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Farfetch losses continue, but locked-down GMV and customer numbers soar

Farfetch losses continue, but locked-down GMV and customer numbers soar

​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.
Luxury
Richemont to ask shareholders permission for conditional share capital increase

Richemont to ask shareholders permission for conditional share capital increase

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.
Luxury
Montblanc links with YNAP for new 'seamless' mobile-first webstore

Montblanc links with YNAP for new 'seamless' mobile-first webstore

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”.
Luxury
Capri beats sales estimates on e-tail surge, China strength

Capri beats sales estimates on e-tail surge, China strength

Capri Holdings Ltd reported a smaller-than-expected quarterly loss on Wednesday, helped by a recovery in demand for its Versace and Jimmy Choo brands in China and a surge in online shopping.
Fashion
Dufry expects major cash flow drops as travel retail stays weak

Dufry expects major cash flow drops as travel retail stays weak

Swiss airport retailer Dufry has announced its cash flow estimates in a still-uncertain world and is planning for potential full-year declines in turnover of 40%, 55% and 70%.
Luxury
Burberry opens first luxury social store in China, tech and exclusives are key

Burberry opens first luxury social store in China, tech and exclusives are key

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”.
Luxury
Gucci owner Kering's sales plunge, but Bottega Veneta sees smaller drop

Gucci owner Kering's sales plunge, but Bottega Veneta sees smaller drop

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%
Luxury
Britain's Selfridges to axe jobs on virus retail storm

Britain's Selfridges to axe jobs on virus retail storm

British department store group Selfridges warned Tuesday that it plans to axe 450 jobs after sales slumped due to the coronavirus and the aftermath of the nationwide lockdown.
Fashion
LVMH flags June turnaround after sales slump, China rebounds

LVMH flags June turnaround after sales slump, China rebounds

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. 
Luxury
Christian Dior finds magic and roots in its cruise collection, but in Puglia not Paris

Christian Dior finds magic and roots in its cruise collection, but in Puglia not Paris

Dior unveiled a magically infused cruise collection on Wednesday night in the main square of Lecce in Puglia, the home region of the father of the house’s couturier Maria Grazia Chiuri. 
Fashion
Swiss watch exports off by 35.1% in June: federation

Swiss watch exports off by 35.1% in June: federation

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.
Luxury
Hudson’s Bay CFO to exit company

Hudson’s Bay CFO to exit company

Following the departure of its CEO and the privatization of the company in March, Canadian retailer Hudson’s Bay Company (HBC) is set to watch its chief financial officer leave the business. 
Luxury
Bali Barret leaving Hermès after 17 years

Bali Barret leaving Hermès after 17 years

Bali Barret, a highly influential member of the greater Hermès collective creative team, is to leave the company in the fall, to general surprise among luxury circles in Paris.
Fashion
Harvey Nichols mulls job cuts as pandemic "changed shape of the business"

Harvey Nichols mulls job cuts as pandemic "changed shape of the business"

​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.
Luxury
Pamela Tulizo wins Dior Photography and Visual Arts Award for Young Talent

Pamela Tulizo wins Dior Photography and Visual Arts Award for Young Talent

Pamela Tulizo has won the Dior Photography and Visual Arts Award for Young Talent, the third edition of the prestigious prize which is held in conjunction with Luma Arles.
Fashion
Pandemic means tough Q1 at Richemont, but China is bright spot

Pandemic means tough Q1 at Richemont, but China is bright spot

Swiss luxury giant Richemont was hit hard by Covid-19 in Q1 (the three months to June 30) with its sales down by 47% to €1.933 billion at actual and constant exchange rates.
Luxury