Luxury Goods
The latest news, updates and analysis on the luxury goods segment of the the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Nov- 2022 -30 November
Mulberry reports £3.8m loss in H1
British sustainable luxury brand Mulberry reported a pre-tax loss of £3.8m in the first half of this year, down from a profit of £10.2m the year before, as UK sales saw a 10% decrease to £34.1m compared to £38m last year. The group’s results are thought to have been impacted…
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22 November
Watches of Switzerland expands Canary Wharf showroom
Watches of Switzerland has unveiled its newly refurbished Canary Wharf showroom, having added the unit next door, more than doubling its size. The new showroom adds to the group’s portfolio within the shopping centre after the recent openings of both Omega and Breitling mono-brand boutiques. The refurbished showroom has a…
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16 November
Richemont sees sales surge but performance hampered by YNAP loss
Luxury jewellery retailer Richemont has reported strong sales and profit increase for the first half of the year but the performance was overshadowed by the impact of its disposal of Yoox-net-a-Porter (YNAP) The company, which owns brands such as Cartier and IWC Schaffhausen, made nearly €9.7bn (£8.5bn) this half year…
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16 November
Estée Lauder to acquire Tom Ford in $2.8bn deal
The Estée Lauder Companies (ELC) has announced it is set to acquire luxury brand Tom Ford in a deal that values the company at $2.8bn (£2.35bn). The deal will establish its longstanding partner as the sole owner of the Tom Ford brand and all its intellectual property. Under the stewardship…
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Aug- 2022 -23 August
Mulberry chairman Godfrey Davis to step down
Mulberry has announced that its chairman, Godfrey Davis, intends to step down from the board of directors on 30 September 2022. The board said it would “like to put on record” its thanks for his outstanding contribution. Davis has been with the company since joining in 1987, first as a…
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15 August
Harrods threatens to replace strikers with agency staff
Harrods has reportedly threatened to use new laws to break possible strikes by using temporary workers from agencies if industrial action persists, Unite has warned. First reported by the Daily Mirror, the luxury retailer is said to have sent a letter to staff working in store services, engineering, maintenance and…
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Jul- 2022 -7 July
Watches of Switzerland hits ‘record’ sales of £1.24bn
Watches of Switzerland has delivered “record” sales in FY22, with revenues up 40% to £1.24bn in the year ending 1 May 2022, with UK revenue up by 36% to £810m. Adjusted EBITDA also jumped 54% to £162m as the group saw continued strong demand for luxury watches and luxury jewellery.…
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Jun- 2022 -14 June
Zalando acquires majority stake in Highsnobiety
Zalando has announced the acquisition of a majority stake in Highsnobiety, the “influential” global fashion and lifestyle media brand. Highsnobiety will reportedly act as a strategic and creative consultant to Zalando following the move, and founder and CEO, David Fischer, will retain a minority stake in the business. The two…
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May- 2022 -18 May
Watches of Switzerland hails record revenues of £1.23bn
The Watches of Switzerland Group has reported its group revenues surged 40% year-on-year from £905m to £1.23bn in the 53 weeks ending 1 May 2022 (FY22), marking a “record” year of revenue and profitability. All in all, UK revenues were up 36% to £810m and US revenues were up 48%…
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18 May
Burberry lowers FY23 forecast despite record revenues
Burberry has lowered its FY23 forecast as it expects a currency tailwind of £159m on revenues and £92m on adjusted operating profit, despite hailing record revenues in FY22. The group announced revenues surged 21% year-on-year from £2.34bn to £2.82bn for the 53 weeks ending 2 April 2022, against a backdrop…
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