisis is over, according to Kurt Geiger’s chief executive. “Customers will remember who has done the right thing, and who maybe hasn’t, and we want to be on the right side of that when we come [...]