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☆ Fendi kicks off Milan fashion week with deconstructed suits
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

MILAN, Feb 22 (Reuters) - Milan kicked off its leg of the month-long catwalk calendar on Wednesday, with Italian luxury label Fendi deconstructing masculine tailoring at its womenswear fashion show. Milan Fashion Week follows New York and London events in which designers have been presenting their creations for autumn/winter 2023-2024. At Fendi, designer Kim Jones added pleated skirt aprons and trains to tailored trouser suits as well as shoulder-baring sleeves to waistcoats. Milan Fashion Week will host more than 50 catwalk shows, including by big names such as Giorgio Armani, Prada, Gucci and Dolce & Gabbana, over the next few days, wrapping on Feb. 27. Reporting by Elisa Anzolin and Marie-Louise Gumuchian, Writing by Marie-Louise Gumuchian; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Indian jeweller Joyalukkas withdraws $278 mln IPO
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 21 (Reuters) - Indian jeweller Joyalukkas has withdrawn its 23 billion rupee ($277.95 million) initial public offering (IPO), a document on the market regulator's website showed on Tuesday. Joyalukkas did not immediately respond to Reuters' request for comment. The jeweller, based in the southern Indian state of Kerala, operates showrooms across roughly 68 cities and is one of the biggest jewellery retailers in the country. The IPO's book runners Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd, Haitong Securities India, and SBI Capital Markets Ltd also did not immediately respond to a request for comment. ($1 = 82.7620 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

BEIJING, Feb 7 (Reuters) - China's luxury market contracted 10% in 2022 on the year, snapping a five-year streak of high growth, as Beijing's zero-COVID policy and a slowing economy hit spending, Bain & Company said in a report on Tuesday. The luxury market grew 42% annually between 2019 and 2021 but its fortunes changed in 2022, after China doubled down on stamping out COVID-19 with city-wide lockdowns and a regulatory crackdown hit the property sector and fuelled unemployment. The figure compared to growth of 1% between 2012 and 2016, and a 26% increase in sales between 2016 and 2019, Bain said. Mirroring recent results from the likes of French luxury goods group LVMH (LVMH.PA) and Italy's Salvatore Ferragamo (SFER.MI) for 2022, Bain said all luxury categories were affected to varying degrees during the year. While categories with high online penetration, such as luxury beauty, suffered single-digit declines, the watch market fell the most, with sales dropping 20% to 25% from 2021.

☆ India's Kalyan Jewellers Q3 profit rises on strong festive demand
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 7 (Reuters) - Kalyan Jewellers India Ltd (KALN.NS)reported a near 11% rise in quarterly profit on improved demand during the festive season and said the ongoing wedding season is pushing sales higher. Demand picked up in the quarter during the festive season when Indians spend heavily on big-ticket items such as cars, electronic appliances, and jewellery. The Indian jeweller's consolidated net profit rose to 1.49 billion rupees ($18.02 million) for the third quarter that ended Dec. 31 from 1.35 billion rupees ($16.33 million) a year earlier. Revenue increased 13% to 38.84 billion rupees, boosted by sales at newly opened showrooms. Kalyan's earnings outshine its Tata Group-owned larger rival Titan Co Ltd (TITN.NS), which last week reported a surprise fall in profit.

☆ Luxury group LVMH's sales defy downturn as shoppers splurge
▼ + stars: | 2023-01-26 | by ( Mimosa Spencer | ) www.reuters.com time to read: +3 min

REUTERS/Marco BelloPARIS, Jan 26 (Reuters) - Luxury goods group LVMH's (LVMH.PA) sales rose 9% in the fourth quarter as shoppers in Europe and the United States splurged over the crucial holiday season, helping partly to offset COVID disruptions in China. Sales at the world's biggest luxury group reached 22.7 billion euros ($24.65 billion) in the final three months of the year, with the 9% increase on an organic basis a touch above analyst expectations for 7% growth, based on a consensus cited by UBS. LVMH has gained market share every year since 2019, its boss Bernard Arnault, the world's richest man, said. The group proposed a dividend of 12 euros per share, up from 10 euros a year ago. LVMH's shares have hit new highs this month, giving the luxury goods group a market capitalisation of 400 billion euros for the first time and cementing its lead as Europe's most valuable company.

