Chanel’s luxury dream is turning to dust (Marketing Week) “According to the company’s 2010 estimates… [Chanel] lost 11% of its brand value over the past 12 months. It’s a rare glimpse into the actual state of Chanel’s brand health.” Chinese spending power underestimated, study says (Market Watch) “Chinese households have far more money than previously thought… property companies and even European
Christian Louboutin Destroys Shoes in Web Video (WSJ) "Two weeks ago, luxury footwear designer Christian Louboutin quietly launched a new website that prominently featured a rather unusual video. In it, a truck drives over a pile of what appear to be Mr. Louboutin’s signature red-soled shoes." Macy's reports profit on sales, margin growth (Reuters) "Macy's Inc. posted improved quarterly results on Wednesday as the department store operator benefited from a strong recovery in consumer spending and efforts to cater merchandise to local tastes." Hold Off Being Bullish on China's Luxury Market (WSJ) "China's wealthiest consumers shrugged off the global financial malaise faster than their peers in other parts of the world, but high-end Western brands shouldn't see the Chinese market…
Armani Unveils Hotel in Dubai (WWD) “His first hotel in the world… occupies eight floors of the soaring Burj Khalifa here, a dramatic tower into the sky that is the world’s tallest building. The 160-room hotel, for which almost no expense has been spared, boasts eight restaurants, a spa and three retail outlets.” Burberry forges ahead with beauty range (Independent) “Burberry will launch its line of color
Luxury Goods Will Regroup as Economy Recovers (Apparel News) “Discounters and off-price stores were the real winners in 2009 as bargain-hungry shoppers gobbled up inexpensive clothing and sale items. Meanwhile, luxury goods were pariahs, stuck on shelves as well-to-do consumers re-evaluated their stock portfolios and played it conservative. But that scenario could be turned upside down this year.” Macy’s on the
Macy’s to shut five underperforming stores (Reuters) “Macy’s Inc. said on Tuesday it was closing five of its namesake department stores, affecting about 307 employees, as it pares underperforming locations. Macy’s said it would offer jobs at nearby stores to displaced employees when possible.” Prada: Not for Sale (Business Week) “Prada SpA, the luxury company which has called off four attempts at
Jones to sell exclusive Rachel Roy line at Macy’s (WSJ) “Jones Apparel Group Inc., which has a 50 percent stake in designer Rachel Roy, said it’s launching a contemporary line called Rachel Rachel Roy to be sold exclusively at Macy’s Inc.” Bulgari CEO Sees First Loss Since 1999, Then Rebound (Bloomberg) “Bulgari SpA Chief Executive Officer Francesco Trapani said he expects the Italian luxury
Gucci CEO sees satisfactory Q1-report (Reuters) “Fashion house Gucci has had a satisfactory trend in the first quarter.” ‘Project Runway’ Will Move to Lifetime (WSJ) “Nearly a year of litigation between General Electric Co.’s NBC Universal and Weinstein Co. over “Project Runway” ended Wednesday with an agreement that allows Weinstein to move its popular reality-TV show to Lifetime
Bottega Veneta Invests in Cruise (WSJ) In a difficult time for luxury retailers, Bottega Veneta is launching a glitzy marketing campaign. Returns on the Rise–Retailers Are Rolling Out More Flexible Return Policies (WSJ) According to the Wall Street Journal, "Retailers are expected to see the value of merchandise returned in 2008 increase a whopping 23%." LVMH Stresses China Growth (WWD) LVMH "issued a statement saying its business in China remained strong." Macy's Posts $44M Loss in Q3 (DNR) In its Q3 ending in the 4th quarter, Macy's posted a $44M loss. Bottega Veneta's Cruise campaign, photo courtesy of Bottega Veneta.