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 China’s second-hand and grey markets for luxury goods are booming, as price hikes from luxury brands in a weak economy are prompting some shoppers to look for cheaper ways to buy them, deepening concerns for the likes of LVMH. LVMH, the world’s biggest luxury group, reported a 3% fall in quarterly sales last…
NEW DELHI: A group of state finance ministers is veering towards GST exemption on term insurance plans, while also considering removal of the levy for senior citizens purchasing health insurance and for those who buy medical coverage of up to Rs 5 lakh.A second group of ministers (GoM) is looking at ways to minimise revenue…
Representative image French luxury giant LVMH reported a 3% fall in third-quarter sales on Tuesday, undershooting estimates in its first decline in quarterly sales since the pandemic as demand in China and Japan weakened, likely exacerbating investor worries. The world’s biggest luxury group generated 19.08 billion euros ($20.8 billion) in revenue for the three months…
Representative image Investors in French luxury group LVMH are eager for signs that China’s new fiscal stimulus measures can finally pull wealthy and middle-class Chinese shoppers out of their funk, inspiring them to splash out on $4,300 designer leather handbags ahead of Singles Day, China’s largest annual shopping spree. Global luxury bellwether LVMH, whose portfolio…
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…
A hardnosed Chinese communist boss okays some policies, and an art-collecting French billionaire gets even richer. Weird? Not at all. Globally, the big money stuff often works like this.The link is demand. And it worked like this: Xi signed off on a stimulus package for China, which, by its own record-breaking standards, is currently an…
Dolce & Gabbana Holding posted a wider operating loss of 13 million euros ($14.4 million) in the fiscal year through March after stepping up investments in its shop network and its beauty division which it brought in house, a filing showed. The operating loss was 1 million euros in the previous fiscal year, according to…
Jean-Christophe Babin, CEO of the Italian jewellery house Bulgari, picks up the B.zero1 Kada bracelet, costing about Rs 12 lakh, from a tray full of iconic jewels, at its store in Mumbai’s Jio World Plaza. “We are probably the only global jeweller to have Indian products such as the mangalsutra and the kada,” he says….
Representative image Luxury eyewear maker EssilorLuxottica on Thursday reported third-quarter revenue of 6.3 billion euros ($6.68 billion) with Asia-Pacific sales growth of 11.75% bolstered by China. The third quarter was a “slight deceleration” compared to the first-half due to a weaker sun (glasses) retail business in the EMEA region and North America, the Ray-Ban owner…
