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Global Luxury Markets
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Global Luxury Markets
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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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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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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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Mulberry Sees Continued Sales Increases
Britain's Mulberry Group reported a 14% revenue increase for its fiscal year ended 31 March to £58.6 million. The results reflected strong growth through September (+29%) with a slowdown leading up to the Christmas season. Profit for the year fell 19.2% to £4.2 million. . . . keep reading
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Hermès Sees 2-Year Downturn
(Source: Reuters)
Hermès CEO Patrick Thomas believes the economic downturn will continue to chill the luxury goods industry for potentially two years. As a result, he has directed his company to cut back on some investments -- even in growth areas like China. . . . keep reading
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Gucci Continues China Expansion
(Source: London Guardian)
Gucci CEO Patrizio Di Marco will not slow down China expansion plans, despite the current economic climate. The company just opened its 28th Chinese location and plans to end the year with between 30 and 32 stores. . . . keep reading
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Tiffany Earnings Down 62%
(Source: LuxuryBrandNetwork.com)
Sales and profit fell at Tiffany & Co. for the quarter ended 30 April 2009. On a constant-exchange basis, worldwide sales dropped 18%, with a 21% fall in same-store revenue. Net earnings dropped 62.2% to $24.3 million for the quarter. . . . keep reading
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Burberry Revenue Tops £1 Billion
(Source: LuxuryBrandNetwork.com)
Burberry reported that annual sales surpassed £1 billion for the first time, representing a 7% rise in revenue on a comparable basis. The revenue increase was 21% on a reported basis for its fiscal year, which ended 31 March. . . . keep reading
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Richemont Hit Hard by Slowdown
Richemont posted a 2% sales increase for the year ended 31 March, reflecting 10% growth in the first half followed by a 5% decline in the second half. A modest slowdown in the U.S. during the year's first six months (revenue down 1.8%) became a rout as the year progressed: revenue plunged 22.8% in the Americas from October 2008 through March 2009 compared with the same period a year earlier, according to exclusive analysis by LuxuryBrandNetwork.com. . . . keep reading
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