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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Feb- 2025 -6 February
Pandora profits up 13% as it prioritises jewellery
Pandora has seen its EBIT rise 13% to £890m in its FY24 as a result of its ‘Phoenix strategy’ pushing it towards becoming a “full jewellery brand”. Alongside this, the company’s sales increased 13% to £3.53bn for the period, driven by strong online growth accounting for 27% of revenues and…
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Jan- 2025 -22 January
Mytheresa nominates Richemont CFO to board
Mytheresa has nominated Burkhart Grund, the chief financial officer of Richemont, as its new supervisory board member, subject to the completion of its Yoox Net-A-Porter (YNAP) takeover.The proposal is set to be voted on by shareholders at an extraordinary general meeting on 6 March, 2025. Last October, Mytheresa and Richemont…
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20 January
What can the luxury retail sector expect in 2025?
As we step into 2025, the luxury retail sector finds itself at a pivotal crossroads. The industry, which witnessed a golden era of growth between 2019 and 2023, is now facing a multitude of macroeconomic headwinds, evolving consumer preferences, and an urgent need to redefine its value proposition. According to…
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3 January
Watchfinder losses hit £12.6m in FY24
Watchfinder has reported a pre-tax loss of £12.6m during the year ended on 31 March 2024. Sales for the retailer dipped from £101m in 2023 to £93m during the period as the group admitted that a “difficult” economic environment impacted its trading. According to accounts filed at Companies House, the…
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Dec- 2024 -5 December
Watches of Switzerland profits dip 39% despite revenue surge
Watches of Switzerland has reported a 39% decline in its profit before tax from £67m to £41m despite a 4% increase in revenues to £785m, driven by strong demand in the US. According to the group, its profits were affected by acquisition-related costs and integration efforts. For the 26 weeks…
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Nov- 2024 -20 November
Deliveroo partners with Hurr to deliver rental designer dresses
Deliveroo has announced a new partnership with resale fashion marketplace Hurr to bring rental designer dresses to customers. The new collaboration will allow Deliveroo customers to rent pre-loved high-end fashion pieces from Hurr’s selection directly through the Deliveroo app. Customers within central London will be able to browse through a…
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19 November
Mulberry to ‘rebuild’ business after losses widen and sales plunge 19%
Mulberry has seen its losses widen to £15.3m in its half-year results, up from a previous loss of £13.5m, as sales plummeted amid a period of “significant uncertainty” for the business. In the half-year ended 28 September 2024, revenues fell by 19% to £6.1m, with UK sales down by 14% to…
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15 November
LVMH unveils new leadership team appointments
LVMH chairman and chief executive officer Bernard Arnault has made a raft of appointments to the group’s leadership team after consulting with the Sustainability and Governance Committee of the board of directors. Maud Alvarez-Pereyre will be appointed executive vice president Human Resources of the LVMH Group and become a member…
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14 November
Burberry unveils turnaround plan as profits plummet
Burberry has unveiled a turnaround plan after it posted an adjusted operating loss of £41m for the six months ended 28 September. This is a large fall from the £223m profit it posted in the same period last year and comes alongside a revenue drop of 20%. Furthermore, comparable store…
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Oct- 2024 -22 October
Mulberry board backs decision to reject Frasers bid
The board of Mulberry has backed the decision by majority shareholder Challice to reject the improved £111m takeover bid from Frasers Group. Challice stated last week that it had “no interest in either selling its Mulberry shares to Frasers or providing Frasers with any irrevocable or other undertaking with regards…
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