Representative image The wealth of France’s luxury and cosmetics titans swelled to unprecedented heights during the pandemic era, when consumers snapped up pricey handbags, gowns and grooming products. Now, three of the country’s biggest billionaires – Bernard Arnault, Francoise Bettencourt Meyers and Francois Pinault – are seeing their fortunes dwindle as restraint replaces indulgence. The…
Representative image Shares in Gucci-owner Kering rose on Thursday, shrugging off the French luxury goods company’s warning that 2024 operating income would almost halve to its lowest in years due to weak demand in China. Kering shares were up 0.5% at 0729 GMT, after positive results from rival Hermes helped lift the broader luxury sector….
Representative image French luxury goods company Kering has named Stefano Cantino as CEO of its star label Gucci, firming up management of the Italian fashion house it has been seeking to revive, and adding he would succeed Jean-Francois Palus in January. “I am confident that, building on what has been set up over the past…
French luxury group Kering expects a 40% to 45% plunge in first-half operating profit, it said on Tuesday, after first-quarter sales declined as wealthy shoppers curbed spending on products from its star label Gucci. Sales for the three months ending in March were down 10% on a comparable basis at 4.5 billion euros ($4.8 billion)….
Fears of a slowdown among Chinese shoppers have dogged the luxury industry for the better part of a year. Last week the scale of the problem hit home for one of fashion’s biggest but most exposed brands, Gucci. French group Kering SA saw $9 billion wiped off its market value after warning that sales of…
Some of the super-luxury brands that have opened stores at the recently inaugurated luxury mall, Jio World Plaza in Mumbai, have put in a condition that at least four top brands – such as Louis Vuitton, Gucci, Cartier, Burberry, Tiffany, Valentino, Bulgari, Zegna, Giorgio Armani and Bottega Veneta – should be present in the same…
Representative image Global luxury brands such as Gucci, Cartier, and Louis Vuitton, among others, have signed leases for retail spaces in a new Mumbai mall developed by Asia’s richest Mukesh Ambani, as the brands and Reliance Industries look to tap lucrative prospects presented by India’s robust economic growth and the swift increase in the number…
Ralph Lauren on Thursday forecast current-quarter sales largely below Wall Street expectations, as demand for its pricey sweaters, shirts and outdoor wear tapers amid a broad slowdown in U.S. luxury spending. After a robust spending spree last year, affluent shoppers in the U.S. have now cut back on luxury goods purchases as sticky inflation and…
