An enormous shopping complex billed as the biggest in-town retail centre in Europe opened its doors in London on Thursday, October 30rd even as shoppers here struggle with the credit crunch and a slumping economy.Westfield London, a 1.
Even the wealthiest consumers are cutting spending in the face of the global economic turmoil, which will likely push the worldwide luxury retail market into recession in 2009, a survey showed Wednesday, October 29th.
Two of Britain's biggest clothing retailers reported lower annual profits and weaker recent trading on Tuesday as turbulence in financial markets adds to the pressure on shoppers from high food and fuel costs.
Russia, the fourth largest luxury goods market and one of the world's fastest growing, is being hit by the financial crisis, the managing director of the country's biggest luxury goods group, Mercury, told Reuters.
Philip Green, the billionaire owner of the Bhs department store chain and Arcadia fashion group, said on Wednesday, October 15th he is still working on a deal to buy the debt of Icelandic retail investor Baugur.
Swedish fashion giant Hennes & Mauritz reported on Wednesday a 2 percent year-on-year fall in sales at established stores in September as the growing crisis in the financial sector weighed on consumer spending.
During a recent trip to her expensive Hong Kong hairdresser, luxury brand consultant Radha Chadha asked her stylist if recent turmoil in the world's stock markets had affected business."I am now offering people shorter haircuts.