HERZOGENAURACH, 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.
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.
SHANGHAI, 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.
BoF editor-in-chief Imran Amed recaps the week in the business of fashion.
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.