DIRS.INFO The most relevant business & tech news

☆ Gucci’s Next Revamp Needs a More Classic Look
▼ + stars: | 2022-11-25 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

No new designer is lined up yet at Gucci after Alessandro Michele’s departure. Parting ways with Gucci’s designer was an inevitable decision for Kering, the luxury group that owns the brand. The Italian brand’s creative director, Alessandro Michele, is stepping down immediately, Kering said this week, and no one is lined up yet for his job. From his first runway show in early 2015, Mr. Michele more than doubled Gucci’s sales and tripled operating profit in what is considered one of the most successful luxury-brand makeovers in decades. However, the brand has looked wobbly since 2020 as his designs became less popular.

☆ Warehouse Packing Help Wanted, Excellent Penmanship Required
▼ + stars: | 2022-11-25 | by ( Paul Berger | ) www.wsj.com time to read: +5 min

At a warehouse in northern New Jersey one recent weekday, a trainee wearing a pair of blue gloves hesitantly tied a ribbon around one luxury brand’s box as a supervisor looked on. Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. Workers also personalize items with engraving and hot-stamping, compile individual items into gift sets and add handwritten notes. Luxury brands, however, are willing to pay a premium for the extra workers needed to provide additional services, Mr. Scattergood said. Workers at its Munich warehouse fold clothes in tissue paper, close the paper with a sticker and tie a ribbon into a bow.

☆ Analysis: Out of fashion: Gucci faces daunting task to replace top designer
▼ + stars: | 2022-11-25 | by ( Mimosa Spencer | ) www.reuters.com time to read: +5 min

[1/4] Gucci's designer Alessandro Michele arrives at the "Green carpet Fashion Awards" event during the Milan Fashion Week in Milan, Italy, September 24, 2017. Tensions had been high between the designer and company management, sources told Reuters. Kering chairman and CEO François-Henri Pinault lauded the designer's tenure as "an outstanding moment" in Gucci's history. Gucci falls out of fashionFURRY LOAFERSMichele, 49, reinvigorated the brand with his eccentric, gender-fluid styles popular with younger shoppers. China generates around 35% of Gucci's annual sales, according to Barclays estimates, compared to 27% for LVMH's fashion and leather goods division and 26% for Hermes.

☆ Gucci’s Creative Chief to Step Down
▼ + stars: | 2022-11-24 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

Alessandro Michele, shown in September, took on the creative director role at Gucci in 2015. Alessandro Michele , whose eccentric designs reinvigorated Gucci, is stepping down as creative director of the Italian luxury brand as a period of rapid growth peters out. Parent company Kering SA said in a statement late Wednesday that Mr. Michele was leaving his post at the fashion house having “played a fundamental part in making the brand what it is today.”

☆ 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.

Balenciaga apologized Tuesday for an advertising campaign that featured young children posing with teddy bears that appeared to be dressed in BDSM costumes. The famed label suggested that the images displayed in its name didn't have company approval and threatened legal action against any content creators behind the ad campaign. “We sincerely apologize for any offense our holiday campaign may have caused," said the company statement. "Our plush bear bags should not have been featured with children in this campaign. Representatives for Kering, the French luxury goods corporation that owns Balenciaga, and the Spanish fashion house itself could not be immediately reached for comment on Wednesday.

☆ European shares hold near 3-month highs as business activity slowdown eases
▼ + stars: | 2022-11-23 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The Europe-wide STOXX 600 index (.STOXX) inched up 0.1% to its strongest level since Aug. 19. S&P Global's flash Composite Purchasing Managers' Index (PMI) for the euro zone, seen as a good gauge of overall economic health, nudged up to 47.8 in November from the previous month. Traders have currently priced in a 77% chance that the U.S. central bank will hike rates by 50 basis points in December. The European Central Bank will release its own meeting minutes on Thursday. ECB Vice-President Luis de Guindos said the central bank will keep raising interest rates until it brings inflation down to around its 2% mid-term goal.

☆ Gucci's creative director Michele is exiting the brand - WWD
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

PARIS, Nov 23 (Reuters) - Creative director Alessandro Michele is leaving Italian fashion house Gucci, the biggest brand of French luxury group Kering (PRTP.PA), Women's Wear Daily (WWD) reported late on Tuesday. Well-placed sources here say that creative director Alessandro Michele is exiting the brand," WWD said in a report from MilanA statement was expected as early as Wednesday, it added. Both Kering and Gucci declined to comment the WWD report. Gucci has been successfully revamped with a bold new style since Michele took over the top creative role at Gucci in January 2015. Reporting by Dominique Vidalon, Silvia Aloisi and Piotr Lipinski; Editing by Benoit Van OverstraetenOur Standards: The Thomson Reuters Trust Principles.

