Third-quarter earnings showed that, despite China's economic growth slowing to a three-decade low, shoppers are continuing to spend heavily on luxury - but doing it at home or online, making savings on holiday costs.
As retailers continue to dive deep into the so-called golden quarter, their customers around the world are looking to them for inspiration with as many as 47% of shoppers globally needing some help deciding what to buy.
Kering led a luxury goods share rally on Friday after its star fashion label Gucci posted stronger-than-expected sales, demonstrating how some brands have so far managed to counter the hit from protests in Hong Kong.
Located at 225 West 57th Street at the base of Central Park Tower, the mega 320,000 square-foot store offers seven levels of retail space and will play host to a series of exclusive releases and collaborations.
The Italian executive, who joined the luxury house in 2015, has occupied the position of executive vice president for merchandising and global markets since 2018, playing a central role at the company.
Revenues at Italian luxury outerwear maker Moncler rose by 10% at constant exchange rates in the third quarter, slightly above market expectations, despite a “subdued performance” in Hong Kong due to months of protests.
Sales growth at Kering slowed slightly in the third quarter, in line with expectations, as the luxury group offset some of the hit from turmoil in Hong Kong with strong spending by shoppers in other Asian markets.
Luxury retailer Barneys New York is close to being sold to licensing firm Authentic Brands Group after a competing bid from a trade show executive failed to qualify for a bankruptcy auction, sources have told Reuters.
The new, five-year licence deal between the Italian eyewear group and the French luxury label will start on January 1 2020 and end on December 31 2024, with the option of a 3-year extension until December 2027.
After specialising in luxury, the pre-owned fashion e-tailer is re-focusing on affordable luxury brands, while adapting its purchasing options and commissions to the mid-market segment, and eyeing global expansion.
The film by the French director, an environmentalist and Academy Award winner for ‘March of the Penguins’, is the first in a trilogy dedicated to the Italian luxury label’s expertise and its care for the environment.