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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Aug- 2019 -27 August
FF Group searching for Links of London buyer
Links of London owner Folli-Follie Group (FF Group) has confirmed that it has appointed firms Deloitte and Savigny to the potential sale of the retailer. Last week Sky News reported that the group had been looking for a new owner, with sources telling the broadcaster it was “almost inevitable” a…
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Jul- 2019 -17 July
Watches of Switzerland sees profits surge 181% in FY results
Watches of Switzerland has reported a 181% rise in profits before tax to £20.1m, in its first set of results after the company was floated on the London Stock Exchange. For the year ending 28 April 2019, the group also revealed its revenues surged by 22.5% to £773.5m during the…
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May- 2019 -14 May
Kering publishes new standards for animal welfare
Luxury fashion giant Kering has published its new animal welfare standards in order to “ensure and verify” the humane treatment of animals across the group’s supply chains. The first phase of the standards, which launched on 13 May, also include detailed requirements for the treatment of cattle, calves, sheep and…
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10 May
Kerring to pay €1.25bn in Italian tax settlement dispute
Luxury fashion giant Kerring has agreed to pay a total of €1.25bn (£1.07bn) to the Italian Revenue Agency relating to claims over alleged tax evasion, in relation to its Swiss subsidiary Luxury Goods International (LGI). It comes after Swiss prosecutors opened an investigation into luxury fashion group in March last…
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2 May
Anya Hindmarch to return as MD of handbag firm
Anya Hindmarch has announced she is to return as managing director of the handbag company which bears her name. The company’s founder stepped down from the role eight years ago after the business was bought by new owners, Hindmarch has remained on the company’s board as creative director, where she…
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Apr- 2019 -15 April
Harvey’s scolded over delivery claims
Furniture retailer, Harvey’s has been reprimanded by the Advertising Standards Authority (ASA) over claims of “guaranteed Christmas delivery”. A complainant questioned whether the claims, which were followed by the words “selected items only” in smaller text, were “misleading” and could be substantiated. In response to the claims Harvey’s said it…
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Mar- 2019 -29 March
Fragrance Shop gets a whiff of ASA criticism
The Fragrance Shop has seen two adverts offering 60% and 15% off the RRP of certain products banned, after the Advertising Standards Agency (ASA) called them “misleading”. Two complainants told the ASA that they felt the adverts, seen in November 2018, could be misleading. The first advert featured on the…
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27 March
Majestic Wines to close all stores and rebrand as Naked
Majestic Wines has announced it is to close all 200 of its retail stores as it rebrands as Naked Wines, the online retailer it purchased for £70m from founder Rowan Gormley in 2015. The rebrand will see the company move all of its business online, while it says it will…
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18 March
Links of London on ‘verge of collapse’
British jewellery brand Links of London is on the verge of collapse, according to reports. The Times said the jeweller, which has around 350 stores, is now working with Deloitte, and has looked into a company voluntary arrangement (CVA) to cut rents and close stores, putting 500 jobs at risk.…
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15 March
Inditex to merge Zara with Zara Home
Inditex is to merge Zara and Zara Home, despite growing the Zara Home brand since 2003. Integration plans have already been implemented in some locations, including St Petersburg, London and Madrid while the brands’ websites will continue to trade separately. For the meantime Zara Home will continue to trade as…
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