Garage Clothing Owner Rides Y2K Fashion to $5.3 Billion Fortune
Andrew Lutfy, CEO and majority owner of Groupe Dynamite, saw his net worth surge to $5.3 billion after a sharp rise in shares following the company’s 2024 IPO.
earnings
Luxury
Ralph Lauren Keeps Winning Streak Going, Raises Annual Outlook
The American fashion company has been a standout among US apparel companies, managing to steadily increase prices in recent years — even before tariffs hit.
Ralph Lauren Keeps Winning Streak Going, Raises Annual Outlook
The American fashion company has been a standout among US apparel companies, managing to steadily increase prices in recent years — even before tariffs hit.
Beauty
Shiseido’s Identity Crisis
Japan’s largest beauty conglomerate has had a difficult time adjusting to the shifting cosmetics market, prompting a series of pivots and restructurings. Moving forward may require breaking with past mistakes.
Shiseido’s Identity Crisis
Japan’s largest beauty conglomerate has had a difficult time adjusting to the shifting cosmetics market, prompting a series of pivots and restructurings. Moving forward may require breaking with past mistakes.
Luxury
Hermès Valuation Woes Eclipse Sales Gain
Shares fell as much as 4.7 percent even after the company reported second-quarter sales growth that far outpaced major luxury rivals.
Hermès Valuation Woes Eclipse Sales Gain
Shares fell as much as 4.7 percent even after the company reported second-quarter sales growth that far outpaced major luxury rivals.
Luxury
Prada Sales Miss Estimates Amid Luxury Slump
Sales at the group’s flagship Prada brand slid 3.6 percent in the second quarter against a ‘challenging’ and ‘somewhat unprecedented’ backdrop, the company said.
Prada Sales Miss Estimates Amid Luxury Slump
Sales at the group’s flagship Prada brand slid 3.6 percent in the second quarter against a ‘challenging’ and ‘somewhat unprecedented’ backdrop, the company said.
Luxury
Hermès Sales Rise 9%, Outpacing Rivals
The French leather goods giant said it would fully pass on the effects of tariffs to its clients in the US, where it raised prices by an additional 5 percent this year.
Hermès Sales Rise 9%, Outpacing Rivals
The French leather goods giant said it would fully pass on the effects of tariffs to its clients in the US, where it raised prices by an additional 5 percent this year.
Luxury
Gucci Sales Plunge 25% as Kering Woes Continue
The French conglomerate reported plummeting second-quarter sales at flagship Gucci as the brand gears up for its second creative revamp in three years. Group sales tumbled 15 percent.
Gucci Sales Plunge 25% as Kering Woes Continue
The French conglomerate reported plummeting second-quarter sales at flagship Gucci as the brand gears up for its second creative revamp in three years. Group sales tumbled 15 percent.
Luxury
LVMH Slide Signals No Quick End to Big Luxury’s Malaise
A steep sales decline at the sector bellwether’s core fashion and leather goods division, which houses Louis Vuitton and Dior, point to a long road ahead.
LVMH Slide Signals No Quick End to Big Luxury’s Malaise
A steep sales decline at the sector bellwether’s core fashion and leather goods division, which houses Louis Vuitton and Dior, point to a long road ahead.
Luxury
LVMH Struggles to Bounce Back Amid Deepening Luxury Downturn
Sales in the group's critical fashion and leather goods division — which includes flagship brand Louis Vuitton — fell 9 percent in the latest quarter. The group is fending off challenges across key units.
LVMH Struggles to Bounce Back Amid Deepening Luxury Downturn
Sales in the group's critical fashion and leather goods division — which includes flagship brand Louis Vuitton — fell 9 percent in the latest quarter. The group is fending off challenges across key units.
Luxury
Luxury’s Gulf Between Winners and Losers Is Widening
This earnings season will be critical in determining luxury’s outperformers and laggards, with analysts expecting wide revenue growth results.
Luxury’s Gulf Between Winners and Losers Is Widening
This earnings season will be critical in determining luxury’s outperformers and laggards, with analysts expecting wide revenue growth results.
Luxury
Burberry Sales Fall Less Than Expected as Turnaround Gains Traction
Comparable retail sales fell by 1 percent in the first quarter, suggesting CEO Joshua Schulman’s revamp strategy is working.
Burberry Sales Fall Less Than Expected as Turnaround Gains Traction
Comparable retail sales fell by 1 percent in the first quarter, suggesting CEO Joshua Schulman’s revamp strategy is working.
Beauty
Byredo, Paco Rabanne Owner Puig Sales Rise 8%
The Spanish beauty conglomerate saw growth in all three of its divisions, which include the Dr. Barbara Sturm, Charlotte Tilbury and Carolina Herrera brands.
Byredo, Paco Rabanne Owner Puig Sales Rise 8%
The Spanish beauty conglomerate saw growth in all three of its divisions, which include the Dr. Barbara Sturm, Charlotte Tilbury and Carolina Herrera brands.
Luxury
Richemont Sales Up 6%, Defying Deepening Luxury Downturn
The Swiss group’s jewellery division, including Cartier and Van Cleef & Arpels, grew by double digits in the first quarter, while fashion stagnated and watches slumped. Weaker currencies in key export markets and a darkening China market are set to add further pressure to luxury firms this quarter.
Richemont Sales Up 6%, Defying Deepening Luxury Downturn
The Swiss group’s jewellery division, including Cartier and Van Cleef & Arpels, grew by double digits in the first quarter, while fashion stagnated and watches slumped. Weaker currencies in key export markets and a darkening China market are set to add further pressure to luxury firms this quarter.
The News in Brief
Danone Acquires Protein Drinks Maker Huel in €1 Billion Deal
Huel, which counts actor Idris Elba and TV presenter Jonathan Ross among its investors, has agreed to be acquired by the French consumer goods group in a deal worth about $1.2 billion.
Qatar Investment Authority Eyes 10% Stake in Golden Goose
Qatar’s sovereign wealth fund is preparing to buy a stake in Italian sneaker maker Golden Goose, Corriere della Sera reported Saturday.
Retailers Push UK to Join US and EU Ending Shein Parcel Loophole
British retailers are pushing the UK government to end a tax loophole that has helped online giants Shein and Temu make significant inroads and gain market share.
Exclusive: Deciem to Relaunch The Chemistry Brand
The Estée Lauder-owned beauty company and The Ordinary parent will relaunch one of its original brands as it moves to rekindle its reputation for incubation.
De Beers Makes Sweeping Cuts to Its Elite Diamond-Buying Club
The diamond company produced less than 22 million carats last year, down from almost 35 million in 2022.
L’Oréal India in Talks to Acquire Beauty Company Innovist
L’Oréal is in advanced talks to acquire a majority stake in Bare Anatomy parent Innovist sources told The Economic Times India.
Zegna Chairman Says War Has Clouded Visibility of Demand in Middle East
The Italian fashion house cautioned the war is reducing visibility on demand in the Middle East, which accounts for 7 percent of its sales, though all stores are currently open in the region.