Michael Kors parent company targets annual revenue of $8 billion
Capri Group, which owns three brands of Michael Kors, Versace and Jimmy Choo, held an investor day event on Wednesday. 8 billion US dollars, highlighting the group’s confidence in the long-term development of the luxury fashion industry, and emphasizing that Versace has a strong performance, sales are expected to double, and only the women’s accessories business can generate 1 billion US dollars in revenue. After the news was released, the share price of Capri Group rose by 2.42% in response, with a market value of approximately US$6.8 billion.
Analysis says China is the key to Estee Lauder’s overall recovery and future growth
BARRON’S Weekly analyst pointed out in the latest report that the Chinese market is not only the key to Estee Lauder’s overall recovery, but also the key to future growth. Estee Lauder, a high-end beauty giant headquartered in New York, currently has one-third of its sales in the Chinese market. Affected by repeated epidemics in the region in the past three months, Estee Lauder’s stock price has fallen by 34% this year, and its latest market value is about 91.8 billion US dollars. .
Kappa’s retail sales fell 10% to 20% in the first quarter
According to China Dongxiang’s operating data for the first quarter of the 2022/23 fiscal year, retail sales of the Kappa brand, excluding children’s clothing business, recorded a mid-to-high decline of 10% to 20% year-on-year, mainly due to the epidemic that caused some stores to be unable to operate normally. operational impact. As of the end of the reporting period, the number of Kappa brand stores was 1,130, a net decrease of 53 compared with the same period last year.
Armani’s revenue exceeded 2 billion euros last year
Armani, an Italian luxury goods group, recently released last year’s performance data. Its brands have returned to pre-epidemic levels in the second half of last year. It is planned to break through the 2 billion mark one year in advance, and the profit before interest and tax is 170 million euros, which is also a significant improvement from the loss of 29.5 million euros in 2020. As of the end of December last year, Armani had 650 direct stores worldwide. Armani also revealed that in the first half of this year, the group’s sales rose by 20% year-on-year, and it is cautiously optimistic about the performance of this year.
LVMH job vacancies hit a new highemployees
Chantal Gaemperle, executive vice president of human resources and synergies of LVMH, the world’s largest luxury goods group, recently revealed that its brands are facing the most serious shortage of skilled workers and sales personnel in history. Leatherworkers, jewelry and watch craftsmen, and salespeople, “we need to recruit 30,000 employees by 2024 to ensure job continuity.”
It is said that Sino-Ocean Group intends to sell part of Chengdu Taikoo Li’s equity to raise 4 billion yuan
According to capital market news, Sino-Ocean Group Holdings Co., Ltd. and its major shareholder, China Life Insurance, have recently started negotiations, hoping to use part of its 50% stake in the Chengdu Sino-Ocean Taikoo Li project to raise about 4 billion yuan of funds. It is part of China Life’s pledge to provide financial support to the cash-strapped Sino-Ocean, and progress could begin as early as the end of this month. However, industry insiders revealed that the financing plan needs to be approved by Swire Properties, which may take longer to complete.
Calvin Kelin parent company appoints former H&M executive as chief supply chain officer
PVH, the parent company of Calvin Klein, announced David Savman as executive vice president and chief supply chain officer, replacing Sarah Clarke who will leave at the end of October this year. Reporting from Executive Stefan Larsson. David Savman was previously the head of the H&M Group’s global supply chain and has extensive relevant experience.
Revolve’s luxury fashion e-commerce retailer FWRD launched a resale plan
FWRD, a luxury fashion e-commerce platform under Revolve, recently launched the resale plan “Fwrd Buyback” to extend the life cycle of brand handbags such as Bottega Veneta, Saint Laurent, Loewe and The Row. FWRD will also provide additional discounts for loyal members. They get 2,000 points and a $20 reward when they sell their handbags back to the platform for the first time, and then provide another 1,000 points and a $10 reward, which can be used to purchase other products on the platform.
Some luxury brands raised their prices due to the depreciation of the yen
According to Fashion Business News, affected by the fluctuation of the yen exchange rate due to the global situationHitting a new low in the past 24 years, luxury brands such as Gucci, Cartier, and Goyard have raised prices to varying degrees in Japan since late June, but they still attract most tourists from Europe, the United States, and Hong Kong, China. Prices to buy luxury in Japan.
Swiss watch exports rose nearly 12% in the first half of the year
The Federation of the Swiss Watch Industry said on Tuesday that driven by strong demand in the US market, the export value in the first half of this year continued its upward trend for eight months, increasing by 11.9% year-on-year to 11 billion Swiss francs. Sales also recorded an 8.1% increase to 2.1 billion Swiss francs, but slowed down from the 14% growth rate in May, with a total of 90,000 watches sold.
In the first half of the year, the number of idle luxury goods appraisals increased by 21%
According to the report on the development of idle luxury goods in the first half of the year released by Youshe Yipai, a second-hand luxury platform, the transaction volume of idle luxury goods in China in the first half of the year increased by 14.3% year-on-year. . In the first half of this year, the number of appraisal orders for luxury goods increased by 21.67% year-on-year, of which the comprehensive authenticity rate was 42.4%, a year-on-year decrease of 6.2%. LV, Chanel and Gucci are the most authenticated brands.
Macy’s restructuring business to open four smaller stores
Macy’s department store said on Wednesday that it will open four new small stores, Market by Macy’s, this fall, mainly to hold various well-planned events in line with the latest trends. Marc Mastronardi, head of Macy’s department store, said that as consumer preferences and buying behaviors change, Macy’s department store will continue to evolve to provide a shopping experience that meets consumer expectations.
Handbag designer Nancy Gonzalez faces $1 million fine for smuggling
Nancy Gonzalez, a designer known for making handbags from crocodile, python and other rare animal skins, was recently sued by the U.S. Department of Justice for alleged smuggling. In 2016, it sold nearly 80,000 bags. If convicted, she faces up to 25 years in prison and a $1 million fine.
Louis Vuitton uses environmentally friendly materials to create new sports shoes
Louis Vuitton recently released three new LV Trainers, which integrate creativity, sustainability and environmental protection design. They are all made of 90% recyclable and bio-fabric. The upper material combines recycled polyester fiber and corn The shoelaces are made of recycled plastic, the tongue is also made of recycled polyurethane, the eyelets are made of 91% recycled polyurethane, and the shoe box is made of 100% recyclable and recyclable cardboard.
ZENITH launched an online 5-year extended warranty service plan
According to Fashion Business News, in order to further enhance the consumer experience, watch brand ZENITH officially launched the “ZENITH Online Quality Assurance Service” applet on the brand’s official WeChat on July 20. From January 1, 2022, consumers who purchase watches at Zenith authorized stores in China or overseas can register and activate this extended warranty program to enjoy the warranty service extended from 3 years to 5 years .
Global Brands will be delisted next week
Global Brands announced a few days ago that the Hong Kong Stock Exchange will revoke the company’s listing status from 9 am on July 25. As of June 30, the share price of Global Brands was HK$0.19, with a market value of HK$194 million. At the beginning of this month, Feng Guolun, Richard Nixon Darling, He Baichuan and others have submitted their resignations successively, resigning from the positions of independent non-executive director and executive director respectively.
