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,…
Yoox-Net-A-Porter bids farewell to China under pressure from competitors Asia On June 14, Switzerland’s Richemont (2023 sales of €20.62 billion, up by 3.3%), owner of Cartier, Van Cleef &…
E-commerce: LVMH and Alibaba combine cloud and AI technologies Asia On May 22, at Viva Technology, in Paris, LVMH and Alibaba announced a five-year technology partnership to optimise customer experiences and logistics (inventory management,…
China and India don’t have enough luxury, says Savills Africa, Middle East Asia According to a Savills report published on May 15, luxury store openings worldwide fell by 13% in 2023.…
LVMH and Hermès improve margins in 2023 despite slower growth rates Europe In a context of return to normal consumer demand after post-Covid-19 euphoria, particularly in Europe and Asia, LVMH recorded a total turnover of €86.15 billion in 2023 up by 9%.…
