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- 2019 -23 January
Hotel Chocolat posts 15% festive retail revenue rise
Hotel Chocolat has announced it has seen strong festive retail figures, amid a disappointing period for many on the high street. The luxury chocolatier said it had seen a 15% revenue rise year-on-year over the 13 weeks to 30 December. Despite Hotel Chocolat’s positive figures, British consumers cut back on…
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23 January
Burberry like-for-like sales marginally up over December
Luxury fashion house Burberry has announced a marginal like-for-like sales increase over December as it “continued to build brand heat” around its new creative direction. Burberry said that same store sales increase by 1% during the 13 weeks ending 29 December. This is despite total retail revenues having dropped by…
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Dec- 2018 -10 December
Mike Ashley’s Flannels given £125k rates relief despite £65m turnover
Mike Ashley’s high end fashion chain Flannels has been handed £125,000 in business rates “help” by a local council amid fears that a former pub and nightclub it bought back in 2016 would be left derelict. Doncaster Council agreed the funding to Flannels’ over a “derelict” site at Priory Walk,…
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Nov- 2018 -27 November
Kering to take e-commerce in-house by 2020
Luxury fashion house Kering has announced it is to bring its e-commerce entirely in-house by 2020. The company that owns brands such as Gucci, Yves Saint Laurent, Alexander McQueen and Balenciaga will leverage its in-house technology and operations team to fully internalise the e-commerce activities currently handled through its joint…
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23 November
Chinese shopping sites pull Dolce and Gabbana goods amid ad backlash
Dolce and Gabbana products have been pulled from Chinese e-commerce as a result of its controversial ad campaign. The luxury fashion house posted an ad this week which shows a Chinese model struggling to eat pasta and pizza with chopsticks. The campaign was accused of promoting unflattering stereotypes. The situation…
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8 November
Burberry sees profits jump 36%
Burberry has reported a 36% rise in profits for the 26 week period ending 29 September 2018, despite seeing a drop in revenues. Sales declined 3% during the period to £1.22bn compared with the £1.26bn recorded the previous year, however operating profit jumped 36% from £127m in 2017 to £173m…
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Sep- 2018 -19 September
Orla Kiely ceases trading as parent company enters administration
Eponymous handbag and homeware retailer Orla Kiely has ceased trading as of Monday 17 September 2018. Its parent company Kiely Rowan has entered into administration and the group’s retail stores in London and Kildare and its online business have now been closed. However its home and design licensing business will…
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Aug- 2018 -21 August
FRC fines KPMG £2.1m for ‘breach of ethical standards’ in Ted Baker audit
The Financial Reporting Council (FRC) has issued a £2.1m fine and “severely reprimanded” KPMG and its partner Michael Francis Barradell, after they admitted to “misconduct” in relation to audits of Ted Baker and No Ordinary Designer Label. Barradell also received a reprimand and a fine of £80,000 which was reduced…
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20 August
House of Fraser woes push Mulberry into £3m loss
Designer fashion brand Mulberry has issued a profit warning following the financial woes of House of Fraser. With the company, saying it expects to absorb costs of £3m due to the chain’s restructuring, the company’s shares dropped by 30% following the announcement. Mulberry operates 21 House of Fraser concessions, employing…
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13 August
Lush to offer free coffee
Cosmetics retailer Lush is to offer free coffee in an attempt to cut down on single use coffee cups. Customers in Lush’s Soho store will be eligible for the coffee if they bring along a reusable cup between 7am and 3pm in the four weeks commencing 14 August. The coffees…
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