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☆ Wealthy Americans are starting to spend more carefully
▼ + stars: | 2024-05-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

A robust stock market coupled with rising home values have boosted Americans’ wealth from 2019 through 2022, according to a Federal Reserve report on household finances. There’s been some evidence of wealthy Americans growing cautious in the latest round of company earnings results. Federal Reserve officials Michael Barr, Christopher Waller, Philip Jefferson and Raphael Bostic deliver remarks. Federal Reserve officials Christopher Waller, John Williams, Raphael Bostic, Michael Barr, Loretta Mester and Susan Collins deliver remarks. The Federal Reserve release minutes from its May policymaking meeting.

Persons: they’ve, “, ” Nanette Abuhoff Jacobson, There’s, ” Jonathan Akeroyd, Moet, The Beverly Hilton, Michael Kovac, LVMH Moët Hennessy Louis Vuitton, ”, Jacobson, ’ Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, Matt Egan, Read, Michael Barr, Christopher Waller, Philip Jefferson, Raphael Bostic, John Williams, Loretta Mester, Susan Collins, Robin, Ralph Lauren, Booz Allen Hamilton, Buckle Organizations: CNN Business, Bell, Washington CNN, Federal, Fed, Hartford Funds, CNN, Burberry, The Beverly, The Beverly Hilton Hotel, Walmart, Royal Caribbean Cruises, Jackson State University, Federal Reserve Bank of New, Palo Alto Networks, Urban Outfitters, NVIDIA, National Statistics, National Association of Realtors, Reserve, Intuit, US Labor Department, Chicago Fed, Global, US Commerce Department, Atlanta Fed, Booz, University of Michigan Locations: Washington, British, Americas, Beverly Hills , California, Jackson , Mississippi, Federal Reserve Bank of New York, Palo, Ross, Burlington

☆ Burberry’s profit slumps by a third as sales in China plunge
▼ + stars: | 2024-05-15 | by ( ) edition.cnn.com time to read: +2 min

London — British luxury brand Burberry has reported a 34% drop in annual profit after sales fell sharply in China — its biggest market — in the final three months of last year. The company had previously warned that achieving its goal of taking the 168-year-old brand further upmarket, to become the definition of “Modern British Luxury,” had been harder than expected after demand for luxury had slowed. Sales fell 12% in the final quarter, dragged down by a 19% slump in China, and wiping out gains made earlier in the year, Burberry said Wednesday. Sales in London, its home market, declined 17%, which Chief Executive Jonathan Akeroyd blamed on a lack of tax-free shopping for tourists. The world’s largest luxury group, Louis Vuitton owner LVMH, also reported weak sales in its latest quarter as spending on luxury items slowed.

Persons: ”, Burberry, Jonathan Akeroyd, ” Akeroyd, Akeroyd, Hermes, Prada, Kerring, Louis Vuitton, LVMH, Daniel Lee Organizations: London, Burberry, London Fashion Locations: China, London, Paris, Europe, British, Burberry’s, Americas

☆ Look of the Week: Billie Piper and the enduring glamour of the headscarf
▼ + stars: | 2024-04-04 | by ( Leah Dolan | ) edition.cnn.com time to read: +3 min

Editor’s Note: Featuring the good, the bad and the ugly, ‘Look of the Week’ is a regular series dedicated to unpacking the most talked about outfit of the last seven days. CNN —If it wasn’t for the fact she was signing autographs outside the CBS studio in New York, many would have thought Billie Piper was attempting to go unnoticed. Wrapped, folded or tied under the chin; the headscarf is perhaps one of the most diverse — and historic — accessories in fashion’s arsenal. The same day, Julia Fox was spotted in another headscarf — styled with her Velveeta cheese curls and chunky boots. Sewn under the chin with the corners laid flat like a collar, each was etched with a different hairstyle.

Persons: Billie Piper, Piper, Julia Fox, Bauer, Griffin, Hermès, Olivia Palermo —, Queen Elizabeth II, Jackie Onassis, Grace Kelly, Princess, Monaco —, Hubert de Givenchy, Piper —, ”, Prince Andrew —, Giles Hattersley Organizations: CNN, CBS, Sloane, Givenchy, Copenhagen Fashion, Netflix, Vogue Locations: New York, Hollywood, West, Dua Lipa, Paris, Copenhagen, London

