ZURICH, Switzerland — While Richemont last week reported a 30 percent gain in annual profit as shoppers spent more on its Cartier jewelry and IWC watches, leather goods and fashion brands such as Lancel and Chloé have struggled. Earnings at Richemont’s so-called soft luxury unit fell by more than half in the last fiscal year.
Qatari royal family in talks for Valentino brand (FT) “The Qatari royal family is in advanced talks with private equity firm Permira over the sale of Valentino, the Italian luxury brand, for between €550-€600m. The sale talks come five years after Permira purchased Valentino Fashion Group in a deal worth €2.6bn. It has since been forced to write down the value of its investment heavily.” Jimmy Choo steps up its profit
How Gucci Got Its Groove Back (Departures) “Today she’s happy being the woman behind the brand, unlike Ford, who was ultimately bigger than Gucci, which is why, in part, he’s no longer there. (Ford declined to comment for this article.) ‘After almost ten years, it’s difficult to divide myself from Gucci,’ she says. ‘I love this company, and I have such respect for its history.’” Azzedine Alaïa, a
How Zara clothes turned Galicia into retail hotspot (Reuters) “The green, rainy region of Galicia in northwest Spain is best-known as the destination for pilgrims hiking the Camino de Santiago to pay tribute at the remains of apostle Saint James… But a different kind of pilgrim also makes the journey here — retail sector analysts visiting the headquarters of Spain’s most successful modern export, Zara
The mystery of the Chinese consumer (Economist) “After decades of deprivation and conformism, Chinese consumers regard expensive consumer goods as trophies of success… The owner of a gleaming new BMW will drive around for half an hour to avoid a 50 cent parking fee. And she will hesitate to spend much on interior decoration, because only her family sees the inside of her flat.” Alaïa Opens Up His Universe (IHT)