Luxury online platform Farfetch said it saw “strong momentum” in Q2, driven by the acceleration of online adoption, helping it to make “significant” market share gains and connect to record numbers of new customers.
Richemont, the owner of Cartier and Chloé, gave details of its proposed shareholders' loyalty scheme on Friday, where it will give warrants to investors which later can be converted into newly created stock.
Richemont’s Montblanc brand and the luxury giant’s Yoox Net-A-Porter e-tail specialist have announced a new partnership. Montblanc will now use YNAP “to power the next iteration of its successful e-commerce platform”.
Burberry on Friday announced the opening of its long-awaited social retail store in China’s technology hub Shenzhen, “blending the physical and social worlds in a digitally immersive retail experience”.
French luxury group Kering's Q2 comp sales plunged by 43.7% due to the coronavirus. Gucci comp sales fell 45% and Saint Laurent 48%, but recovering Bottega Veneta contained the drop in revenue to only 24.4%
LVMH, the world’s biggest luxury goods group, said sales momentum picked up in June and had especially improved in China, after store closures sparked by the pandemic tore a hole in the Louis Vuitton owner’s Q2 sales.
Swiss watch exports plunged again in June, an industry body said on Tuesday, though there were early signs of a potential uptick thanks to renewed demand from China.In April, exports plummeted by an annualised 81.
Harvey Nichols is the third big name in just a couple of days to be mulling job cuts in the near future. The company is looking at removing roles from all of its stores, although it's trying to minimise the impact.