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.
financial-results
Luxury
Hugo Boss Expects Demand for Suits to Return Despite Quarterly Sales Slump
The German luxury house saw its sales drop 59 percent and reported revenue of $323.5 million in the second quarter, missing analyst expectations.
Hugo Boss Expects Demand for Suits to Return Despite Quarterly Sales Slump
The German luxury house saw its sales drop 59 percent and reported revenue of $323.5 million in the second quarter, missing analyst expectations.
Luxury
Hermès Quarterly Sales Hit by Pandemic Lockdowns
The maker of the iconic Birkin bag saw its sales plunge 42 percent in the three months through June.
Hermès Quarterly Sales Hit by Pandemic Lockdowns
The maker of the iconic Birkin bag saw its sales plunge 42 percent in the three months through June.
Luxury
Ferragamo Second Quarter Revenue Misses Analysts Expectations
The Italian luxury group saw its sales decline 60 percent in the second quarter.
Ferragamo Second Quarter Revenue Misses Analysts Expectations
The Italian luxury group saw its sales decline 60 percent in the second quarter.
Luxury
Kering Sales Down 43.7% in the Second Quarter
The luxury conglomerate added it could not provide a forecast for the second half of the year despite an encouraging recovery in Asia.
Kering Sales Down 43.7% in the Second Quarter
The luxury conglomerate added it could not provide a forecast for the second half of the year despite an encouraging recovery in Asia.
Luxury
LVMH Revenue Down 38% in the Second Quarter
The luxury conglomerate's profit from recurring operations was $1.96 billion in the first six months of the year, falling below analysts expectations.
LVMH Revenue Down 38% in the Second Quarter
The luxury conglomerate's profit from recurring operations was $1.96 billion in the first six months of the year, falling below analysts expectations.
Luxury
Burberry Sales Rebounded in June. Why Did Its Shares Plunge?
While the pandemic is hurting all luxury brands, investors see specific challenges at Burberry.
Burberry Sales Rebounded in June. Why Did Its Shares Plunge?
While the pandemic is hurting all luxury brands, investors see specific challenges at Burberry.
Retail
Swatch Group Posts Its First Half Year Loss
The Swiss watchmaker reported a net loss of $327 million in the first half of 2020 and saw sales drop 46.1 percent.
Swatch Group Posts Its First Half Year Loss
The Swiss watchmaker reported a net loss of $327 million in the first half of 2020 and saw sales drop 46.1 percent.
Luxury
Where Does Burberry Go From Here?
This week, everyone will be talking about Burberry's first financial results since the lockdowns and the first major live fashion show in months. Get your BoF Professional Cheat Sheet.
Where Does Burberry Go From Here?
This week, everyone will be talking about Burberry's first financial results since the lockdowns and the first major live fashion show in months. Get your BoF Professional Cheat Sheet.
Luxury
Capri Forecasts 70% Fall in Current-Quarter Revenue
The Michael Kors owner said the COVID-19 pandemic has hammered demand for its handbags and dresses.
Capri Forecasts 70% Fall in Current-Quarter Revenue
The Michael Kors owner said the COVID-19 pandemic has hammered demand for its handbags and dresses.
Retail
Puma Bets on Wellness Uptick for Recovery
The sports retailer expects all markets to recover by the end of the year and for growth to return in 2021.
Puma Bets on Wellness Uptick for Recovery
The sports retailer expects all markets to recover by the end of the year and for growth to return in 2021.
China
Hong Kong Retail Sales Down 42% Amid the Covid-19 Crisis
Sales dropped to HK$23 billion in March — the 14th consecutive month of decline.
Hong Kong Retail Sales Down 42% Amid the Covid-19 Crisis
Sales dropped to HK$23 billion in March — the 14th consecutive month of decline.
Retail
Boohoo Sales Growth Declines Amid the Coronavirus Outbreak
The online clothing retailer said its performance has recovered in recent weeks with improved year-on-year growth in group sales during April.
Boohoo Sales Growth Declines Amid the Coronavirus Outbreak
The online clothing retailer said its performance has recovered in recent weeks with improved year-on-year growth in group sales during April.
The News in Brief
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.
Glossier Appoints New CMO
Nicole Solorzano, who joins from Ouai, is the Millennial beauty brand’s latest hire.
Macy’s CEO Points to E-Shaped Economy, Signalling Consumer Shift
The mention of a forked economy by the head of America’s largest department store signals a heightened wariness that middle-income Americans will continue to spend at the same pace.
France’s Bid to Suspend Shein’s Marketplace Rejected by Appeals Court
The decision from Paris’ Court of Appeal marked a win for the fast-fashion giant after a scandal over sex dolls resembling children for sale on its site.
Coty Announces Board Revamp
The embattled Covergirl owner has appointed five new independent directors amidst a wider leadership and company shakeup.
Zimmermann Names Roberto Eggs CEO
The Moncler Group executive will succeed longtime CEO Chris Olliver, who is staying on as executive chairman.