☆ Switzerland sent 524 tonnes of gold to China last year, the most since 2018
▼ + stars: | 2023-01-24 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

Last year, it exported 524 tonnes of gold worth around $33 billion at current prices to mainland China and Hong Kong, up from 354 tonnes in 2021 and the most since 2018, Swiss customs data showed. Switzerland shipped 69 tonnes of gold to Singapore, up from 33 tonnes in 2021 and the most since 2017, and 92 tonnes to Thailand, up from 56 tonnes in 2021 and the most since 2013. Switzerland sent 224 tonnes of gold to India last year, down from 507 tonnes in 2021. But if prices remain high, India's appetite for gold will likely remain weak, he said: "They are real bargain hunters. SWISS GOLD EXPORTS, ANNUAL (KG)SWISS GOLD EXPORTS, MONTHLY (KG)* Source: Swiss customs.

☆ Swatch Group positive about Chinese market recovery in 2023
▼ + stars: | 2023-01-24 | by ( John Revill | ) www.reuters.com time to read: +2 min

The sales growth in January in China reinforces the Group's expectation to aim for a record year in 2023." Rival Swiss luxury group Richemont last week said it was seeing a "strong retail rebound" in China in the run-up to the Chinese New Year. Swatch, which in July said targeted a double digit sales increase for 2022, said its sales in China fell by 700 million Swiss francs ($761 million) during the year. Overall sales increased by 2.5% to 7.499 billion Swiss francs or by 4.6% in constant currency terms, while net profit rose to 823 million francs from 774 million francs a year earlier. Aiming for a record year implies over 23% sales growth, which is a pretty big call by [CEO Nick]Hayek."

But retailers in popular Asian destinations are desperate to take advantage of the return of a first wave of Chinese tourists as the country reopens borders after three long years of COVID-19 curbs. And robust demand for destinations like Macau, Hong Kong, Taiwan and Thailand has boosted prospects for the battered travel industry, Ctrip booking data shows. Still, destinations elsewhere show that the return of Chinese tourists remains at a very early stage. Fresh COVID testing requirements for Chinese tourists in some locations may be acting as a barrier, while some countries also require visas that take time to process. Retailers in South Korea are also not seeing a huge influx in Chinese tourists yet, citing the suspension of short-term visas for travellers between both countries.

☆ Egypt's soaring prices drive home economic pain
▼ + stars: | 2023-01-19 | by ( Mariam Rizk | ) www.reuters.com time to read: +6 min

Over recent months accelerating inflation has pummelled the spending power of Egyptians, who had already endured repeated economic shocks and years of austerity. The government says it is doing what it can to tamp down prices and expand social spending, often blaming current pressures on external factors linked to the war in Ukraine. While many countries are struggling to contain rampant inflation, Egypt, with a population of 104 million, is among the hardest hit. Reuters GraphicsStill, more economic turmoil in the shorter term complicates Egypt's plans to try to turn things round after the political and economic turbulence that followed its 2011 Arab Spring uprising. The agreement also provides for increasing social spending to protect the vulnerable.

☆ Burberry 'positive' about China rebound as stores reopen
▼ + stars: | 2023-01-18 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

But she said there were positive signs of recovery as stores reopened in mainland China and the country's luxury shoppers started returning to Hong Kong and Macau. "In January, we've seen a change in traffic, we've seen some strong trade coming through," she told reporters on Wednesday. "The timing and pace of recovery is likely to be somewhat unpredictable, but we're very positive about the early signs and confident in the long-term opportunity (in China)." Chinese consumers accounted for about 25% of Burberry's revenue, down from 40% pre-pandemic, she said, with the vast majority of spending happening in mainland China rather than in tourist centres outside the country. Richemont (CFR.S), the Swiss luxury group that sells Cartier jewellery and watches, also said on Wednesday that it expected a strong rebound in China.

☆ Luxury eyes focused on China after Richemont's Q3 sales miss
▼ + stars: | 2023-01-18 | by ( John Revill | ) www.reuters.com time to read: +3 min

SummarySummary Companies Q3 sales rise by 8% but miss market forecastsMainland China sales drop 24%Company says customer demand in China now picking upAll eyes on China for luxury sector, say analystsZURICH, Jan 18 (Reuters) - Cartier jewellery maker Richemont (CFR.S) missed market forecasts during its latest quarter as the resurgence of COVID-19 in China hit sales there, highlighting the country's importance for the luxury sector. Richemont, whose other brands include Swiss watchmakers IWC and Jaeger-LeCoultre, has been seeing strong sales growth in Europe, the Middle East and Japan, particularly for jewellery. But the mainland Chinese market - which accounts for about a fifth of the group's sales, according to Zuercher Kantonalbank estimates - struggled with sales down 24% in constant currency terms. The prospect of a pickup in Chinese sales meant analysts were not too worried by Richemont's quarterly miss. "The catch-up from Chinese consumers will come as strong as sales decelerated in 3Q, as they were able to save money during the lockdowns."

