LONDON, United Kingdom — The Savigny Luxury Index (“SLI”) lost 1.5 percent in April, underperforming the MSCI World Index (“MSCI”) by almost two percentage points. Luxury spending in Europe has been hit by a drop in tourist demand, as well as price increases by brands seeking wider margins. The unusually cold weather, particularly in March, also contributed to weak demand for Spring/Summer ready-to-wear collections.
PARIS, France — PPR SA, the French owner of Gucci and sporting goods maker Puma SE, said it will buy a majority stake in Italy’s Pomellato from closely held RA.MO SpA to expand its jewelry offerings.
LONDON, United Kingdom — The Savigny Luxury Index (“SLI”) gained 1.6 percent in March, outperforming the MSCI World Index (“MSCI”) by just half a percentage point. The SLI has been quite volatile over the month with the eurozone crisis and the US debt ceiling taking centre stage again.
MILAN, Italy — Luxury goods group LVMH is said to have made an offer for Pomellato, adding suspense to the protracted battle to acquire the Milan-based jeweller, which has been seeking capital since 2011.
MILAN, Italy — PPR is the leading suitor left in the quest to acquire Pomellato, having effectively edged out Swarovksi, Renzo Rosso and Prada, who were reportedly also interested in taking over the jeweller.