PARIS, France — While Gucci and Louis Vuitton blame slumping sales on their upmarket drive they argue will help them regain some of their lost glory, there is growing evidence they are losing out to newer, more affordable luxury brands.
PARIS, France — Kering SA reported a 2.3 percent drop in 2013 earnings amid the weakest growth in four years at the Gucci luxury-goods brand.
PARIS, France — Puma SE, Europe’s second-largest sporting-goods maker, ruled out a rapid recovery as it reported a slump in full-year profit.
Investors are moving away from bigger groups towards smaller brands and American “affordable luxury.” Meanwhile, the jury is still out as to whether the crucial trading period from Thanksgiving to Christmas will deliver strong results, but sentiment remains positive, reports Pierre Mallevays of Savigny Partners.
PARIS, France — Kering SA, the owner of Gucci, entered exclusive talks to sell La Redoute to management, aiming to complete the disposal of the mail-order unit in the first half of 2014 as it focuses on luxury and sporting goods.
PARIS, France — Kering, formerly called PPR, said it expects net income this year to drop “very significantly,” hurt by one-time charges related to its Puma brand and from costs related to its sale of mail-order business La Redoute.
BOLOGNA, Italy — Yoox Group, the operator of e- commerce stores for brands from Armani to Zegna, maintained its outlook for full-year revenue and earnings growth after investments in mobile technology helped boost quarterly sales.
The Savigny Luxury Index lost ground in October, as consumer appetite for mega-brands continues to cool and management changes shake up the industry.