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☆ 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."

The pan-European STOXX 600 (.STOXX) was up 0.1% by 0910 GMT, extending gains for a sixth straight day on boost from rate-sensitive technology stocks (.SX8P) and industrials (.SXNP). Richemont (CFR.S) rose 2% on reporting higher quarterly sales as tourists returned to Europe and Japan. Still, the luxury group missed market estimates after sales in China plunged by almost a quarter. "For luxury, China is quite important with more hopes of rebounding activity in the first half of this year," said Emmanuel Cau, head of European equity strategy at Barclays Investment Bank. Reporting by Bansari Mayur Kamdar and Ankika Biswas in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Burberry's sales growth slows to 1% on China COVID hit
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 18 (Reuters) - British luxury brand Burberry's (BRBY.L) like-for-like sales growth slowed sharply to 1% in the quarter to end-December as COVID-19-related disruption in mainland China largely offset a stronger performance in Europe. It had reported growth of 11% for the previous quarter. Burberry's like-for-like sales in Europe, Middle East, India and Africa grew 19%, it said, but in other regions they fell. Mainland China, Burberry's biggest market, was down 23%, while the rest of Asia fell 7% and the Americas were down 1%. Burberry's new chief designer Daniel Lee, who was previously creative director at Bottega Veneta, will present his first runway collection for the house next month at London Fashion Week.

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.

☆ This record-breaking artist uses the beaches of Dubai as his canvas
▼ + stars: | 2023-01-17 | by ( Nadia Leigh-Hewitson | ) edition.cnn.com time to read: +3 min

For Dubai-based Filipino artist Nathaniel Alapide, it’s how he became a Guinness World Record holder. Dubai’s 72 kilometers (45 miles) of sun-bleached coastline, and the vast Arabian desert, are his canvas. The scale of the drawing impressed the hotel, who offered him his first full-time job as a sand artist in 2015. It took 30 days to create and required 12,000 tons of sand in four colors, sourced from across the UAE desert. Though he has crafted a career from the practice, Alapide says creating an artwork from sand isn’t without its challenges.

Nudged by private equity funds, those supplying the booming luxury goods industry are now finding strength in unity. Largely family-owned and small in size, these businesses often struggle to meet the changing needs of the luxury brands they work for. "Luxury brands have been growing exponentially: our customers needed us to grow with them," said Nicola Giuntini, whose Tuscany-based company makes luxury coats and jackets for brands including Celine, Burberry (BRBY.L) and Stella McCartney. PRODUCTION NICHESItaly's manufacturing sector has also been a hunting ground for big luxury brands keen to secure their supply chain. Italian private equity firm XENON International, for example, has bet on producers of materials and finishes for luxury items which it has grouped together in MinervaHub.

☆ George Santos' former roommate says the congressman stole his $520 Burberry scarf and wore it to a 'Stop the Steal' rally: report
▼ + stars: | 2023-01-15 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +2 min

Two roommates of Rep. George Santos suspect the congressman of stealing a Burberry scarf in 2020. The roommates also believe Santos stole other valuable clothing items from them. One of the roommates became convinced after seeing Santos wear a Burberry scarf a year later. In messages sent in 2020 between Morey-Parker and Rabello obtained by Patch, the two roommates vented about the items they suspected Santos had stolen, including an Armani shirt worth $500. The roommates refer to him as Anthony in the messages, matching reports that Santos was previously using the name Anthony Devolder.

☆ Take a look at the dazzling artwork being shown on a huge 'digital canvas' in London
▼ + stars: | 2023-01-15 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +2 min

Outernet London has 23,000 square feet of floor-to-ceiling high-definition LED video screens. It displays "experiential advertising" as well as immersive contemporary digital art works. But perhaps the most eye-catching element of the project, which opened last November, is the 23,000 square feet of super high-definition LED screens at street level that it's calling the "world's largest digital canvas." The immense, immersive 360-degree screens display "experiential advertising" from companies including Burberry, Amazon, Netflix, BMW, EA Games, and Chanel – as well as contemporary digital art exhibitions. Take a look at Outernet and its immersive digital artworks.

☆ South Koreans are the world's biggest spenders on luxury goods
▼ + stars: | 2023-01-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Handbags displayed in a Chanel SA store window at the Avenuel department store, operated by Lotte Shopping Co Ltd., in Seoul, South Korea, on Tuesday, Dec. 14, 2021. Whether it's calf-leather Italian Prada bags or classic, checkered British Burberry trench coats, South Koreans are the world's biggest spenders on personal luxury goods per capita, Morgan Stanley said. The investment bank estimated South Korean total spending on personal luxury goods grew 24% in 2022 to $16.8 billion, or about $325 per capita. Luxury brands have also highlighted strong sales in Korea. Moncler said its revenue in South Korea "more than doubled" in the second quarter compared with before the pandemic.

