Luxury Goods
Luxury Goods explores the strategies, performance, and market trends defining the UK’s premium and high-end retail sector. This section covers brand innovation, consumer behaviour, store design, digital engagement, and sustainability within the luxury market. Retail Sector’s Luxury Goods coverage delivers insight for executives, brand managers, and suppliers seeking to understand how evolving tastes, global influences, and economic conditions shape growth and competitiveness across the luxury retail landscape.
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Mar- 2024 -20 March
Mike Ashley takes consultancy role at Hornby
Mike Ashley is set to advise model train company Hornby as a consultant after building a stake in the firm. The company confirmed to investors that Ashley would be available to advise CEO Olly Raeburn and the wider business. However, Hornby confirmed that there would be no payment between the…
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20 March
Kering warns first quarter revenues to decline by 10%
Kering’s first quarter revenue of 2024 is likely to decline by approximately 10% on a comparable basis, from last year’s first quarter, according to the group’s preliminary trading update. The Paris-based luxury group stated that this performance primarily has reflected a steeper sales drop at Gucci, notably in the Asia-Pacific…
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Feb- 2024 -21 February
Moda In Pelle launches SS24 collection
Luxury footwear brand, Moda In Pelle, has launched its Spring/Summer 2024 collection, which features “trendsetting” sports-luxe styles ahead of the Paris Olympics that are taking place later this year. The collection, which is at the centre of the retailer’s ‘Game On’ campaign, was inspired by styles seen on the SS24…
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16 February
The Watches of Switzerland opens Tag Heuer in London Gatwick
The Watches of Switzerland Group has announced the opening of a new Tag Heuer boutique in London Gatwick, South Terminal. The single floor boutique, which has been designed to “the highest luxury specification” in conjunction with the brand’s interior design team, will stock a range of men’s and women’s luxury…
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12 February
Hermes FY23 profits hit €4.3bn
Luxury fashion group Hermes has reported that net profits hit €4.3bn (£3.6bn) during 2023, an increase of 28% compared with the previous year, as sales rose 16% to €13.4bn (£11.4bn). The news comes as, in Q4, sales hit €3.3m (£2.8m), an increase of 18% despite the “particularly” high comparison base…
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8 February
Watches of Switzerland sees Q3 revenues drop 1%
Watches of Switzerland has announced that its revenues fell 1% on a constant currency basis £397m, down from £407m, for the 13 weeks ended 28 January 2024. The company stated that trading in the run-up to and beyond Christmas was tougher than originally expected, particularly in the UK amidst slower…
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8 February
Kering revenues fall 4% in FY23 despite ‘stable’ sales
Kering, the group that operates Gucci, Yves Saint Laurent and Bottega Veneta, reported that revenues declined 4% to €19.6bn (£16.7bn) in 2023, despite “stable” sales across its network of websites and stores. The luxury fashion group has attributed its performance to the “significant” impacts from changes in exchange rates and…
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6 February
Naked Wines appoints new CEO
Naked Wines has appointed Rodrigo Maza as its new chief executive officer designate. Maza has been the group’s UK managing director since September 2023, and will now work alongside chairman Rowan Gormley over the next few months to “ensure a successful transition”. After this, he will assume the group CEO…
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Jan- 2024 -12 January
Fortnum & Mason sales up 17% in run-up to Christmas
Fortnum and Mason has welcomed a period of strong trading over the festive period, with year-on-year sales up by 17% in the five weeks ahead of Christmas, largely boosted by food and decorations. Over six million customers shopped with the retailer over the period, 30% more than the year prior,…
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12 January
Burberry lowers full-year guidance amid luxury demand slowdown
Fashion retailer Burberry has today (12 January) warned that its full-year results will be below its previous guidance after a slowdown in luxury demand. In the 13 weeks to December 30, retail revenue fell 7% to £706m. Comparable store sales fell 4%, with sales in the EMEIA and Americas regions…
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