Luxury

Why this luxury retailer isn't in a hurry to woo China

Source: 
CNBC

While global high-end brands are stepping up the battle for Asia's burgeoning luxury shoppers, Geneva-based watch manufacturer Patek Philippe prefers to keep things slow.

"We don't want to put all our eggs in the same basket so we are very careful not to increase too much in Asia," Philippe Stern, honorary president of the 175-year old Swiss firm told CNBC's "Managing Asia".

Burberry 2Q sales strong in mainland China and HK; warns of exchange rate hit

Source: 
BBC News

Burberry, the UK luxury fashion brand, has announced a strong rise in sales but warned that profits could be hit by unfavourable exchange rates.

Retail revenues for the three months to the end of June were GBP370 million (USD633.4m), up almost 10 percent from a year earlier, while like-for-like sales increased by 12 percent.

Sales were particularly strong in mainland China and Hong Kong.
 

Official financial data confirms South Korea’s sluggish luxury market

Source: 
cpp-luxury.com

According to official financial reports filed by luxury companies with a presence in South Korea, fiscal 2013 was marked by sluggish sales growth as more consumers made shopping trips abroad for savings.

 

Givenchy opens new boutique at Hong Kong Airport

Source: 
cpp-luxury.com

Givenchy pursues its global retail expansion, with yet another landmark opening, this time with a dedicated accessories boutique at Hong Kong International Airport.

 

Websites that enable users to resell luxury items are gaining popularity

Source: 
scmp.com

We all love a designer label and we all love a bargain, but biannual sales only happen, well, twice a year. So what do we do during those other months when we want to feed our designer habit, but are on a budget? We turn to the internet.

To view the full article (note: you must be an scmp.com subscriber), visit scmp.com. (From seven days after publication, this article will appear in Archive Search.)

Luxury brands battle to stay in fashion in South Korea

Source: 
CNBC

The EUR8.3 billion (USD11.33b) South Korean luxury market, Asia's third largest behind China and Japan, has become a tougher place for global fashion houses to compete as young consumers turn to more accessible "contemporary brands" amid waning popularity of expensive premium brands such as Gucci, Louis Vuitton, Ferragamo and Burberry, and with domestic consumption mired in a prolonged slump.

Tough times for luxury retail in China

Source: 
CNBC

Luxury retailers in China are suffering amid an anti-corruption drive and uncertain economic outlook and they're unlikely to recover anytime soon, analysts say.

"The anti-corruption crackdown in China is having a significant impact on luxury retail sales, from fashion garments, to shoes and watches," said Charles Yan, head of greater China Consumer Research at Standard Chartered Bank in Hong Kong. "We don't think it will recover quickly – at least not this year or next year."

Versace packs its bags and leaves Melbourne after falling behind on the rent

Source: 
The Sydney Morning Herald Online

Crown Casino's high-rollers are finding it harder to splurge on luxury watches and handbags after marquee brand Versace has shuttered the doors of its only Melbourne boutique.

The legendary Italian fashion house abandoned its prime retailing spot in Crown more than a week ago, emptying the store of goods but leaving behind what could be a sizeable rental bill.

Hermès to open its fifth Maison Hermès in Shanghai

Source: 
red luxury

Unlike other luxury brands that have expanded rapidly in China, French luxury house Hermès has been deliberate and conservative with its China expansion. This strategy has helped the brand maintain its exclusivity, which is paying off big time as Chinese luxury consumers are preferring more discreet and high quality products.

Gucci CEO confident about future of luxury

Source: 
CNBC

Despite worries about a slowdown in China and US luxury sales, Gucci CEO Patrizio di Marco told CNBC on Wednesday he is confident the future of the industry remains bright, particularly in the US.

"There's been some slowdown (in the US), but this is a very important market in the luxury industry. It accounts for over 30 percent of the worldwide luxury market. It's a very young market and a market that will grow," he said in an interview with "Closing Bell".

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