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.
Bottega Veneta has rented a historic palace in the centre of Milan that will house the new offices of the brand owned by luxury goods group Kering, real estate asset management company COIMA SGR said.
Milan attracts the bulk of office investments in Italy but prospects for the sector are uncertain as companies reassess working policies in the aftermath of the Covid-19 pandemic.
Bottega Veneta has signed a 12-year contract to lease 10,000 square meters in the 19th-century Palazzo San Fedele, located between the city’s Duomo cathedral and La Scala opera theatre.
COIMA SGR purchased Palazzo San Fedele on behalf of the Qatar Investment Authority’s Italian Property Fund.
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Renovation works will start at the end of April.
By Claudia Cristoferi; Editing by Valentina Za and Alexander Smith
Hermes saw Chinese buyers snap up its luxury products as the Kelly bag maker showed its resilience amid a broader slowdown in demand for the sector.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
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.