Source: PumaHERZOGENAURACH, Germany — Puma SE revised its outlook for 2013 revenue and profit lower after reporting first-quarter earnings that trailed analysts’ estimates, saying weaker consumer demand in Europe hurt its business.
Savigny Luxury Index April 2013 | Source: Savigny PartnersLONDON, 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.
Source: ReutersSHANGHAI, China — With flagging sales in their mainland stores and increasingly price savvy consumers, luxury companies are taking a leaf out of casinos' play books by offering junkets to wealthy Chinese clients eager to splurge in their Hong Kong stores.
Anna Trevelyan, Thomas Lohr, Rhea Thierstein, Matthew Holroyd, Simon Cook, Billal Taright, Matthew Josephs, Alex Turvey, Ellie Grace Cumming and Declan Sheils | Photo: Shahriyar AhmedBoF editor-in-chief Imran Amed recaps the week in the business of fashion.
Pomellato campaign featuring Tilda Swinton | Source: PomellatoPARIS, 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.
