The luxury sector seems to have reached a turning point, having weathered the crises that beset it all year and buoyed by more benign currency trends.
Tiffany & Co., the world’s second- largest luxury jewelry retailer, missed third-quarter profit estimates and cut its forecast after sales in Japan and other Asian markets slowed.
Cie. Financiere Richemont SA, the world’s largest jewelry maker, reported first-half operating profit that missed analysts’ estimates as luxury-goods demand in Asia weakened.
The Savigny Luxury Index turned around in mid October as confidence in the US economy returned and the US Federal Reserve ended quantitative easing.
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Compagnie Financiere Richemont SA, which sells Cartier watches and other luxury brands, won a U.K. court ruling that orders Internet providers to block websites selling counterfeit goods, in what a judge said was one of the first cases of its kind in Europe.
With a few notable exceptions, luxury brands remain slow in building digital capabilities, revealed a report released by Exane BNP Paribas.
The Savigny Luxury Index fell sharply over the month, losing 4.2 percent versus a flat MSCI World Index, as the industry suffers from a general slowdown and a red alert situation in Hong Kong.
In less than four years, French luxury brand Chloé has quietly relaunched its second line and transformed its aesthetic, thanks to the company’s energetic new creative director and CEO. On the eve of the brand’s Paris runway show, BoF talks to Clare Waight-Keller and Geoffroy de La Bourdonnaye about their partnership and joint aim to turn Chloé into a globally recognised powerhouse.
Cie. Financiere Richemont SA, the world’s largest jewelry maker, had the weakest start to a year since the global recession as consumers held back on luxury- goods purchases in Hong Kong, slowing revenue growth from Asia.