The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
MILAN, Italy — Prada SpA's sales in China rose "significantly" more than 10 percent in May, the fashion brand's co-chief executive officer, Patrizio Bertelli, said in a Bloomberg TV interview.
This is still far from being enough for a complete recovery of the luxury sector after the end of coronavirus lockdowns, Bertelli added.
“The European market is heavily dependent on tourism,” he said. “Tourism will pick up again when a vaccine will be developed.”
Bertelli said he is looking forward to demand recovering more consistently worldwide and has no plan to delist the company.
“Our job is focused on brand development, we are not at all thinking about delisting the company” he said. “We are working on new products, on expanding our sale network, on making the most of digital technology.”
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.
After growing the brand’s annual sales to nearly €2.5 billion, the star designer has been locked in a thorny contract negotiation with owner LVMH that could lead to his exit, sources say. BoF breaks down what Slimane brought to Celine and what his departure could mean.