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.
Canada Goose Holdings Inc trimmed its full-year revenue forecast on Thursday as Covid-induced restrictions weigh on sales of upscale jackets and parkas in China.
Efforts by the Chinese government to contain the spread of infections with its zero-Covid policy have hit revenues of luxury companies like Canada Goose that witnessed store closures, elevated inventory levels and decline in demand as consumers turned more cautious.
The Toronto, Ontario-based company cut its fiscal 2023 sales expectations to about C$1.18 billion to C$1.20 billion, compared with its prior forecast of C$1.2 billion to C$1.3 billion. Analysts expect an annual revenue of about C$1.24 billion, IBES data from Refinitiv showed.
The company forecast adjusted profit of between 92 Canadian cents and C$1.03 per share for fiscal 2023, compared with its prior target of C$1.31 to C$1.62. Analysts have forecast an annual profit of C$1.46 per share.
US-listed shares of the Canadian company fell 3.2 percent in premarket trading to $23.85.
By Granth Vanaik; Editor: Milla Nissi
Learn more:
Luxury Set for a ‘Bumpy Ride’ in China
Beijing’s Covid-19 policy shift will give the sector a boost in 2023 but a surge in infections and sluggish economic growth could dampen the recovery after an uplift from Chinese New Year.
Richemont, owner of jeweller Cartier, said on Wednesday it would not inject any cash into online luxury retailer Farfetch, following a report that the latter was exploring going private.
Farfetch’s chief executive José Neves is reportedly conferring with top shareholders, including Richemont and Alibaba, and JP Morgan about delisting the company, The Telegraph reported on Tuesday. A take-private deal could happen imminently as Farfetch’s stock remains under pressure, according to the report. The e-tailer’s share price has plummeted more than 80 percent since its 2018 IPO.
At The Business of Fashion’s VOICES 2023 gathering, Chanel’s global CEO Leena Nair outlined to BoF founder Imran Amed the vision she’s crafted during her first two years leading the iconic brand.
Across its 53-year history, international art fair Art Basel has been quick to innovate, catering to a rapidly developing art market and its customers. Today, it is utilising its expertise to help fashion and luxury do the same.