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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Jun- 2025 -17 June
Kering appoints Luca de Meo as CEO
Luca de Meo has been appointed chief executive of Kering and is expected to take office on 15 September, pending shareholder approval. The luxury group confirmed his appointment following a board meeting chaired by Kering chairman François-Henri Pinault. The board’s decision, based on the recommendation of the appointments and governance…
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May- 2025 -15 May
Watches of Switzerland FY revenues hit £1.65bn
Watches of Switzerland has reported an 8% increase in its group revenues to £1.65bn for the 52 weeks to 27 April 2025, after the group saw significant performance improvement in H2, with revenues up 12% to £867m. Meanwhile, in the UK, revenues were up 2% to £866m, while its US…
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14 May
Burberry to axe 1,700 roles amid full-year losses
Burberry has warned it could cut up to 1,700 roles globally as part of a new cost-cutting drive, after the group fell to a £3m loss in its full-year results, down from a profit of £418m the prior year. In the year ended 29 March 2025, revenues plummeted 17% to…
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8 May
Pandora lowers profit guidance amid tariff fears
Pandora has revealed that it has lowered its EBIT margin guidance for the full year to “around 24%”, down from 24.5%. The retailer cited currency fluctuations and ongoing uncertainties around US trade tariffs as key factors behind the reduction in its margin expectations. Despite this, the company saw its sales…
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7 May
Hugo Boss holds guidance despite 2% fall in Q1 sales to €999m
Hugo Boss is maintaining its sales outlook for the year, despite having reported that sales fell by 2% to €999m (£850m) during the first quarter of 2025. Q1 sales dipped by 1% in both EMEA and the Americas. In the Asia Pacific region, sales dropped by 8% due to persistently…
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1 May
Frasers Group eyes Matches relaunch as exclusive members’ club
Frasers Group is reportedly looking to relaunch Matches Fashion as an exclusive members’ club, according to The Times. Having brought the luxury fashion platform back in a pre-pack deal last April for £19m, Frasers is understood to have collated proposals that could see Matches be turned into “the Soho House…
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Apr- 2025 -30 April
Burberry kickstarts search for new chair
Burberry has kicked off the official search for a new chairman to replace Gerry Murphy, Sky News has revealed. According to insiders, Murphy, who also chairs Tesco, is not expected to step down this year but exact timings have not been decided yet. The news comes as last summer Sky…
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25 April
Kering revenues plummet to €3.9bn amid Gucci sales decline
Luxury retail group Kering has reported a 14% drop in revenues to €3.9bn (£3.31bn) in Q1 2025 as its flagship brand Gucci saw sales decline by 24% to €1.6bn (£1.37bn). Gucci’s revenues from its directly operated retail network declined by 25% amid low store traffic, while wholesale revenue fell by…
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14 April
Watches of Switzerland set to close 16 showrooms
Luxury watch retailer Watches of Switzerland is reportedly set to close 16 showrooms across the UK, putting 40 jobs at risk, according to the BBC. Watches of Switzerland told the outlet that affected staff from its 709-strong team will be redeployed where feasible, adding that its “priority [was] to support…
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14 April
Mytheresa to finalise acquisition of Yoox Net-A-Porter
Mytheresa has received clearance from the European Commission for its acquisition of Yoox Net-A-Porter from Richemont, with plans to close the transaction on Wednesday 23 April. It comes as the two groups signed binding agreements for the deal by Mytheresa of 100% of the share capital of YNAP from Richemont…
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