☆ Britain's charity stores are going upmarket
▼ + stars: | 2022-12-26 | by ( Grace Dean | ) www.businessinsider.com time to read: +13 min

Britain's charity shops are transforming as they try to appeal to Gen Z customers. The managers told Insider their retro and vintage stores were largely in urban areas with large student populations. Grace Dean/InsiderE-commerce for charity shops is completely different than e-commerce for retailers that sell large batches of new products. Nonessential retail stores had to shut their doors for months during the pandemic, which the Charity Retail Association estimated cost UK charity shops about £28 million, or $32 million, a month. But, as the aisles of charity shops across the UK show, a lot of people do choose to donate them.

☆ Nearly half of young adults in the US are living at home with their parents, and all that saved rent is fueling a luxury boom
▼ + stars: | 2022-12-14 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Nearly half of young adults are living at home in the US — a historical high not seen since the Great Depression, per the US Census Bureau. They are helping fuel a luxury boom, Morgan Stanley analysts say. That's a historical high not seen since the Great Depression era, Morgan Stanley analysts wrote in a Friday note. The analysts estimate that around 48% of young adults are living with parents in 2022, similar to levels seen in the 1940s. The levels of young adults living at home peaked at 49.5% around 2020, coinciding with the outbreak of the COVID-19 pandemic.

☆ Valentino designer Piccioli, model Bella Hadid win at Fashion Awards
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] Designer Pierpaolo Piccioli and his wife Simona Caggia pose on the red carpet at the Fashion Awards 2022 in London, Britain, December 5, 2022. REUTERS/Henry NichollsLONDON, Dec 5 (Reuters) - Valentino designer Pierpaolo Piccioli and model Bella Hadid were among the winners at the Fashion Awards in London on Monday. Piccioli, who is creative director of the Italian luxury brand, was named designer of the year at the annual event. Hadid, a regular on the catwalks of fashion capitals Milan, Paris, London and New York took the title of model of the year. "To me fashion has a responsibility, I feel (I) have a voice and I want to use my voice even for who doesn't have a voice," Piccioli told Reuters on the red carpet before the awards.

☆ Gucci designer’s exit boosts Kering’s M&A urgency
▼ + stars: | 2022-11-24 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

MILAN, Nov 24 (Reuters Breakingviews) - The abrupt departure of star Gucci designer Alessandro Michele on Wednesday is putting French luxury boss François-Henri Pinault on the spot. The Italian brand, Kering’s (PRTP.PA) largest, has been a money-spinner for the 68 billion euro French conglomerate. Gucci revenue nearly trebled to 9.6 billion euros between 2014 and 2019. Reuters GraphicsFollow @LJucca on TwitterCONTEXT NEWSKering’s top brand Gucci said on Nov. 23 Creative Director Alessandro Michele had stepped down. Under Michele’s creative leadership, Gucci sales grew nearly three times from 2014 to 9.6 billion euros in 2019, one of the best performing brands in the luxury world.

LONDON, Nov 17 (Reuters) - London is losing out to Paris and Milan as a tourist destination for high-spending shoppers over the lack of a tax incentive, British luxury brand Burberry (BRBY.L) said, after its UK-based sales suffered. "We're not seeing the same degree of tourism in the UK as we used to because we're seeing more tourists are going into Paris, Milan," Brown told reporters on Thursday. Tourists in European cities can reclaim sales tax on some higher value purchases at certain retailers. Burberry's results on Thursday showed that continental Europe, particularly France and Spain, outperformed the rest of the Europe, Middle East, India and Africa region on a sales growth-basis, while British sales were in line with the average. "If there was an alternative tax-free shopping scheme available in the UK, I think it would definitely bring tourists back to the UK," said Brown.

☆ China and U.S. tourists in Europe help Burberry beat sales forecasts
▼ + stars: | 2022-11-17 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

Under the creative direction of its new designer Daniel Lee, Burberry would "refocus on Britishness", it said. Known for its camel, red and black check and trenchcoats, Burberry kept near-term guidance to the end of its 2024 financial year of high-single digit revenue growth and a margin of around 20%. She said comparable store sales in mainland China, Burberry's biggest single market, fell 1% in the second quarter after falling 35% in the first, despite some local COVID lockdowns in September. "In the second quarter the situation eased considerably." Europe perform strongly, with sales up 25% in the second quarter, boosted by a rise in tourists from the United States, the Middle East and locations in Asia outside mainland China.

☆ Tourist spend and China helps Burberry beat sales forecasts
▼ + stars: | 2022-11-17 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

Under the creative direction of its new designer Daniel Lee, Burberry would "refocus on Britishness", it said. It had targeted high-single digit revenue growth and a margin of around 20%. Comparable store sales in mainland China, Burberry's biggest single market, stabilised in the second quarter after falling 35% in the first, it said, despite some local COVID lockdowns in September. Europe continued to perform strongly, it said, with sales up 25% in the second quarter, boosted by a rise in tourists from the United States, the Middle East and locations in Asia outside mainland China. The Americas continued to be a weak spot, however, with sales in second quarter down 3%, reflecting some pressure in the entry level items and U.S. customers spending more in Europe rather than at home.

