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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Apr- 2024 -24 April
Kering revenues dip 11% to €4.5bn in Q1
Kering’s revenues were down 11% to €4.5bn (£3.8bn) for the first quarter of 2024 as Gucci, Yves Saint Laurent and Bottega Veneta failed to perform positively. The group’s revenue from the directly operated retail network fell 11% on a comparable basis, as a result of lower store traffic. During the…
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19 April
Mytheresa FY24 guidance ‘at lower end’ despite healthy Q3 sales
Mytheresa has confirmed that its guidance for FY24 to 30 June will be “at the lower end” of its estimated range of 8% to 13%, despite the group expecting Q3 sales to have increased between 15% and 18% year-on-year. Sales are predicted to show growth of between €230m (£197m) and…
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18 April
LVMH revenues up 3% in Q1 despite economic uncertainty
Luxury group LVMH has reported a revenue growth of 3% to €20.7bn (£17.7bn) in the first quarter of 2024, marking a good start to the year despite “a geopolitical and economic environment that remains uncertain”. This comes as its European and US markets achieved 2% growth on a constant currency…
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9 April
Swarovski to launch standalone boutique in Merry Hill
Luxury brand Swarovski is returning to West Midlands destination Merry Hill with the launch of a standalone boutique set to open in spring. The new store, spanning 2150 sq ft between Goldsmiths and Beaverbrooks on the Upper Mall, will feature the retailer’s latest shop fit, with metallic finishes and fluted…
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4 April
Mytheresa mulls bid for Yoox Net-a-Porter
Mytheresa is reportedly among possible bidders who are looking to acquire underperforming ecommerce business Yoox Net-a-Porter from Swiss luxury group Richemont, the Financial Times has reported. News of the bid comes as Richemont has been looking for a new buyer for the business since a deal to sell a 47.5%…
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Mar- 2024 -20 March
Mike Ashley takes consultancy role at Hornby
Mike Ashley is set to advise model train company Hornby as a consultant after building a stake in the firm. The company confirmed to investors that Ashley would be available to advise CEO Olly Raeburn and the wider business. However, Hornby confirmed that there would be no payment between the…
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20 March
Kering warns first quarter revenues to decline by 10%
Kering’s first quarter revenue of 2024 is likely to decline by approximately 10% on a comparable basis, from last year’s first quarter, according to the group’s preliminary trading update. The Paris-based luxury group stated that this performance primarily has reflected a steeper sales drop at Gucci, notably in the Asia-Pacific…
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Feb- 2024 -21 February
Moda In Pelle launches SS24 collection
Luxury footwear brand, Moda In Pelle, has launched its Spring/Summer 2024 collection, which features “trendsetting” sports-luxe styles ahead of the Paris Olympics that are taking place later this year. The collection, which is at the centre of the retailer’s ‘Game On’ campaign, was inspired by styles seen on the SS24…
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16 February
The Watches of Switzerland opens Tag Heuer in London Gatwick
The Watches of Switzerland Group has announced the opening of a new Tag Heuer boutique in London Gatwick, South Terminal. The single floor boutique, which has been designed to “the highest luxury specification” in conjunction with the brand’s interior design team, will stock a range of men’s and women’s luxury…
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12 February
Hermes FY23 profits hit €4.3bn
Luxury fashion group Hermes has reported that net profits hit €4.3bn (£3.6bn) during 2023, an increase of 28% compared with the previous year, as sales rose 16% to €13.4bn (£11.4bn). The news comes as, in Q4, sales hit €3.3m (£2.8m), an increase of 18% despite the “particularly” high comparison base…
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