☆ Kering confirms departure of Gucci creative director Alessandro Michele
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: 1 min

PARIS, Nov 23 (Reuters) - French luxury goods company Kering (PRTP.PA) confirmed on Wednesday the departure of Gucci creative director Alessandro Michele. "There are times when paths part ways because of the different perspectives each one of us may have. Today an extraordinary journey ends for me, lasting more than twenty years, within a company to which I have tirelessly dedicated all my love and creative passion," said Michele in a statement. Reporting by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

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.

☆ 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.

☆ Estée Lauder to Buy Tom Ford in $2.8 Billion Deal
▼ + stars: | 2022-11-16 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Estée Lauder plans to fund its acquisition of Tom Ford through a combination of cash, debt and $300 million in deferred payments. Estée Lauder Cos. will acquire Tom Ford in a deal valued at roughly $2.8 billion, building on a longstanding licensing agreement and marking the cosmetics giant’s largest-ever acquisition, executives said Tuesday. Estée Lauder prevailed in an auction for the high-end fashion label that drew competition from big names in luxury including Kering SA. The French company was poised to win the auction earlier this month, The Wall Street Journal reported.

☆ Estee Lauder to buy fashion label Tom Ford in $2.8 billion deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

Nov 15 (Reuters) - Estee Lauder Cos Inc (EL.N) said on Tuesday it agreed to buy U.S. fashion label Tom Ford for $2.8 billion, its biggest deal yet, adding a line of beauty products and apparel to the Clinique brand owner's portfolio. While Estee Lauder already sells Tom Ford beauty products and fragrances, the deal has raised some eyebrows on Wall Street. (https://reut.rs/3tqhWrK)As of Tuesday's close, Estee's stock fell 17% since the deal talks with Tom Ford were reported by the media in August. Tom Ford had entered into exclusive negotiations with Estee Lauder last week, beating competing bids from companies including Gucci owner Kering SA (PRTP.PA), the Financial Times reported on Friday. Chief Executive Officer Tom Ford will continue to serve as the brand's creative visionary.

☆ Estee Lauder to buy Tom Ford in $2.8 billion deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

Nov 15 (Reuters) - Estee Lauder Cos Inc (EL.N) said on Tuesday it clinched a deal to buy U.S. fashion label Tom Ford for $2.8 billion in what would be its biggest acquisition. Shares of Estee Lauder, which already licenses Tom Ford fragrances and cosmetics, fell marginally in extended trading. Tom Ford entered into exclusive negotiations with Estee Lauder last week, beating competing bids from a number of other companies including Gucci owner Kering SA (PRTP.PA), the Financial Times reported on Friday. Reporting by Manya Saini and Granth Vanaik in Bengaluru; Editing by Shailesh Kuber and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Estée Lauder Nears Deal to Buy Tom Ford, Edging Out Kering
▼ + stars: | 2022-11-14 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Estée Lauder warded off competition from Kering in its pursuit of the deal. Estée Lauder Cos. is nearing a deal to buy Tom Ford for roughly $2.8 billion, building on a longstanding licensing deal and marking the cosmetics giant’s largest-ever acquisition, according to people familiar with the matter. Estée Lauder prevailed in an auction for the high-end fashion label that drew competition from big names in luxury including Kering SA. The French company was poised to win the auction earlier this month, The Wall Street Journal reported.

☆ Estée Lauder Nears Deal to Buy Tom Ford, Edging Out Kering SA
▼ + stars: | 2022-11-14 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Estée Lauder warded off competition from Kering SA in its pursuit of the deal. Estée Lauder Cos. is nearing a deal to buy Tom Ford for roughly $2.8 billion, building on a longstanding licensing deal and marking the cosmetics giant’s largest-ever acquisition, according to people familiar with the matter. Estée Lauder prevailed in an auction for the high-end fashion label that drew competition from big names in luxury including Kering SA. The French company was poised to win the auction earlier this month, The Wall Street Journal reported.

☆ Retailers acclerate shift to forest friendly fibres at COP27
▼ + stars: | 2022-11-14 | by ( Virginia Furness | ) www.reuters.com time to read: +2 min

REUTERS/Maxim ShemetovLONDON, Nov 14 (Reuters) - Retailers including H&M (HMb.ST), Kering <PRTP.PA and Inditex (ITX.MC) will purchase over half a million tonnes of low-carbon alternative fibres for clothing and packaging to help reduce global emissions, they said Monday. The announcement by 30 retailers coincides with COP27 climate talks taking place in Egypt until the end of this week to seek to step up ambition on curbing global warming. Retailers agreed to purchase 550,000 tonnes of alternative fibres - made from waste textiles and agricultural residues instead of forest fibres - which will prevent the release of around 2.2 million tonnes of greenhouse gas emissions, NGO Canopy, which convened the group, said. Lower carbon fibres make up a tiny fraction of the 7.5 million tonnes of man-made fibres produced each year, which Rycroft said was in part because of the challenge of accessing finance to scale new technologies. The agreement will help to unlock finance for 10-20 low footprint pulp mills to produce these alternative fibres by securing offtake aggrements from retailers, Canopy said.