☆ JPMorgan expects a mild recession for 2023. That means higher unemployment and a rough holiday shopping season for Americans.
▼ + stars: | 2022-11-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

The FOMC still has 100 basis points more of rate hikes to go, in the bank's view. To cool down the economy, then, the Fed will likely look to tame hourly wage growth and push the unemployment rate higher, JPMorgan said. "By most measures hourly wage growth is currently running around 5%," the analysts wrote. And that sort of wage growth deceleration will likely require an unemployment rate between 4% and 5%, depending on how entrenched wage growth expectations have become." The Fed's tightening efforts, ultimately, will tip the economy into a recession, JPMorgan analysts said.

☆ 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.

☆ Gen Z-ers are using their own metaverse avatars as inspiration for their real-life clothing choices, as the digital fashion space grows in popularity
▼ + stars: | 2022-11-02 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

But on the gaming platform Roblox, users can adorn their digital avatar with a Lola handbag for just under $10. Three out of 4 were willing to spend money on digital fashion, with one in 4 admitting to spending between $20 to $100 on a single item. She believes that number is going to continue increasing as the digital fashion space evolves. RobloxBy 2030, the digital fashion space is poised to be worth $50 billion, according to projections by Morgan Stanley. There are more than 100 brands that have created handbags, shoes, and other clothing items for Roblox, according to Wootton.

☆ Charity clothing stores turn to Depop and Instagram as they head upmarket with vintage and designer items
▼ + stars: | 2022-10-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +13 min

Britain's charity shops are changing how they look and trying to appeal to Gen Z customers. They're selling more designer and vintage items, creating listings on Depop, and carefully curating their social-media profiles — all targeted mainly at appealing to the growing number of Gen Z shoppers. The managers told Insider their retro and vintage stores were largely in urban areas with large student populations. Non-essential retail stores had to shut their doors for months during the pandemic, which the Charity Retail Association estimates cost UK charity shops about £28 million ($32 million) a month. But, as the aisles of charity shops across the UK show, a lot of people do choose to donate them.

The leather motorcycle jacket has achieved timeless status in its near-century of existence. While never out of style, it goes through cycles of being more in from time to time. One of those times is now. Fall 2023 runways were revved up with the retro-inspired leather jacket look, tweaked here and there via proportion and surface treatment to bring it up to speed. It was distressed at Versace, branded at Burberry , oversized at Saint Laurent and Dolce & Gabbana, neat and fitted at Loewe and Givenchy and classic at Polo Ralph Lauren and Celine.

☆ Tapestry deepens push into China, undeterred by luxury market slump
▼ + stars: | 2022-10-25 | by ( Casey Hall | ) www.reuters.com time to read: +6 min

It also follows some 60 Tapestry store openings in China over the last two years. Research from real estate firm Savills also shows 55% of the world's luxury store openings last year took place in China. It saw China sales slide 32% for the quarter ended July 2 from the same period a year earlier. China sales generally account for around a fifth of its overall sales. Coach's luxury market share in China is also more than double that of Michael Kors and more than triple that of Ralph Lauren and Tory Burch, according to Euromonitor data.

☆ Ulta, Bath & Body Works, CeraVe, E.l.f. Cosmetics, and SheaMoisture among beauty favorites for female teens, survey finds
▼ + stars: | 2022-10-21 | by ( Sarah Belle Lin | ) www.businessinsider.com time to read: +4 min

Ulta is still the most popular beauty store for all female teens, according to a semiannual survey. Out of the 6,670 female teens surveyed, 29% of upper-income female teens and 40% of average-income female teens chose Bath & Body Works as their favorite source for fragrances. Upper-income female teens are spending slightly less for perfumes at $62 every year compared with $67 a year spent on perfumes by average-income female teens. While female teens with wealthier incomes spent $93 last fall on hair care products, female teens with average income spent $91 a year. However, Olaplex was the most popular hair care brand for 14% of upper-income female teens, and the second most popular for female teens with average incomes.

☆ Political uncertainty, rising rates weigh on UK stocks
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 down 0.2%, FTSE 250 off 0.3%Oct 20 (Reuters) - Worries over a deepening political crisis in the UK and rising interest rates globally kept London's main stock indexes under pressure on Thursday, with shares of homebuilders edging toward a multi-year low hit recently. UK's housing index (.FTNMX402020), which hit a near decade low last week, slipped 1.5% as rising interest rates fuelled concerns about affordability and a sharp slowdown in the sector. The blue-chip FTSE 100 (.FTSE) slipped 0.2% by 0715 GMT, while the midcap FTSE 250 index (.FTMC) dropped 0.3%. read moreA bright spot was luxury goods maker Burberry (BRBY.L), up 1.7%, after French peer Hermes (HRMS.PA) reported a sharp rise in sales growth. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

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