Representative image Coach handbag maker Tapestry cut its annual sales forecast and missed third-quarter revenue estimates on Thursday, signaling weak demand for its tote bags and accessories in North America and China. Shares of the Kate Spade owner fell 2% as the company also forecast fourth-quarter profit below expectations. Reduced discretionary spending in North America…
New Delhi: Six-year-old homegrown startup, Bangalore Watch Company wants to build a Swiss-quality luxury watch brand from India. Banking on Indian consumers’ growing discretionary spending coupled with an increased affinity towards homegrown brands, the company aims to reach the mark of 5,000 watches annually in the next 3 years, shared Nirupesh Joshi, co-founder and creative…
Representative image GENEVA: Swiss watchmakers are increasingly turning their sights towards India thanks to a new free trade agreement that is due to gradually open the doors for luxury timepiece exports. While some brands are already in the starting blocks, others are waiting to see whether India will become a new land of plenty. “India…
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…
Italian luxury fashion house Bulgari saw its best-ever sales performance in India in 2023 and this year looks even better with robust demand for its jewellery products, Jean-Christophe Babin, CEO, told ET in an interview. Babin said the opening of the Jio World Plaza, a luxury mall in Mumbai, has delivered “very good” results for…
Italian luxury group Prada said on Thursday its 2023 net revenues rose 17% at constant exchange rates, driven by growth in Asia and the outstanding performance of its Miu Miu brand, and expects to outperform the market this year. The group’s net revenues totalled 4.7 billion euros ($5.1 billion) last year, broadly in line with…
PARIS: Luxury goods group LVMH posted a 10% rise in fourth-quarter sales on Thursday, as growth edged up from the previous quarter, driven by resilient demand – including from Chinese buyers – for its high-end fashion over the all-important end-of-year period. Sales at the world’s biggest luxury group, which owns labels, including Louis Vuitton, Dior…
Representative image Global sales of luxury goods will likely not grow significantly in the fourth quarter, with tourist flows to Europe key to spending there as local shoppers tighten their purse strings, consultancy Bain & company said. “It will really be linked to tourist flows,” said Bain partner Federica Levato of spending on high end…
Brioni DS Group‘s luxury menswear division on Thursday announced the opening of the first Brioni boutique in Delhi, featuring the renowned Italian luxury menswear brand. The boutique captures the essence of Brioni’s global store concept, offering an inviting and carefully curated space with Italian design furnishings. This includes pieces like a vintage Carlo Roma coffee…
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…
