Saks acquires Neiman Marcus for a total of $2.7 billion
Late Monday afternoon, Saks Global disclosed that it has finalized its acquisition of Neiman Marcus Group for a total enterprise value of $2.7 billion, as has been expected. The…
Category: Luxury Retail
GUCCI appoints new CEO
GUCCI has appointed Stefano Cantino as new CEO, succeeding Jean-François Palus. Cantino climbed the ranks at Prada over the course of two decades, working closely with executive chairman…
French department store opens second-hand watch and jewelry Space, including Rolex
The novelty at Galeries Lafayette is pre-owned watches and jewels, with the opening of a dedicated shop-in-shop in the department store’s Haussmann flagship. The 320-square-foot space, which…
Zegna Group sales increase 6 % first half 2024
Italian luxury fashion group Ermenegildo Zegna NV was able to achieve an increase in sales in the first half of the 2024 financial year. However,…
Cartier opens new flagship boutique in Vienna
After a phase of intensive expansion and renovation work, the Cartier boutique in Vienna shines in new splendor. In total, the renovation of the listed building in…
Rolex CEO warns of challenges in the future
Smaller watchmaking businesses may suffer a 15% drop in sales this year but still end up larger than before the post-pandemic boom, the chief executive…
Richemont Group acquires privately owned Italian jeweler Vhernier
Swiss luxury giant Richemont announced on Tuesday that it has reached an agreement to acquire 100% of Vhernier S.p.A., the Italian jewellery house, in a private transaction. Forty-year-old Vhernier…
Luxury brands prices increase alienates aspirational consumers
In the past years major luxury brands have been increasing prices focusing on the highest end of the market spectrum and targeting the most affluent…
Swiss watch exports massively soaring
For the third consecutive year, watch exports experienced strong growth in 2023, exceeding the 26 billion francs mark for the first time. But a few…
Jacob & Co opens new store in Seoul
Located in The Hyundai Trade Center Store, the Jacob & Co. Seoul boutique opens in partnership with retail leader Time Palace. The Jacob & Co. boutique hosted…
China’s luxury market expected to grow 4 to 6 percent in 2024
The fact that China’s economy may now be weakened but its domestic luxury market is almost double the size it was in 2019, with growth…
Luxury brands and retailers expect more turbulence in 2024
With wars grinding in Ukraine and the Middle East, and a record number of countries holding elections in 2024, consumers are, understandably anxious, and more…
Demand for major luxury watch brands on the decline
The biggest ever boom in Swiss luxury watches is coming to an end. For three years, the industry enjoyed a surge of renewed interest that…
Luxury retail could slow down in 2024
Following years of growth, the luxury industry might face a slowdown, according to RBC Capital Markets. LVMH’s stock price falling -7% following its quarterly results, its biggest…