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.
-
Sep- 2024 -5 September
Dior appoints Miu Miu CEO as managing director
LVMH-owned Christine Dior has announced the appointment of Miu Miu CEO Benedetta Petruzzo to the executive committee as managing director, effective 15 October 2024. Petruzzo will officially replace current managing director Charles Delapalme and will report to Delphine Arnault, chairman and chief executive officer of Christian Dior Couture. In her…
Read More » -
3 September
Watches of Switzerland on track to deliver FY25 guidance
Watches of Switzerland has stated that trading for the first 18 weeks of the financial year has been in line with its expectations and that the group is on track to deliver its FY25 guidance as it makes progress against its Long Range Plan. Demand for its key luxury brands,…
Read More » -
3 September
Harrods sales hit £900m but profits slide £35m
Sales at Harrods have surged to almost £900m in its latest full-year results, as revenues rose by 8% to £898.4m following a continued return in overseas visitors.In the year ended 3 February 2024, initial operating profits rose slightly to £162.9m, up from £158.4m the prior year, according to new filings…
Read More » -
Aug- 2024 -28 August
Naked Wines appoints new CFO as losses widen
Naked Wines has appointed Dominic Neary as its new CFO after it posted a loss before tax of £16.3m for the year ended 1 April 2024, up from £15m in the same period last year. Alongside this, the company posted an adjusted EBIT of £5m, down from £14.9m in the…
Read More » -
13 August
Pandora reports 15% organic growth in Q2 2024
Pandora has reported a 15% increase in Q2 2024 organic growth to DKK 6.77bn (£744m), comprising Like-for-like (LFL) growth of 8%, network expansion of 6% and 1% phasing of sell-in to partners and other. The group’s operating profit (EBIT) also increased from DKK 1.18bn (£134.9m) to DKK 1.33bn (£152m). However…
Read More » -
5 August
Ferragamo net profits plummet 73% in H1
Ferragamo’s net profits plummeted 73% to €6m (£5.1m) for the first half of the year ended 30 June 2024. In Q2 2024, total revenues for the luxury retailer amounted to €296m (£253m), down 6% at constant exchange rates, penalised by a “weak” Asian market and wholesale environment. In H1, group…
Read More » -
Jul- 2024 -31 July
Prada’s revenues hit €2.5bn in H1
Prada Group’s revenues increased 17% YoY to €2.5bn (£2.1bn) during the first half of the year ended 30 June. Retail sales for the group increased 18% YoY to €2.2bn (£1.8bn), driven by like-for-like and full-price volumes. EBIT reached €575m (£485m). Sales at Prada during the first half of the year…
Read More » -
25 July
Burberry begins hunt for chair’s successor
Burberry is reportedly seeking a new board member who could replace incumbent chair Gerry Murphy, according to reports from Sky News. The company is reportedly working with headhunters to identify two new non-executives who would be contenders to replace Murphy. A definitive timetable for his successor has not been laid…
Read More » -
15 July
Burberry ousts CEO amid profit warning
Burberry has announced that it has replaced its CEO Jonathan Akeroyd effective immediately after its Q1 sales dropped by a fifth. The fashion house has announced the appointment of former Michel Kors boss Joshua Schulman to replace Akeroyd. Burberry stated that Schulman joins the business with a track record of…
Read More » -
9 July
Majestic eyes 125 new store locations
Majestic Wine has revealed that it has identified 125 locations for potential new stores across England, Scotland, Wales and the Channel Islands. It has found almost 30 locations in Central London where it believes it could launch smaller format sites, following the success of its ‘mini Majestic’ concepts in Harpenden,…
Read More »
