Asos Says It Will Take ‘Necessary Actions’ After 18% Drop in Sales
Asos has said it will take “necessary actions” to transform its fortunes after the fast fashion retailer’s first-half losses widened and sales fell by nearly a fifth.
Conglomerates
Can Gucci’s Turnaround Plan Still Work?
This week, Kering flagged sales were down 20 percent at its flagship brand, knocking confidence in the group’s turnaround strategy. ‘A more drastic solution is required,’ one analyst wrote.
Gucci Sales Down 20% in First Quarter, Kering Forecasts
Kering’s first-quarter revenues will likely decline by 10 percent on a comparable basis, the Paris-based luxury group flagged on Tuesday.
BoF Masterclass | Selling Luxury to the 1%
Watch on demand a BoF Professional Masterclass that explores the topic in our Case Study, “How Brands Sell Luxury to the 1%”.
LVMH’s Steady Holiday Growth Offers Reassuring Signal For Luxury
The French group seen as a bellwether for the sector expressed tempered optimism for 2024.
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Michael Burke to Succeed Sidney Toledano at LVMH’s Fashion Group
The former Louis Vuitton CEO will become chief executive and chairman of the unit that houses Celine, Loewe, Givenchy, Marc Jacobs, Pucci and Kenzo, effective February 1.
Richemont Shares Surge As Demand for Cartier, Van Cleef Boosts Holiday Sales
Sales rose 8 percent year-on-year for the three months ending December 2023 to €5.6 billion, beating analyst expectations.
The Best of BoF 2023: The Year Luxury Outgrew Fashion
With global demand in flux, brands ramped up their presence at concert tours, Formula One races, tennis championships and more. New creative directors debuted at Louis Vuitton, Gucci, Burberry and Tom Ford.
Chloé Hires New CEO
Laurent Malecaze, currently chief executive of British menswear label Dunhill, will replace Riccardo Bellini, who is set to exit Chloé at the end of the year.
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Zegna Aims to Open 50 Tom Ford Retail Stores, Double Group Margins
At an investor day in New York, the Italian luxury group laid out plans for newly acquired Tom Ford, as well as Thom Browne and its namesake Zegna label.
The Big Bet on Luxury Stocks Stumbles on Inflation, China Woes
Some $180 billion in luxury stocks have already been wiped out since July, and LVMH accounted for about 60 percent of that slump alone.
Coach’s 10-Year Quest to Be More Than a Handbag Brand
Creative director Stuart Vevers, who is celebrating a decade with the brand, brought apparel to Coach and has quietly built it into a nearly $740 million a year business.
Luxury Slowdown? Not So Fast
Momentum in China and tourist spend in Europe enabled the sector to continue growing in Q2, while Kering’s surprise acquisition of a 30 percent stake in Valentino suggests there is more consolidation to come, writes Imran Amed.
The News in Brief
TikTok Divest-or-Ban Bill Heads to Fast Track in US Congress
The effort to force TikTok’s Chinese parent company ByteDance Ltd to divest its ownership of the social media platform would quickly become law under a plan outlined Wednesday by House Speaker Mike Johnson.
Lagardère Group Launches Egyptian Edition of Elle Magazine
The French publisher has appointed Tunis-based firm Nissa Editions Group as the local licensing partner and Cairo-based fashion media veteran Susan Sabet as both managing director and editor-in-chief of the new title.
Report: FTC to Consider Blocking Tapestry’s $8.5 Billion Capri Takeover
The US Federal Trade Commission (FTC) is preparing to sue to block Coach parent Tapestry’s $8.5 billion deal to buy Michael Kors owner Capri Holdings, NYT Dealbook reported on Wednesday, citing people familiar with the matter.
Harvey Nichols Appoints New CEO
Harvey Nichols has named Julia Goddard chief executive following the departure of Manju Malhotra — who held the post for 25 years — in late 2023.
Emerging Designer Platform The Folklore Raises $3.4 Million
The capital injection will strengthen the company’s earlier pivot from being an African designer e-commerce site to being a business-to-business venture helping emerging brands enter global retailers.
Adidas Is Seeing Hot Demand for Sambas and Yeezys
The German sportswear company now expects to generate operating profit of around €700 million ($743 million), an increase from the previous target of €500 million.
Sephora, Perfumes and Cosmetics Drive LVMH Sales Growth
Amid a luxury slowdown, strong performance by LVMH’s perfumes and cosmetics and selective retailing divisions show a healthy appetite for beauty.