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Luxury News Summary
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Volkswagon Looking to Complete Takeover of Porsche
(Source: Der Spiegel)
European auto giant Volkswagon will try to complete its takeover of Porsche this year, according to a report in Der Spiegel. Porsche tried to take over Volkswagon in 2008, but the attempt failed and the tables were turned when Volkswagon bought 49.9 percent of the luxury sports car maker. . . . keep reading
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L'Occitane IPO Proceeds to Fund International Expansion
(Source: Financial Times)
French cosmetics company L'Occitane will use the US$707 million it raised in this week's IPO to open 650 stores in the next five years. Much of the growth will be focused in emerging markets like Russia, Brazil and China, where the company plans 40 new stores. . . . keep reading
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Escada in "Search for Investors"
(Source: LuxuryBrandNetwork.com)
Munich-based Escada AG is seeking investors to rescue it from insolvency. The company filed for protection in August after a planned bond exchange failed. . . . keep reading
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LVMH Continues to Expand in Asia
(Source: LuxuryBrandNetwork.com)
LVMH reported a third-quarter sales drop of 0.6% to €4.135 billion. Before the favorable impact of currency exchange, sales dropped 3%. . . . keep reading
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Gucci Sales Slump 10% in Quarter
(Source: LuxuryBrandNetwork.com)
In the third quarter of 2009, sales of Gucci Group dropped by 10.0% on a comparable basis. Sales in directly operated stores posted robust performances, while wholesale activities suffered from the economic difficulties facing department stores and franchisees. . . . keep reading
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Pringle in Three-Year Turnaround Plan Under CEO Macaire
(Source: The Independent)
Since taking over as CEO one year ago, Mary-Adair Macaire is quietly transforming "fusty" Scottish clothier Pringle into a trendy, cutting-edge fashion brand. Despite the downturn, reports London's Independent, she's sticking to her three-year plan to make the transition and turn a profit. . . . keep reading
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