Bond Street moves into third for world’s most expensive retail spot Retail Bond Street has leaped-frogged Tsim Sha Tsui in Hong Kong to take bronze in a list of the world’s most exclusive retail streets. The shift bucks bucks fears about the decline of brick-and-mortar retail on the high-street and the so-called tourist tax, which has faced campaigners’ calls for scrappage. The average rent on Bond Street [...]
Analysts say Frasers ‘was right’ about Mulberry as it faces long road to recovery Retail Analysts have painted a grim picture for the future of British luxury fashion brand Mulberry, which announced its half-year results this morning. It implied job cuts with talk of “streamlining” the business, and told markets that retail sales and revenue dropped 17 per cent and 19 per cent, respectively. Its share price fell 10 per [...]
Are job cuts on the horizon at struggling luxury giant Mulberry? Retail Struggling luxury brand Mulberry has announced it will streamline and rebuild the business as its profit continues to fall, signalling possible job cuts. Mulberry told markets this morning that UK retail sales fell by 14 per cent in the six months to September 28. Sales in Asia fell 31 per cent, while group sales overall [...]
Can Burberry’s turnaround plan put it back in fashion? November 14, 2024 This morning, Burberry announced an ambitious turnaround plan called ‘Burberry Forward’ designed to rescue the luxury brand from the trenches. It aims to “reignite brand desire, improve performance and drive long-term value creation,” and will see Burberry double down on its strengths as a British brand. Burberry has already appointed new leaders across its marketing, [...]
Do luxury products have a pricing problem? November 13, 2024 At some point, luxury brands all face the same question: How do you price a good at a level that implies desirability and exclusivity without making it completely exclusionary? The vast majority of luxury brands rely on the aspirational consumer just as much as the super-wealthy. McKinsey has estimated that around half of the luxury [...]
Harrods faces major Christmas strike as staff demand inflation-busting festive bonus November 11, 2024 London’s iconic department store Harrods is facing the prospect of major strike action by its staff over the critical Christmas period. Hundreds of staff, who are members of the United Voices of the World (UVW) union, will vote on strike action in December over what they have described as “poor working conditions” and their festive [...]
Burberry braced for Moncler takeover as staff given heads up November 11, 2024 Luxury fashion house Burberry is braced to be taken over by Italian company Moncler amid staff at one of its flagship London stores being given a heads up on the deal, according to reports. Rumours began to circulate last week that the listed brand was set for a takeover by the skiwear maker, but both [...]
Bentley pushes back full all-electric switch to 2035 November 7, 2024 Bentley Motors has pushed back its switch to only making electric cars to 2035, it has been confirmed. The Crewe-headquartered luxury car maker, which is owned by Volkswagen, had originally announced in November 2020 that it intended to go all-electric by 2030. The aim was again reiterated in January 2022 when Bentley revealed plans to launch [...]
Burberry shares jump on Moncler takeover rumours November 4, 2024 Shares in British luxury retailer Burberry have jumped this morning on rumours that the fashion house could be a takeover target for Italian outerwear brand Moncler. Burberry’s share price rose more than seven per cent in early trades, before paring back gains to just over four per cent. Specialist fashion site Miss Tweed reported that [...]
Selfridges sinks further into the red as sales at luxury department store falter October 31, 2024 Luxury department store chain Selfridges has lost more than £400m since it last made a pre-tax profit, it has been revealed. The business, which has UK stores in London, Birmingham and two in Manchester, passed the milestone after falling to a £41.9m loss in the year to 3 February, 2024. It comes after Selfridges previously [...]