☆ Luxury group Richemont's sales miss forecasts after China sales plunge
▼ + stars: | 2023-01-18 | by ( John Revill | ) www.reuters.com time to read: +2 min

Overall, Richemont's sales rose 8% to 5.4 billion euros ($5.82 billion) in the three months to the end of December, up from 4.98 billion euros a year earlier. The figure missed the 5.67 billion euros forecast by analysts. When currency movements were excluded, the company's sales increased by 5%. In Japan, sales increased by 30% during the quarter, aided by "solid" domestic sales and a gradual return of tourism. In Europe sales increased by 17% helped by strong local demand and returning tourists, particularly from the Middle East and the United States.

LONDON/ZURICH, Jan 18 (Reuters) - Luxury retailers Richemont (CFR.S) and Burberry (BRBY.L) said they were optimistic that consumers in China would start spending again, helping offset three years of upheaval from the government's strict COVID-19 lockdowns and soaring infections. Richemont (CFR.S), whose brands include Cartier jewellery and Swiss watches IWC and Jaeger-LeCoultre, also said it expected a strong rebound in China. The European luxury sector is among the largest expected winners as China loosens COVID-19 restrictions that kept shoppers out of stores for months. Richemont missed market estimates after sales in China plunged by a quarter, as customer traffic dwindled and staff were not available, leading to a reduction of boutique hours, or temporary closures of sales points, the company said. Mainland China is currently 25% of Burberry sales, down from about 40% pre-pandemic.

Follow @KatrinaHamlin on TwitterloadingCONTEXT NEWSHong Kong-listed Apollo Future Mobility said on Jan. 12 that it had agreed to buy Chinese electric-car maker WM Motor Global for HK$15.9 billion ($2.02 billion). To fund the acquisition of its larger peer, Apollo will issue 28.8 billion new shares at HK$0.55 each. Apollo shares fell 8.6% and were trading at HK$0.23 by market close on Jan. 12. WM Motor Global filed for a Hong Kong initial public offering in May 2022, but the application lapsed in November. WM Motor Global’s owner, WM Motor Holdings, is the largest shareholder in Apollo Future Mobility, and WM Motor founder Freeman Shen sits on the latter’s board as co-chair.

☆ UK economy ekes out growth in November surprise — but recession still seen as inevitable
▼ + stars: | 2023-01-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

A Reuters poll of economists had forecast a 0.2% contraction amid a bleak overall picture for the British economy. watch nowThe boost in services seemingly offset some of the negative impact of mass strike action across the U.K., particularly in the rail and postal sectors. "What's more, the effects of the Bank's monetary tightening are still to feed through the economy fully. Together with the corporation tax increase to 25% and the expiration of the tax reduction on new investments, the economy only stands to contract further." The Bank of England has projected that the U.K. economy will experience at least a four-quarter recession, its longest on record.

Lower imports by the world's second-biggest consumer of the precious metal could limit gains in global prices trading near their highest in eight months. The drop in imports could help in bringing down India's trade deficit and support the rupee . In value terms, December imports plunged to $1.18 billion from $4.73 billion a year ago, he said. The country's gold imports in 2022 dropped to 706 tonnes from 1,068 tonnes a year ago, another government official said. Local gold prices hit a high of 55,365 rupees ($677.72) per 10 grams in December, not far from the all-time peak of 56,191 rupees hit in August 2020.

☆ LVMH's Arnault tightens family grip as daughter becomes Dior CEO
▼ + stars: | 2023-01-11 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

The world's largest luxury group also replaced long-time Louis Vuitton CEO Michael Burke with Pietro Beccari, head of Dior since 2018. Delphine Arnault, 47, has worked at Louis Vuitton for the past decade alongside Burke and previously spent a dozen years at Dior. Burke will continue to work with Bernard Arnault, the company said in a statement. The move follows the recent appointment of Antoine Arnault, Bernard Arnault's eldest son, to head the family holding company, replacing veteran executive Sidney Toledano. Alexandre Arnault, 30, is an executive at Tiffany & Co. while Frederic Arnault, 28, is CEO of TAG Heuer - both LVMH brands.

☆ LVMH names new Louis Vuitton CEO, puts Arnault daughter in charge of Dior
▼ + stars: | 2023-01-11 | by ( Mimosa Spencer | ) www.reuters.com time to read: +5 min

Pietro Beccari, who has been the head of Dior since 2018, is moving to replace long-time Louis Vuitton CEO Michael Burke, 65. Delphine Arnault, 47, has worked at Louis Vuitton for the past decade alongside Burke and previously spent a dozen years at Dior. [1/2] Bernard Arnault, CEO of LVMH Moet Hennessy Louis Vuitton SE, and Delphine Arnault, Executive Vice President of Louis Vuitton, leave after the Spring/Summer 2020 collection show for fashion house Louis Vuitton during Men's Fashion Week in Paris, France, June 20, 2019. Alexandre Arnault, 30, is in charge of products and communication at Tiffany, while Frederic Arnault, 28, is CEO of another group brand, TAG Heuer. The youngest child, Jean Arnault, 24, heads marketing and product development for Louis Vuitton's watches division.

