Inditex Q1 loss, Net-a-Porter profits treble, Bulgari issues bond, China may escape, Ferraris to Versace

Zara S/S 09 ad campaign, courtesy of Zara

Zara S/S 09 ad campaign, courtesy of Zara

Inditex 1Q Net Pft Down 16%; May Trading Resilient (WSJ)
Inditex SA (ITX.MC), Europe’s largest fashion retailer by revenue, Wednesday said its first quarter net profit fell 16 percent on a slump in consumer spending in Europe, but its stock rallied after it reported resilient clothing sales in May and the first week of June.”

Net-a-Porter demonstrates strength of business model as profits treble (FT)
“According to accounts filed with Companies House, the privately held London- based business increased sales by 47.8 per cent to £81.5m in the 12 months to January 31.”

Bulgari to issue 130 mln euro bond (Reuters)
Bulgari SpA plans to issue a 130 million euro ($183.4 million) bond, the Italian jewellery maker said on Wednesday. The bond would have a coupon between 5.25 percent and 5.75 percent and mature in 2014, it said in a statement.”

China’s Luxury Goods Market May Escape the Worst (Seeking Alpha)
“As the effects of the economic crisis ripple across the global economy and demand for expensive products plummets, luxury brands face gloomy prospects in North America and Europe. Except in China which saw 15 percent retail sales growth in Q1, consumer spending is in sharp decline as consumers retrench, look for value in their purchases and cut back on non-necessities.”

Versace appoints new chief (FT)
“Gianni Versace has named Gian Giacomo Ferraris, the luxury goods veteran who has led Jil Sander since 2004, as its new chief executive.”