☆ Choppy luxury waters lift Burberry turnaround bar
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 16 (Reuters Breakingviews) - Stuttering consumer confidence is complicating CEO Jonathan Akeroyd’s attempts to revive Burberry (BRBY.L). Like-for-like retail sales in the quarter to end-September grew a dismal 1% at the UK maker of fancy trench coats, below analyst expectations of 4%. But brands attempting a revamp, like Burberry or Kering’s (PRTP.PA) star label Gucci, are likely to suffer more than rivals. Akeroyd sounded confident that new designer Daniel Lee’s first collection, which was launched in shops in September, will energise shoppers. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jonathan Akeroyd’s, Gucci, Daniel Lee’s, Lisa Jucca, Neil Unmack, Streisand Neto Organizations: MILAN, Reuters, Burberry, X, Alstom, Thomson Locations: China, U.S

☆ Burberry Street or Bond Street? Fashion Week Stunt Sows Confusion
▼ + stars: | 2023-09-19 | by ( Jenny Gross | More About Jenny Gross | ) www.nytimes.com time to read: +1 min

The Bond Street tube station on the London Underground was temporarily renamed “Burberry Street” as part of a London Fashion Week marketing campaign for the British luxury brand, leading to confusion among Londoners and tourists alike. The signs, heralding the opening of Burberry’s redesigned flagship store on Bond Street, were in place from Friday until late Monday and early Tuesday, and led to numerous complaints from disoriented customers, according to Transport for London staff members. “I heard all different things, to be honest, but nothing positive, unfortunately,” one staff member said. “People were saying, ‘Why is it like this? We saw ‘Burberry Street’ so thought we were at the wrong place.’”

Persons: Burberry’s, ’ Organizations: London Underground, Burberry, Bond, Transport, London

☆ Burberry’s Makeover Is Long and Slow
▼ + stars: | 2023-05-18 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

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☆ Burberry's Lee stages an ode to British heritage in debut runway show
▼ + stars: | 2023-02-21 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Faux fur, oversized coats and hot water bottles dominated Burberry’s (BRBY.L) runway as Daniel Lee presented his vision for the British heritage label at London Fashion Week on Monday. Burberry's mackintosh-style trench coat was re-imagined in a muted khaki with green faux fur lapels. English rose patterned tailoring sat alongside chunky rubber boots with an equestrian twist and cosy square toed shearling and faux fur shoes in the Autumn Winter 2023 collection. Monday's show follows the unveiling of Burberry's new logo: a sleeker elongated typeface and a campaign steeped in "Britishness". Lee previously created a buzz at Italy's Bottega Veneta with pillowy leather clutch handbags and slip-on heels.

☆ Burberry looks to reignite spark under new leadership duo
▼ + stars: | 2022-11-16 | by ( Suban Abdulla | ) www.reuters.com time to read: +4 min

He has already made his key appointment in choosing Daniel Lee to replace Riccardo Tisci as chief designer at the 166-year-old label. Leather goods account for around 20% of Burberry's sales versus 70% at Bottega Veneta. Tisci, in turn, changed Burberry's design language by introducing a TB monogram, that increased the brand's appeal to younger luxury consumers. The final stages of Burberry's five-year plan were expected to see an acceleration in revenue growth and an increase in profits. Burberry's rivals - led by French luxury leaders LVMH (LVMH.PA) and Kering (PRTP.PA) - in contrast, have most recently reported double-digit sales growth in the quarter to the end of September.

☆ Burberry Taps British Designer Daniel Lee as Creative Director
▼ + stars: | 2022-09-28 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

Burberry’s sales have largely flatlined since 2017 while the luxury industry as a whole has boomed. U.K. fashion house Burberry PLC appointed Daniel Lee as its chief designer in an attempt to breathe new life into the maker of iconic trench coats. Mr. Lee will join the company on Oct. 3, overseeing all Burberry collections, the London-based company said. Mr. Lee is expected to present his debut runway collection for the brand at London Fashion Week in February 2023. He will report to the company’s new chief executive, Jonathan Akeroyd .

☆ Ralph Lauren sells luxury at too steep a discount
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

A man walks past Ralph Lauren Corp.'s flagship Polo store on Fifth Avenue in New York City, U.S., April 4, 2017. REUTERS/Brendan McDermidNEW YORK, Sept 19 (Reuters Breakingviews) - Ralph Lauren (RL.N) laid out a promising financial outlook for investors on Monday. Since 2018, Ralph Lauren has closed more than two-thirds of its wholesale business by halting sales to department stores such as Belk, slashed promotions and lifted its average unit price 60%. The House of Polo trades at 10 times expected 2025 net profit, per estimates on Refinitiv, compared to Burberry’s (BRBY.L) 15 times and Prada’s 20 times. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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