Executives from some of the world’s leading retailers and brands last week shared their thoughts on what the economic crisis means to their businesses at the Reuters Global Luxury and Global Retail summits. Here’s what they had to say…
Despite having an ambitious export agenda via the Texbrasil promotion programme, many companies in Brazil’s textiles and apparel sector are more keenly focused on the domestic market where 200m consumers and economic growth beckon. Even foreign firms are getting in on the act too, as Jozef De Coster reports.
Has Tommy Hilfiger’s recent cancellation of a $2bn flotation cast a shadow over other planned luxury listings? Not so, according to Ivan Castano Freeman, who says Italian fashion houses Prada and Ferragamo are putting a brave face on the credit crisis and will proceed with initial public offerings this summer.
Now that India’s government has announced a partial lifting of its ban on foreign retailers setting up shop, apparel businesses must surely be queuing up for a slice of the country’s US$15bn clothing market. Mike Flanagan thinks not. He believes a one-brand rule and high import duties are slowing the countdown to India’s retail revolution.
UK retailer Marks & Spencer has topped a new benchmark ranking that aims to incentivise companies in a race to the top for the moral and commercial advantages of a strong human rights record.
Luxury retailer Hermès has once again come under fire over the sale of handbags made from exotic skins, after animal rights activists confronted the group's CEO at its AGM in Paris this week.
Hermès Cuirs Précieux, the tanning unit of French luxury goods group Hermès International, has acquired long-standing partner and calf leather supplier Tanneries du Puy.
French luxury goods group Hermès has booked higher third-quarter earnings across all regions, despite operating in what it said was a challenging environment.
Shareholders of French luxury goods companies LVMH have approved plans to redistribute the shares it holds in Hermès International to end a long-running legal dispute between the two firms.
French luxury goods companies LVMH has outlined plans to redistribute the shares it holds in Hermès International on 17 December to end a long-running legal dispute between the two firms.
French luxury goods companies LVMH and Hermès have ended a long-running legal dispute over the former's shareholding in the latter.
Analysts have said they expect Hermès to deliver "resilient" revenue growth and maintain "top notch" EBIT margin this fiscal after the French luxury group revealed record full-year operating margins.
Having held the post of co-CEO alongside Patrick Thomas since June last year, Axel Dumas has taken sole command of luxury brand Hermes International.
The Hermes Logistik Gruppe Germany (HLGD) has become a partner of the Cotton made in Africa (CmiA) initiative.
French luxury group Hermes has reported "solid" third-quarter sales, helped by a "remarkable' performance by its ready-to-wear and accessories.
Retailer Marks & Spencer is reshuffling the executives leading its Asia operations, with Pascal Martin leaving later this month to be replaced by Bruce Findlay, the former retail director at Calvin Klein Europe and Tommy Hilfiger Asia-Pacific.
Moët Hennessy Louis Vuitton LVMH has decided to not to appeal against an EUR8m fine imposed by France's markets watchdog The Autorité des Marchés Financiers (AMF) in relation to its acquisition of of a 10% stake in luxury rival Hermès.
French luxury group Hermes saw first half profits rise on strong sales of its leather and silk accessories.
Asia, particularly China, will continue to drive growth in the luxury market despite a slight slowdown in recent years, according to new research.
French luxury group Hermes has said it expects full-year sales to "slightly exceed" its growth target of 10%, after second-quarter sales were boosted by higher demand in Asia and the Americas.
Moët Hennessy Louis Vuitton LVMH has been fined EUR8m by France's stock market regulator for failing to disclose its stake building in luxury rival Hermes before 2010.
Luxury brand Hermes International has promoted chief operating officer Axel Dumas to the position of co-chief executive officer.
LVMH faces a fine of up to EUR10m (US$13m) from France's financial markets regulator for stealthily increasing its shareholding in luxury fashion goods rival Hermès over several years.
French luxury brand Hermes saw first quarter sales growth slow as currency headwinds weighed on its performance.
The online and luxury segments are set to provide a silver lining in what is an otherwise gloomy outlook for Australia's fashion industry, according to research released by IbisWorld.
French luxury brand Hermes has today (21 March) posted a 25% surge in full-year profit, driven by increased demand in Asia.
French luxury brand Hermes said 2012 sales exceeded its expectations, driven by "persistently robust momentum in the fourth quarter".
Luxury goods maker Hermes has increased its full-year forecast after recording a strong first-half performance, boosted by strong sales in Asia.
G-III Apparel Group has acquired men's luxury swimwear and resort-wear brand Vilebrequin from Fashion Fund One.
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