Luxury Goods
Luxury Goods explores the strategies, performance, and market trends defining the UK’s premium and high-end retail sector. This section covers brand innovation, consumer behaviour, store design, digital engagement, and sustainability within the luxury market. Retail Sector’s Luxury Goods coverage delivers insight for executives, brand managers, and suppliers seeking to understand how evolving tastes, global influences, and economic conditions shape growth and competitiveness across the luxury retail landscape.
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Aug- 2024 -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…
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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…
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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…
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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…
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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…
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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,…
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Jun- 2024 -27 June
Watches of Switzerland EBITDA falls 11% amid 2% rise in group revenues
Watches of Switzerland has reported a 11% decline in adjusted EBITDA amid a 2% rise in group revenues to £1.5bn at constant currency for the 52 weeks ended 28 April 2024. Its US sales increased 11% to £692m, while its UK and Europe sales dipped by 5% to £846m, impacted…
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18 June
Michael Kors eyes further price hikes as UK sales nosedive
Michael Kors may resort to further price hikes after seeing the cost of basic materials rise, at the same time as it experienced a dramatic fall in UK sales last year, This is Money has reported. The luxury group’s sales performance, which was down by a tenth in the UK,…
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May- 2024 -31 May
Burberry CEO forgoes bonus amid PBT slump
Burberry CEO Jonathan Akeroyd has missed out on a bonus after the luxury brand reported a pre-tax profit slump to £383m from £636m in the year ended 30 March. This comes as revenues at the group fell to £2.96bn from £3.094bn in the prior year, as comparable store sales dropped…
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16 May
Watches of Switzerland Q4 sales rise 4%
Watches of Switzerland has seen its group revenues jump 4% up to £380m for the 13 weeks ended 30 April. The company saw its US sales rise 6% to £846m but its UK and Europe sales dropped 5% to £846m “impacted by macroeconomic conditions in the UK”. It has stated…
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