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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May- 2020 -26 May
Burberry senior independent director departs due to ‘other executive commitments’
Burberry has announced that Jeremy Darroch, independent non-executive director and senior independent director, has informed the company that he will not stand for re-election at the company’s AGM on 15 July due to “other executive commitments”. Darroch joined the board in February 2014 becoming senior independent director on 1 July…
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22 May
Burberry sales fall 27% amid Covid-19 pandemic
Luxury fashion retailer Burberry has reported a 27% decrease in like-for-like sales in its fourth quarter results, attributing the loss to the coronavirus pandemic. The fashion retailer also revealed a 57% drop in operating profit to £189m compared with £437m during the same period last year. Additionally, in its preliminary…
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14 May
Watches of Switzerland reports 5.9% increase in revenues in Q1 results
Watches of Switzerland has reported a 5.9% increase in group revenues to £819.3m in the year to 26 April, ahead of recently revised guidance. In the 46 weeks to 15 March 2020, group revenue increased by 15.8% across both the UK, which was up by 9.4% and the US, which…
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Feb- 2020 -7 February
Burberry warns on sales impact from coronavirus outbreak
Luxury fashion retailer Burberry has warned that its sales for the year ended March 2020 will be impacted by the recent coronavirus outbreak. Burberry said its recent guidance for the current financial year “predates the impact”, and currently 24 of its 64 stores in mainland China are closed with remaining…
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Dec- 2019 -20 December
The White Company profits jump 26% in FY results
The White Company has reported a 26% increase in profits to £14.4m for in its full year results to 3 August 2019. The group also reported a 21% increase to £13.6m for its published group operating profit for the 70 week period, compared with £11.2m last year. Group turnover increased…
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10 December
Watches of Switzerland reports 112% increase in profit before tax
Watches of Switzerland has reported a 112% increase in adjusted profit before tax since May 2019. The high-end retailer revealed that group revenues increased by 17.3% to £428.7m with a 10.3% increase in like for like sales growth driven by higher luxury watch sales. In the six months to 27…
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5 December
Gucci owner in talks over potential Moncler takeover
Gucci’s parent company Kering is reportedly in talks over a potential takeover of Italian apparel company Moncler. According to Bloomberg, executives at Kering and Moncler have held “preliminary discussions”, but also made it clear that there was no certainty the talks would lead to a transaction. Additionally, reports suggest the…
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Nov- 2019 -25 November
Louis Vuitton buys Tiffany for $16bn
Louis Vuitton (LVMH) has announced a “definitive” agreement with Tiffany and Co., whereby it will acquire the luxury jewellers for $16bn (£12.5bn), or $135 (£105) per share in cash. This is higher than the original offer, which proposed that each share was bought for $120 (£93), valuing Tiffany’s overall business…
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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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