Both the Savigny Luxury Index and the MSCI World Index suffered from profit-taking in the first half of December.
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For fashion brands, watches have emerged as a key vector of growth, often powered by licensing deals with Fossil Group, a watchmaking behemoth that designs, manufactures, distributes and markets million of watches per year.
Luxottica Group SpA said founder Leonardo Del Vecchio will become interim chief executive officer after the Italian maker of Ray-Ban glasses lost its second leader in little more than a month.
Luxottica Group SpA, the world’s largest eyewear maker, slumped in Milan trading after losing its second chief executive officer in little more than a month.
The Savigny Luxury Index regained some of the ground it had lost over June and July, increasing by 2.2 percent in August on the back of positive results announcements. The MSCI World Index also gained 2.2 percent as the debate over US interest rate rise rumbles on.
Luxottica Group SpA said Andrea Guerra stepped down as chief executive officer after a decade at the helm of the world’s largest eyewear maker.
The Savigny Luxury Index fell a further 3.8 percent this month. The outlook for the luxury goods sector darkened as disappointing results from industry leader LVMH showed how the strong euro and political protests in Hong Kong were curbing spending and hitting profits.