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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Oct- 2020 -20 October
Watches of Switzerland appoints new chairman
Watches of Switzerland has appointed Ian Carter as non-executive chairman of its board, with effect from 1 November. Carter brings 30 years of international and retail experience to the group and, most recently, has been CEO of Hilton International since 2005. He has also served on a number of boards…
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13 October
Aspinal of London to close all 10 stores
Luxury goods brand, Aspinal of London, has agreed a company voluntary arrangement (CVA) approved by its creditors, thus permanently closing all 10 of its stores. According to Drapers, the decision was agreed upon “comfortably” with 75% of creditors giving the green light. None of the company’s 10 stores have reopened…
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6 October
Watches of Switzerland raises guidance as sales surge
Watches of Switzerland has announced that revenue for the first 10 weeks of Q2 has been “stronger than expected” at £202.7m, up 20.2% in constant currency and 18.3% in reported terms against the prior year. The group also reported sales to date of £145.1m, up by 12.6% against the prior…
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2 October
The Hut Group acquires Perricone for £46m
The Hut Group has acquired Perricone MD, a US luxury skincare brand, in a $60m (£42m) deal. The sale follows the online retailer’s recent acquisitions of ESPA and Christopher Robin. Perricone MD describes itself as a ‘‘science-led’’ skincare brand and has approximately 100 product patents. The Hut Group said it…
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Sep- 2020 -18 September
LVMH set to block Tiffany’s court petition
LVMH has announced it plans to block a court petition launched by jewellery company Tiffany & Co, who is attempting to fast-track legal proceedings after LVMH exited a proposed $16bn (£12bn) merger. The Louis Vuitton owner had agreed to the merger last year, but pulled out last week due to…
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4 September
H. Samuel owner swings to loss in Q2
The parent company of H.Samuel and Ernest Jones, Signet Jewellers, swung to a loss of $81.7m (£62m) in its second quarter of trading, down from a loss of $36.1 (£27.4m) the year before. Total sales also fell by 34.9% to $888m (£623m) in the quarter ended August 1, 2020. Meanwhile,…
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Aug- 2020 -13 August
Watches of Switzerland returns to growth
Watches of Switzerland has reported that full-year revenue rose by 5.9% to £819.3m in the period ended 26 April, 2020. Before lockdown, the group reported “strong” trading during the 46 weeks to 15 March, with group revenue soaring by 15.8%. Revenue was up by 9.4% across UK operations, and its…
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Jul- 2020 -22 July
Tapestry CEO resigns after company launches investigation
Tapestry, the parent company of Coach, Kate Spade and Stuart Weitzman, has announced its chairman and CEO Jide Zeitlin, has resigned from the company and its board of directors due to “personal reasons”. However, sources told The Wall Street Journal that Zeitlin resigned from the company after the board launched…
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Jun- 2020 -30 June
TM Lewin collapses into administration
TM Lewin has collapsed into administration following news that the retailer was eyeing up a pre-pack administration deal. According to the Mail Online, the group cited the ongoing Covid-19 pandemic and the temporary closure of its stores in March as the main reasons behind the collapse. The move could result…
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8 June
Mulberry to cut global workforce by 25%
Luxury retailer Mulberry has announced the launch of a consultation process on proposals to reduce its workforce by approximately 25% across its global business. The fashion giant said that the move was proposed following efforts to manage its cost base and operations in light of the ongoing “uncertainty” presented by…
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