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Emerging Luxury Markets
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Emerging Luxury Markets
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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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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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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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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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Dooney & Bourke Founder Facing Bribery Charge
Source: AmLaw Litigation Daily)
A key witness claims he discussed a plan to bribe top officials in Azerbaijan with Dooney & Bourke co-founder Frederick Bourke, Jr. The witness, Thomas Farrell, was an aide to Czech expatriate Viktor Kozeny, who led a group of investors that included Bourke in an attempt to buy oil giant Socar. . . . keep reading
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