Ahead of an I.P.O., Reliance is reorganising a luxury division to increase capitalisation Asia According to The Economic Times on June 25, Reliance Industries integrated the luxury subsidiary Reliance Brands (85 brands, including Burberry,…
Richemont takes control of 33% of Mytheresa in exchange for sale of YNAP Europe On October 7, 2024, Richemont (sales of €20.62 billion in 2023, up 3.3%) announced the sale of Yoox-Net-A-Porter (YNAP ) to German marketplace Mytheresa (sales of €840 million in the fiscal year to June 2024,…
Emaar Properties invests US$400 million to expand the Dubai Mall Africa, Middle East The Dubai Mall (opened in 2008) is about to undergo major works. Owner Emaar Properties is investing US$410 million to expand the world’s 6th largest shopping centre,…
The Emirates abolish customs duties on Australian imports Africa, Middle East On September 17, the United Arab Emirates (UAE) and Australia signed a trade agreement aimed at boosting investment and bilateral trade between the countries.…
Manufactures Dior under court administration for ‘exploitation’ of workers Europe In Italy, on June 10, the Milan court declared Manufactures Dior ‘incapable of preventing and controlling’ the exploitation of workers in sub-contracting.…
The Saudi public investment fund wants 50% of Selfridges Europe On July 15, following the publication of an insolvency report on the Austrian property company Signa,…
Galeries Lafayette enters second-hand jewellery and watch market Europe In Paris, Galeries Lafayette sees second-hand as a ‘drive to store’ opportunity. On June 23, the chain opened Hojo Vintage in the Haussmann flagship store,…
Luxury goods: in the 1st half, LVMH cannot escape market slowdown Europe On July 23, LVMH (2023 sales: €86.15 billion, up 9%, after a 23% increase in 2022) published results for the first half to the end of June.…
Luxury: Shunned in Asia, Burberry sales fall 20% in Q1 Asia Burberry will not be paying a dividend this quarter. The luxury brand, down by 20%, is struggling in all regions. 400 jobs are lost alongside a new C.E.O.
Supreme acquired by optics giant Essilorluxottica for US$1.5 billion Americas Europe On July 17, optics manufacturer Essilorluxottica (sales of US$27.21 billion in 2023, up by 7.1% at constant exchange rates) announced a purchase of New York-based Supreme from VF Corp for US$1.5 billion,…
