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1 week ago | 
businessoffashion.com | Robert Williams |Simone Stern Carbone
LVMH reported quarterly sales that missed expectations as the luxury industry struggles to reinvigorate demand following last year’s slump. Sales fell 5 percent on an organic basis in the key fashion and leather goods division, whose biggest brands include Louis Vuitton, Dior, Fendi and Loewe. Analysts had forecast a 1 to 2 percent dip. Group revenues fell 3 percent, with no divisions reporting growth.
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2 weeks ago | 
businessoffashion.com | Brian Baskin |Sheena Butler Young |Sarah Kent |Simone Stern Carbone
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2 weeks ago | 
businessoffashion.com | Joan Kennedy |Simone Stern Carbone
At a press conference in January, fresh off a promising earnings report and a stop at US President Donald Trump’s inauguration, LVMH chief Bernard Arnault — who had pegged hopes of a luxury recovery on growth in the US market — was singing America’s praises. “I have witnessed the winds of optimism in the US,” he said.
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1 month ago | 
businessoffashion.com | Simone Stern Carbone |Brennan Kilbane
Dyson may have kicked off the curl obsession, but the space has only gotten hotter. The company, long known for its vacuum cleaners, launched the Airwrap in 2018 to universal acclaim, not only solidifying Dyson’s place in the hierarchy of hair tool innovation but also inspiring a cottage industry of products promising better, softer, healthier curls.
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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Moncler Group’s full-year revenues rose 7 percent to €3.11 billion ($3.42 billion), the company announced Thursday. Results beat analyst expectations; shares surged 9.5 percent just before markets closed. The Italian outerwear giant’s latest figures were the latest signal that the luxury market could be turning a corner, following encouraging results at Richemont and LVMH sales that fell more slowly than the previous quarter.
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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Michael Rider will debut his first collection as Celine’s artistic director with a runway show in Paris on July 6, the LVMH-owned brand confirmed. Rider, a key design deputy during Celine’s Phoebe Philo era who later oversaw womenswear for Polo Ralph Lauren, replaced star designer Hedi Slimane in October.
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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Two years after Sabato de Sarno was appointed to take the creative reins at a flagging Gucci, his efforts to revive consumer demand for the Italian megabrand have run out of road. The company announced his departure Thursday, just days before owner Kering is set to report its annual results. Gucci, Kering’s biggest and most profitable brand, has been in a sustained slump, with revenue down 26 percent year-on-year in the third quarter.
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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Former Fendi chief executive Serge Brunschwig has been named CEO of Jil Sander, as well as chief strategy officer of the label’s owner OTB Group. Brunschwig, an LVMH veteran, will “further elevate” Jil Sander’s positioning and “contribute to defining an even more ambitious strategic path for OTB,” said group CEO Ubaldo Minelli. OTB has seen significant management rotation in recent years.
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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Kering has sold its “The Mall Luxury Outlets” unit to US real estate company Simon, the French luxury conglomerate said in a statement on Thursday. The divestment will generate net proceeds of approximately €350 million ($365 million) for the Gucci owner, hit harder than its peers by the global luxury slowdown. Kering’s sales and profits have tumbled, its shares are trading at their lowest price since 2017.
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2 months ago | 
businessoffashion.com | Simone Stern Carbone |Simone Stern
Andrea Baldo knew the job wouldn’t be easy when he took the reins at Mulberry in September. In the six months ending in September, revenue plunged 19 percent to £56.1 million and losses were widening. The company’s stock traded near a 15-year low. Less than a month into his tenure, Mulberry was forced to issue new shares to raise cash, prompting Mike Ashley’s Frasers Group to make an unsolicited takeover bid. Mulberry rejected that offer. But it was clear that something needed to change, and fast.
