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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Oct- 2024 -14 October
Mulberry’s majority shareholder rejects increased Frasers bid
Mulberry’s majority shareholder Challice has turned down an increased bid of £111m from Frasers Group as it has “no interest in selling”. Chalice pointed out that Frasers would be unable to take over Mulberry without its support. Frasers, which already owns 37% of Mulberry, raised its offer for the retailer…
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9 October
Gucci appoints new CEO
Kering has announced that Stefano Cantino has been appointed as the new CEO of Gucci, replacing Jean-François Palus, from 1 January 2025. He will report to Francesca Bellettini, deputy CEO of Kering in charge of brand development and will have a seat on Kering’s executive committee. Cantino joined Gucci in…
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7 October
Mulberry founder suggests LVMH may be best fit for bidder
Roger Saul, the founder of luxury handbag retailer Mulberry, has told This is Money that it would fit “more naturally” with a European luxury group like LVMH. It comes after the retailer rejected an £83m bid from Sports Direct CEO Mike Ashley last week, despite admitting that Mulberry has struggled…
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4 October
Watches of Switzerland acquires Hodinkee
The Watches of Switzerland Group has announced the acquisition of Hodinkee, a US digital content provider for watch enthusiasts. With a history of stewarding brands, the Watches of Switzerland Group aims to utilise its leadership role in the industry to further Hodinkee’s mission in sharing “engaging, educational and entertaining” watch…
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2 October
LVMH sells Virgil Abloh’s Off-White to Bluestar Alliance
LVMH has announced the sale of luxury streetwear brand Off-White to New York-based brand management company Bluestar Alliance. Founded in 2013 by late Louis Vuitton artistic director Virgil Abloh, the brand was established to define the “grey area” between black and white as a colour. In 2021 LVMH acquired a…
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Sep- 2024 -30 September
Mulberry to raise £10m amid £34m loss in FY24
Mulberry has announced a plan to raise £10m as it faces a loss before tax of £34.1m for the year ended 30 March 2024. The retailer attributed the result to reduced revenue and margin in the period, along with increased operational costs. Group revenue was down 4% to £152.8m with…
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16 September
Tourist Tax cost retailers £220m in H1, says NWEC
The loss of tax-free shopping cost West End retailers £220m in unrealised sales in the first half of 2024, according to data from the New West End Company (NWEC). NWEC also claimed that the policy change cost West End retailers £400m in 2023. The number of international tourists visiting London…
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13 September
Mytheresa FY sales rise 9.8% to €840.9m
Luxury multi-brand digital platform, Mytheresa, has reported that net sales rose by 9.8% to €840.9m (£709.7m) for the year to 30 June after its fourth quarter performance drove “significant” improvements in the second half. Gross merchandise value at the group also rose by 7.1% to €913.6m (£771m) compared to the…
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10 September
Burberry valuation hits 15-year low as market value falls to £2bn
Burberry shares have dropped by about 8% following a downgrade by Barclays, which has reduced the luxury fashion retailer’s market value to £2bn – its lowest valuation since 2009, The Telegraph has reported. The news comes after the retailer’s recent exit from the FTSE 100. According to Barclays, Burberry’s situation…
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10 September
Beaverbrooks invests £1.6m in Bracknell store refurb
Family-owned national diamond, jewellery and watch retailer Beaverbrooks has made a £1.6m investment in the complete refurbishment and expansion of its Bracknell store, doubling its size and elevating it as a destination for luxury and Swiss watches. Following the investment, the newly refitted store, located on The Avenue, reopened on…
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