Upscale jeweller Tiffany & Co raised its full-year profit forecast for a second time following a better-than-expected rise in quarterly profit, driven by strong sales in Asia and the Americas.
Sales in the Asia-Pacific region, excluding Japan, rose 13 percent in the second quarter ended on 31 July, followed by the 10 percent increase in its biggest market – the Americas. Same-store sales increased 8 percent in the Americas and 7 percent in Asia-Pacific. Total same-store sales rose 3 percent.
Hidesign is getting ready to compete with international leather brands by re-entering the luxury segment. In the past, it had named its bags after designer Alberto Ciaschini, but now a fresh foray into the segment with a new brand name is being considered, which will have the Hidesign tag attached to it.
“We have to strengthen the Hidesign brand in the luxury segment. The market is ready for luxury bags, but we have to get it right this time since we will be competing with international brands such as Furla and DKNY,” said Dilip Kapur, founder and owner of Hidesign.
High prices of luxury space rentals, lack of suitable retail real estate making it tough for luxury brands to expand business in India. Indian cities ranks among the lowest in a recent study on luxury retail penetration in top Asia-Pacific cities.
With the opening of its biggest Asian flagship store in Beijing, as well as double-digit year-on-year growth in 2013, Max Mara's CEO sees no reason to change its expansion strategy in China.
Chinese e-commerce company Alibaba Group Holding Ltd. is rolling ou a powerful new incentive to attract luxury brands: removing some listings from its online shopping sites.
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Kering Group said Wednesday its first-half profit rose 7 percent on strong growth at some of its luxury brands, though a steep decline in sales at its flagship Gucci fashion house exposed how weakness in Asian markets continues to hit luxury firms.
The French group said Gucci’s revenue—which accounts for 37 percent of the group’s total—fell 4.5 percent to USD2.1 billion. Kering Chief Financial Officer Jean-Marc Duplaix said the decline didn’t come as a surprise, as the company expected to see an improvement only in the second half of the year.
German fashion house Hugo Boss on Thursday reported second-quarter sales rose 5 percent, helped by its strategy of running more of its own stores.
Net profit rose 20 percent to EUR62.5 million (USD83.7 million) while sales grew 5 percent to EUR558.9 million, compared with average analyst forecasts of EUR61.4 million and EUR568 million, respectively.
Chinese brides and Indian festivals will drive diamond demand into new year, the CEO of De Beers told CNBC, as the market for the precious jewel continues to rebound.
The US is by far the biggest diamond market in the industry that was worth USD72.1 billion in 2012 but China and India are the fastest-growing, seeing impressive double-digit growth between 2006 and 2012.
LVMH on Thursday posted lower profits and margins on the back of a 3 percent rise in first-half sales that came in below expectations.
The world's biggest luxury group, owner of Hennessy cognac and the Louis Vuitton fashion brand, made a profit from recurring operations of EUR2.576 billion (USD3.47b), down 5 percent from the same period a year earlier.
LVMH posted first-half revenue growth of 3 percent, or 5 percent on a like-for-like basis.
Luxury eyewear giant Luxottica Group reports net profits of EUR393 milion (USD527.8 million) ) for the first half of 2014, compared to the same period 2013. Luxottica’s turnover reached EUR3.9 billion (USD5.2 billion), a 0.5 percent increase on the previous year. Luxottica also renewed its licensing agreeement with Chanel until December 2018.