☆ Gold prices gain on hopes of smaller U.S. rate hikes
▼ + stars: | 2023-01-09 | by ( ) www.cnbc.com time to read: +2 min

Gold prices advanced to an eight-month high on Monday, as a weaker dollar made greenback-priced bullion cheaper for overseas buyers while hopes of less-aggressive U.S. rate hikes also lifted sentiment. Spot gold was up 0.7% at $1,878.55 per ounce, as of 0256 GMT, its highest level since May 9, 2022. U.S. gold futures also rose 0.7% to $1,883.20. The dollar index slipped 0.3%. Market participants will now turn to Fed Chair Jerome Powell's speech at a central bank conference in Stockholm on Tuesday and U.S. consumer price index data due on Thursday.

☆ Old Nazi map sparks treasure hunt in the Netherlands
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

[1/5] A general view of a street in the Dutch village of Ommeren, Netherlands January 6, 2023. REUTERS/Piroschka van de WouwOMMEREN, the Netherlands, Jan 6 (Reuters) - An old map believed to mark the spot where German soldiers hid treasure worth millions of euros during World War Two sparked the imagination of amateur treasure hunters in the Netherlands this week. The map was obtained from a German soldier shortly after the war by the Dutch institute that was tasked with tracing German capital in the Netherlands after the country was freed from Nazi occupation in 1945. "But they never found it and if it existed, the treasure might very well have been dug up already." "A map with a row of three trees and a red cross marking a spot where a treasure should be hidden sparks the imagination," he said.

☆ Hong Kong retail sales fall in November, outlook challenging
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +3 min

November retail sales fell 4.2% from a year earlier in value terms to stand at HK$29.5 billion ($3.77 billion). Hong Kong is also working to resume quarantine-free travel with mainland China by as early as Jan. 8. For the first eleven months, the total retail sales value eased 1.1% compared with the same period a year earlier. Online retail sales in November rose 9.4% year-on-year in value terms, compared with a revised 35.1% growth in October. ($1 = 7.8180 Hong Kong dollars)Reporting by Donny Kwok; Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Vivienne Westwood, Britain's provocative dame of fashion, dead at 81
▼ + stars: | 2022-12-29 | by ( Marie-Louise Gumuchian | ) www.reuters.com time to read: +5 min

[1/4] Designer Vivienne Westwood poses for a portrait before her catwalk show at London Fashion Week Men's in London, Britain June 12, 2017. "Vivienne Westwood died today, peacefully and surrounded by her family, in Clapham, South London. Instantly recognisable with her orange or white hair, Westwood first made a name for herself in punk fashion in 1970s London, dressing the punk rock band that defined the genre. Westwood used her public profile to champion issues including nuclear disarmament and to protest against anti-terrorism laws and government spending policies that hit the poor. "I've used fashion to challenge the status quo."

Like many residents, he's been on a spree - because on Jan. 1 Singapore's sales tax goes up for the first time in 15 years. From next year, the sales tax on everything from groceries to diamond rings goes from 7% to 8%. By buying everything now before the hike, Soif said he's saving S$250 ($185) on his purchases, now in storage at retailers' facilities. The upbeat spending comes against a backdrop of concern, and some opposition, among the population about the tax hike. It has also said it would review the second step of the tax hike if there was a major global downturn next year.

☆ Gold ticks up in light trade after holiday weekend
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: +1 min

Gold prices edged up in early Asian hours on Tuesday, helped by a softer dollar, although trading was thin after the long Christmas weekend. U.S. gold futures rose 0.3% to $1,810.00. Data on Friday showed U.S. consumer spending rose 0.1% in November after climbing 0.4% in October, while inflation cooled further. The European Central Bank must be prepared to take the heat and raise interest rates further, ECB policymaker Isabel Schnabel said in an interview published on Saturday. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.1% to 913.01 tons on Friday.

☆ Ukraine weighs heavy on minds in Moscow as New Year holiday nears
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +4 min

Summary This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. Asked if the 10-month conflict in Ukraine was affecting her mood, one woman, Maria, replied without hesitation. "A holiday remains a holiday. New Year's Day is Russia's main seasonal holiday, while Orthodox believers also celebrate Christmas on Jan. 7. Jewellery maker Evgeniya, however, said her sales at a seasonal market had sharply increased from last year.

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