Q1 figures for Farfetch were more muted than some of its recent results and the company warned about the near-term impact of the macroeconomic backdrop that’s currently hurting fashion businesses at all price levels.
The next landmark fashion exhibition to be seen at the V&A in London will focus on Gabrielle Chanel. Opening next year, it will be the first time a major UK museum has dedicated an exhibit to the trailblazing designer.
Upbeat profit forecasts from Nordstrom and Ralph Lauren underscore the edge high-end chains have over the wider U.S. retail industry in an inflationary environment, thanks to the deep pockets of their customer base.
Etro, the luxury Italian label controlled by the L Catterton fund, has named Marco De Vincenzo as its new creative director. Starting early next month, he’ll be in charge of the women's, men's and home collections.
Luxury department store Harrods has finally appointed its first chief financial officer in five years. Tim Parker will join the business after 10 years at Hong Kong-based, London-listed conglomerate Jardine Matheson.
BNPL may be booming but a troubled global economy is still presenting challenges to operators in the segment and news has emerged that one of the biggest operators, Klarna, is cutting 10% of its workforce.
Major global brands will “continue betting on physical retail to drive sales in resilient destination cities”, a Savills report says. And it named New York, Paris and London as “the most attractive cities for retailers”.
Last Friday, Canada announced a ban on trade in luxury goods with Russia, and added 14 other individuals, including known oligarchs, to the list of sanctions imposed in connection with the Russian invasion of Ukraine.
Grosvenor has delivered a significant improvement in its financial performance in the latest year. The group owns vast tracts of land in key area like London’s Mayfair, as well as the Liverpool One mall.
Luxury businesses have renewed calls for the UK government to reverse its decision to end VAT-free shopping for tourists, saying Britain is losing out to other European countries as big-spenders go elsewhere.