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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Jan- 2021 -27 January
Estée Lauder Companies supply chain VP to step down
The Estée Lauder Companies (ELC) has announced that after nearly 13 years with the company, Gregory F. Polcer, executive VP, global supply chain, has made the decision to retire, effective from 1 July , 2021. Roberto Canevari will succeed his predecessor and will assume the role with effect 1 May,…
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8 January
Matchesfashion hit by £5.9m loss
Luxury retailer, Matchesfashion has announced a major loss of £5.9m for the financial year ended 31 January 2020. A report filed at Companies House found that while revenue soared to over £430m for the period, compared to £372m the previous year, the cost of sales, administrations, and distribution outweighed the…
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Dec- 2020 -18 December
Frasers Group will not make formal bid for Mulberry
Frasers Group has announced that it will not be making a formal bid for Mulberry after ongoing rumours of a potential acquisition. Mike Ashley’s retail group currently owns a 36.8% stake in the business and last month said it was considering a takeover of the brand. Last month, Frasers Group…
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17 December
Watches of Switzerland profits soar in H1
Watches of Switzerland has reported an increase in its half-year profits, with profit rising to £36.2m in the 26 weeks ended 25 October, up from a £9m loss reported the prior year. Total sales fell 2.6% on a constant currency basis to £428.7m in light of forced lockdowns and other…
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Nov- 2020 -23 November
Cake Box reports sustained recovery in H1
Cake Box said it has made “sustained recovery” since the peak of the Covid-19 pandemic when its stores were closed for six weeks. During the six months to 30 September, EBITDA slightly edged up 0.5% to £1.98m, although pre-tax profit fell by 4% to £1.66m. The specialist cake retailer’s online…
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13 November
Farfetch revenue soars 73% in Q3
Farfetch has reported that its revenue soared by 73% year-on-year to $438m (£332m) in its third quarter of trading. The luxury fashion platform’s gross merchandise value and digital platform GMV growth rates also accelerated in the period, up 62% and 60% year-on-year respectively, to “record highs” of $798m (£606m) and…
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10 November
Former Godiva CEO acquires Artisan du Chocolat
Artisan du Chocolat has announced the sale of a majority stake to Mohamed Elsarky, the former president and CEO of Godiva. Elsarky was responsible for the expansion of Godiva as a “luxury prestige retailer” of Belgian chocolates, and seeks to do the same for Artisan du Chocolat’s brand. He will…
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4 November
Fortnum and Mason names new CEO
Fortnum and Mason has named Tom Athron as its new CEO, replacing Ewan Venters in the role. Prior to his appointment, Athron had held the position of chief operating officer at Matchesfashion since May 2018, and previously held a variety of roles at John Lewis Partnership, where he later acted…
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4 November
Frasers Group increases stake in Mulberry to 29.7%
Frasers Group has more than doubled its stake in Mulberry, the luxury fashion company, from 12.5% to 29.7%. Mike Ashley’s retail group had bought its first set of shares in the firm in February of this year for almost £19m. At the time, Frasers said the move was part of…
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Oct- 2020 -30 October
LVMH agrees to reduced Tiffany deal
LVMH has agreed to go through with its acquisition of Tiffany & Co following a lengthy legal battle, albeit for a reduced fee. In an update announced yesterday (29 October) LVHM said it had concluded an agreement with Tiffany “modifying” certain terms of their initial agreement to reflect a new…
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