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.
Coach handbag maker Tapestry Inc beat quarterly sales estimates on Thursday, as a vaccine-aided reopening of economies boosted demand for designer apparel and purses.
The luxury goods industry is making a comeback, fuelled by record savings from government relief and growing vaccination rates after the pandemic dealt a harsh blow last year, as shoppers upgrade their wardrobes and social events resume.
Other high-end labels including Ralph Lauren Corp, Michael Kors owner Capri Holdings Ltd, LVMH and Gucci parent Kering have all posted strong results in recent weeks.
The luxury brand plans to return over $750 million to shareholders in fiscal year 2022 by reinstating its dividend and share buyback programme.
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Net sales rose to $1.62 billion in the fourth quarter from $714.8 million a year earlier, topping analysts’ average estimate of $1.56 billion, according to IBES data from Refinitiv.
By Mehr Bedi; Editor: Vinay Dwivedi
Learn more:
How Covid-19 Is Catalysing a New Era of Luxury
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Serre, who grew sales by 20 percent in 2023, has been named Pitti Uomo’s next guest designer. She’s using the opportunity to show her men’s collection for the first time.
Hermès’ elusive sales strategy is at the centre of a new legal challenge for the French luxury giant. BoF breaks down the practices under scrutiny and what the suit could mean for the fashion industry at large.
A sharp drop in the label’s Asia-Pacific sales is the latest sign that Chinese luxury demand is cooling.
This week, Kering flagged sales were down 20 percent at its flagship brand, knocking confidence in the group’s turnaround strategy. ‘A more drastic solution is required,’ one analyst wrote.