Swiss luxury goods holding company Richemont reported a 23 percent sales growth for the three months ended 31 December 2010. The growth was broad-based, with the highest rate reported in the Asia-Pacific region, the company said in an official statement.
Swiss luxury goods group Richemont on Friday announced its unaudited consolidated results for the six month period ended on 30 September 2010.
Sales increased by 37 percent at actual exchange rates to EUR3.26 billion (USD4.41b) from EUR2.38b in the same period last year. At constant exchange rates and excluding the impact of the acquisition of NET-A-PORTER.COM in April 2010, sales increased by 22 percent. Gross profit grew 44 percent from EUR1.46b to EUR2.11b.
Not all European luxury-goods makers are singing the blues about sales in China. Lately, it simply pays to not be a megabrand. While marquee names like Louis Vuitton, Gucci and Burberry are feeling the pain of slowing growth rates in Asia, smaller brands, such as super-expensive cashmere clothing maker Brunello Cucinelli SpA, posted significantly higher sales in the region.
Burberry reported posted strong growth in the first half of the year, with revenues increasing 14 percent and profits by 6 percent.
"This performance reflects the passion and commitment of our teams around the world and the great momentum of the brand," said Christopher Bailey, Chief Creative and Chief Executive Officer.
The company said the growth targets were achieved despite a more difficult environment, many driven by focused strategies to drive momentum, product excellence and customer experiences, both online and offline.
Swiss watchmaker TAG Heuer says that online retailing is not an avenue it is exploring currently as selling a high-end watch is also about selling an experience. The brand from the LVMH stable has roped in Bollywood star Ranbir Kapoor as its brand ambassador. Shah Rukh Khan is the existing brand ambassador.
The owner of Cartier and Montblanc, and the world’s largest jewelry maker, Richemont, announced that its first half earnings fell on stagnant demand for its products in Asia. In the six months through September, sales in China fell 4 percent, compared to a 10 percent decline last year, reports Bloomberg. Operating profit fell 4 percent to EUR1.31 billion (USD1.6 billion).
French luxury goods company Hermes on Thursday posted an 11 percent rise in like-for-like third-quarter sales, driven by robust demand for its leather goods and ready-to-wear.
Hermes, famous for its EUR8,000 Kelly and Birkin bags, made revenue of EUR990.6 million (USD1.24 billion) in the three months to 30 Sep.
There was a time when if you loved a brand, you would opt for its trademark products. But what if your favoured handbag brand suddenly added make-up to its repertoire? Would your loyalty remain unfailing, as long as you can spot the logo you love?
It's a question that's worth pondering as an increasing number of luxury brands are diversifying, moving out of their core areas of expertise and hoping that loyal consumers will follow.
Ralph Lauren reports a net income of USD201 million, for the second quarter of Fiscal 2015, compared to net income of $205 million,for the second quarter of Fiscal 2014. “It’s been an incredibly active and exciting last few months for our Company,” said Ralph Lauren, Chairman and Chief Executive Officer.
Asia remains an important region for Hublot, the LVMH-owned luxury watch group, though an anti-corruption crackdown in China has reduced demand. Jean-Claude Biver, LVMH Group president of the watches division, considers market consolidation healthy as it creates a good base to build on.
LVMH views Southeast Asia as a priority market with the potential to exceed both Italy and France.