LVMH expects an excellent year February 2, 2012 LVMH, the world’s biggest luxury goods group, said yesterday the outlook for 2012 was “excellent” and hiked its dividend after rapid growth in Asia and at its Louis Vuitton brand helped it post a forecast-beating rise in full-year operating profit. The French group, which last year bought Italian jeweller Bulgari, shrugged off concerns about the [...]
LK Bennett hires former Emilio Pucci boss as its chief executive September 10, 2012 LK BENNETT, the upmarket clothing and footwear chain, said yesterday it has hired the former boss of Italian luxury fashion brand Emilio Pucci to be its new chief executive. Didier Drouet, who will take up the post with immediate effect, replaces Robert Bensoussan, the retailer’s executive chairman who has acted as chief executive since Margaret [...]
Luxury loses some sparkle but the champagne should flow on September 11, 2012 LUXURY has looked East in its hunger for growth lately, but as the Chinese miracle takes a big fat bite of the reality sandwich, is it time to pack up the Fortnum’s picnic basket and head home? It is certainly true that Burberry was not the only one taking a beating in the market yesterday. [...]
Burberry drops as slowdown knocks sector September 11, 2012 BLUE chip fashion retailer Burberry issued a profit warning yesterday, as analysts warned the whole luxury sector may be hit by the global economic slowdown. Shares in the FTSE 100 company plunged 20.87 per cent in trading yesterday to close at 1,088p. The group, which has been hit previously by falling sales in China, said [...]
Hollande hikes taxes as rich flee for London September 9, 2012 FRENCH PRESIDENT Francois Hollande last night confirmed plans to raise taxes, particularly on the rich, as he fights to return the country to full strength within two years. Those earning more than €1m a year will be hit by a 75 per cent marginal rate, Hollande confirmed, with “no exceptions”. However, the levy could be [...]
Jimmy Choo hires new CEO July 23, 2012 LUXURY shoe brand Jimmy Choo has appointed Pierre Denis as chief executive, replacing Joshua Schulman, who left the business at the beginning of the year. Shulman’s departure followed swiftly after that of Jimmy Choo’s joint founder and former chief creative officer Tamara Mellon, who quit when the brand was bought by Swiss company Labelux for [...]
China’s thirst is beginning to quell July 9, 2012 CHINESE domestic demand isn’t keeping pace with its industrial production. According to figures released at the weekend, Chinese June consumer price index-based inflation figures (CPI) fell to 2.2 per cent year on year, down from 3 per cent in May. Chinese macro statistics are notoriously unreliable, with suspicions that the communist government smoothes figures by [...]
Hermes gets Asian lift yet warns over drag from European crisis May 3, 2012 HERMES’ first-quarter sales have grown strongly as Chinese buyers flock to stores in both Europe and Asia, yet the French luxury goods firm yesterday warned that the weak European economy could drag down growth in 2012. The slowdown was not yet evident in the April figures, chief executive Patrick Thomas said, noting that the month [...]
Spirits rise as Diageo makes £300m deal May 28, 2012 DRINKS group Diageo is toasting the £300m acquisition of one of the producers of Brazil’s most popular spirit, cachaça. The maker of Guinness and Smirnoff has agreed to buy Ypióca from its family owners as it continues to grow its emerging markets businesses to offset weak demand in Europe. The celebrations for another, larger deal, [...]
Burberry second half sales up 18pc April 17, 2012 Luxury brand Burberry Group met forecasts with an 18 per cent rise in second half sales, driven by strong sales in Britain, France and China, and said it was positive on the year ahead. The 156-year-old seller of raincoats and leather goods, known for its camel, red and black check pattern, reported total revenues of [...]