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Luxury News Summary
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L'Occitane IPO Proceeds to Fund International Expansion
(Source: Financial Times)
French cosmetics company L'Occitane will 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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Neiman Marcus Sales Drop 25%
(Source: Wall Street Journal)
Weak sales and heavy discounting drove Neiman Marcus Group to a $168.5 million loss for its most-recent quarter. Excluding accounting charges, the loss was $25.4 million, compared to a loss of $4.3 million in the comparable period last year. . . . keep reading
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Liz Claiborne Denies Bankruptcy Speculation
(Source: Wall Street Journal)
Facing continuing losses and forecasting third quarter sales declines of 15 to 25%, Liz Claiborne Inc., has quietly retained turnaround consultant Alvaraz and Marsal. Such moves often presage bankruptcy. . . . keep reading
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Tod's Optimistic After First-Half Growth
(Source: LuxuryBrandNetwork.com)
Italian luxury goods house Tod's S.p.A. reported 2% sales growth at constant exchange rates for the first half of 2009. Growth was 3.4% including the effects of currency. Same-store results through 26 August were slightly negative (-0.9%). . . . keep reading
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Ducati Sees Continued Weakness Into 2010
(Source: Financial Times)
Italy's premium motorbike manufacturer Ducati expects revenue to decline 15% this year to €400 million, though restricted spending should improve profits. Company CEO Gabriel Del Torchio insists he will maintain the company's elite positioning despite expectations of a weak market through early 2010. . . . keep reading
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Brioni Increases Emphasis on Casualwear
Source: International Herald Tribune)
The financial crisis and changing consumer tastes are prompting one of Italy's elite clothiers to dress down. Traditionally known for men's formal wear, Brioni says it will increasingly focus on casual clothing. . . . keep reading
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Mercedes Defies Downturn in Indonesia
(Source: Jakarta Post)
Luxury car sales are defying the overall downturn in Indonesia, says Mercedes-Benz. Despite a 26% decline in auto sales so far this year compared to 2008, premium sales rose 1% to 1,863 units, says Rudy Borgenheimer, who heads the Mercedes-Benz operation in Indonesia. . . . keep reading
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