HONG KONG, China — Michael Kors Holdings Ltd. reported that its profit more than doubled on surging sales in the fourth quarter, capping another strong year for the upscale handbag maker.
NEW YORK, United States — A Morgan Stanley analyst on Monday added Michael Kors Holdings Ltd. to the investment bank's "Best Ideas" list, saying that the high-fashion clothing and accessories company's long-term earnings potential is one of the retail industry's best and not fairly reflected in its stock price.
NEW YORK, United States — Coach’s valuation and cash generation -- enough to give it the third-highest free cash flow yield among peers -- could attract private-equity firms, Atlantic Equities LLP said. LVMH Moet Hennessy Louis Vuitton SA and PPR SA may be among suitors drawn to its margins and the chance to expand Coach beyond the U.S. and Japan
NEW YORK, United States — Coach Inc. shares rose 5 percent on Wednesday to $48.90 after a DealReporter article said there were rumours among investment bankers that the leather-goods maker was exploring a sale of the company. A Coach spokeswoman said the company does not comment on speculation or rumours. A share price of $48.90 would give Coach a market value of $13.7 billion. DealReporter cited two bankers as saying there were rumours Coach was exploring a sale, and a third banker who said Coach was rumored to be exploring strategic options, but was unable to provide specific information. Last month, Coach reported disappointing quarterly earnings and has faced growing competition from companies like Michael Kors Holdings Ltd. Two weeks…
LVMH says Louis Vuitton CEO quits over ill health (Reuters) “Louis Vuitton’s new chief executive has quit suddenly from the helm of luxury group LVMH’s top brand because of health reasons, LVMH said on Tuesday. The world’s largest luxury company said Jordi Constans would be replaced by Michael Burke, chief executive since February of Bulgari, the Italian jeweller that LVMH added to its stable last
LONDON, United Kingdom — The Savigny Luxury Index (‘SLI’) increased by almost 3 percent in November, while the MSCI World Index (‘MSCI’) slipped nearly 1 percent for the month. From mid-November, global markets and the SLI enjoyed a strong rally on better economic news from China and hopes that the US might avoid the feared fiscal cliff. Big news A flurry of positive economic newsflow has lifted investors’
Frida Giannini: Gucci’s Shanghai express (Telegraph) “Gucci’s first two shops on the Chinese mainland opened in Beijing and Shanghai in 1997, three years after Tom Ford started to transform the brand. Today there are 53 stores across 33 cities, and counting. So it is not surprising that Giannini has decided to spend some time getting to know Shanghai before continuing on to Seoul in South Korea for a store opening
Two Years After Entering Market, Yoox Launches Chinese Site (Jing Daily) “Two years after entering the China market with the launch of emporioarmani.cn, this week Milan-based designer discount e-commerce site Yoox launched a new Chinese site, Yoox.cn.” M&S retail veteran Bostock to join Asos (FT) “Kate Bostock, the former head of non-food retailing at Marks and Spencer, is to join Asos, the online fashion
LONDON, United Kingdom — The Savigny Luxury Index (SLI) lost 6.9 percent in September, underperforming a flat-ish MSCI World Index (MSCI) by nearly seven percentage points. Burberry’s profit warning sent the sector into turmoil mid-month and no amount of good news from the likes of Prada and Michael Kors could lift investors’ spirits. Big news Burberry announced a substantial slowdown in sales growth, with same store sales
LONDON, United Kingdom — The Savigny Luxury Index (“SLI”) gained 5.5 percent in August, outperforming the benchmark MSCI World Index (“MSCI”) by over four percentage points. Strong results by sector leaders confirmed continued growth in Asia and increased tourist spending in Europe, thanks in part to a weaker euro. Big news Richemont, Hermès, Prada, Tod’s, Michael Kors and Ferragamo all confirmed a healthy outlook for 2012, driven
Bags Made by Hand, in East Africa (IHT) “At the heart of the African fashion collectives is Simone Cipriani, an Italian from his country’s leather industry who has made it a mission for the United Nations to develop an Ethical Fashion Initiative at the International Trade Center in Geneva. (The I.T.C. is a joint body of the United Nations and the World Trade Organization.)” Luxury Designer Struts Its Stuff With Nearly
Keeping zombies out of the mall (FT) “The Garrard Street mall in Reading, a 40-minute drive from west London, is a warning to developers everywhere. Abandoned and soon to be demolished as part of a broader redevelopment… A lethal combination of thrifty consumers and a commercial real estate slump have turned malls into the walking dead of retail.” Michael Kors 1st-qtr profit rises, raises forecast (Reuters)
BoF Exclusive | François-Henri Pinault, Chairman and Chief Executive Officer, PPR (CEO Talk) “On the day of the official announcement of a major joint-venture between PPR and YOOX Group, BoF’s Imran Amed speaks to PPR chief executive officer François-Henri Pinault for a global exclusive interview on how the new partnership fits into Mr Pinault’s digital vision for PPR.” Etienne Russo, Fashion Show Producer (The Creative