Worldwide luxury-goods sales could increase this year at the slowest pace since 2009 as spending falls for the first time in China and turmoil in Hong Kong and Russia curbs tourist consumption.
The Savigny Luxury Index fell 2.2 percent over the month, as adverse foreign exchange movements continue to weigh on the luxury sector’s growth.
LONDON, United Kingdom — Mulberry Group Plc, the U.K. luxury bag maker that’s lacking a chief executive officer and creative director, reported a second straight decline in annual profit amid weaker third-party sales at home and in Asia.
The Savigny Luxury Index (“SLI”) leaped by 3.5 percent last month, as the feel-good factor returned to the luxury sector, underpinned by strong results announcements and positive market reaction to repositioning strategies.
LONDON, United Kingdom — Mulberry Group Plc, the U.K. luxury bag maker that recently parted company with its chief executive officer, reined back profit estimates for the second time in less than three months and said a plan to boost sales with more affordable new products will weigh on earnings.
The Savigny Luxury Index fell 2.2 percent this month, as the standoff between the West and Russia over its annexation of Crimea sparked fears of a drop in luxury goods sales to valuable Russian tourists.
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LONDON, United Kingdom — Mulberry Group Plc said Bruno Guillon will step down as chief executive officer after two years during which the British luxury handbag maker lost two-thirds of its market value.
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LONDON, United Kingdom — Luxury fashion group Mulberry has unveiled a new collection of bags in collaboration with British model Cara Delevingne, hoping to improve its fortunes after a profit warning and problems overseas.
Lack of clarity over the luxury sector’s performance in 2013 and prospects for 2014 caused a dip in the first half of January, reports Pierre Mallevays of Savigny Partners.
LONDON, United Kingdom — Mulberry Group Plc fell the most more than a year in London after saying earnings will be “substantially below” estimates because of weak holiday sales in the U.K. and order cancellations in South Korea.