☆ Estee Lauder nears $2.8 billion deal to buy Tom Ford - FT
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

The luxury brand, founded by fashion designer Tom Ford, entered into exclusive negotiations with Estee Lauder this week and a deal could be announced as early as Monday, the FT reported. Estee Lauder and Tom Ford did not immediately respond to Reuters requests for comment. Earlier in August, the Wall Street Journal reported that Estee was in talks to acquire the luxury brand in what could be a $3 billion deal. The Journal later reported that French luxury group Kering(PRTP.PA) was also in advanced discussions to buy the fashion brand, competing with Estee. Tom Ford is known for its menswear, but also counts women's apparel, handbags, cosmetics and perfumes as part of its product line.

☆ Michael Kors-owner Capri cuts holiday forecasts on slow China recovery
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Michael Kors-owner Capri Holdings Ltd (CPRI.N) on Wednesday lowered its sales and profit forecasts for the holiday period, blaming a slow demand recovery in China due to persistent COVID-19 curbs and uncertainty about the global economy. Luxury goods companies have managed to pass on higher costs to affluent shoppers, but China remains a sore spot as Beijing's "dynamic zero-COVID" policy hampers the return of consumers to high-fashion stores. COVID disruptions in China have also weighed heavily on Kering's (PRTP.PA) Gucci, Canada Goose Holdings (GOOS.TO) and L'Oreal (OREP.PA). Capri, which also owns Versace and Jimmy Choo, cut its holiday-quarter sales forecast to $1.53 billion, from $1.65 billion, and lowered its profit forecast to $2.20 per share from $2.45 per share. It forecast fiscal 2023 revenue of $5.70 billion, compared with its prior estimate of about $5.85 billion.

☆ European shares rise as China reopening hopes lift luxury, mining stocks
▼ + stars: | 2022-11-04 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The STOXX 600 (.STOXX) rose 1.1% by 0932 GMT. The European basic resources index (.SXPP) surged 4.6% to a seven-week high and was set for its biggest weekly gain in more than three months. Luxury giants including LVMH (LVMH.PA), Kering (PRTP.PA), Pernod Ricard (PERP.PA) and Hermes International (HRMS.PA) climbed between 2.5% and 3.5%. Among other stocks, manufacturer Andritz (ANDR.VI) surged 9.2% to the top of the STOXX 600, as its quarterly sales and profit rose significantly. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Kering shares up on report company seeks to buy Tom Ford
▼ + stars: | 2022-11-04 | by ( Mimosa Spencer | ) www.reuters.com time to read: +3 min

PARIS, Nov 4 (Reuters) - Shares in Gucci-owner Kering (PRTP.PA) rose in early Friday trading following a report the French luxury goods company is in advanced talks to buy U.S.-based fashion label Tom Ford. Shares were up 2.4% in morning trade, after the Wall Street Journal on Thursday reported the company was the front runner for a deal, with rivals including Estee Lauder (EL.N). "The logic is compelling," said Piral Dadhania of RBC, of such a deal, citing Tom Ford's past as creative director of Kering labels Gucci and Yves Saint Laurent in the nineties and into the early 2000s, as well as the label's high positioning. Kering, which has been bulking up its eyewear division, recently purchasing U.S. label Maui Jim, has also signalled interest in expanding into beauty. With few financial details available on Tom Ford's label, some analysts were cautious.

☆ Tom Ford return offers remedy for Gucci fatigue
▼ + stars: | 2022-11-04 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

MILAN, Nov 4 (Reuters Breakingviews) - Tom Ford’s return to the realm of Gucci owner Kering (PRTP.PA) would add some much-needed sparkle. Bringing Tom Ford himself on board could even help revitalise it. Tom Ford offers diversification at a reasonable valuation. Sales of Tom Ford Beauty’s cosmetics and fragrances grew at a double digit rate in the third quarter, according to Vogue Business. In August, the Wall Street Journal reported that beauty giant Estée Lauder was looking to buy Tom Ford for $3 billion.

☆ Gucci Owner Kering in Advanced Talks to Acquire Tom Ford, Sources Say
▼ + stars: | 2022-11-03 | by ( Lauren Thomas | Dana Cimilluca | ) www.wsj.com time to read: 1 min

Fashion from the Tom Ford collection was modeled during Fashion Week in New York. French luxury giant Kering SA is in advanced discussions to buy fashion brand Tom Ford, according to people familiar with the matter. Kering has been competing for closely held Tom Ford with rivals including Estée Lauder Cos., but the French company appears to be the front-runner now and a deal could be reached soon, according to the people.

☆ Canada Goose cuts revenue, profit forecast as China business takes hit
▼ + stars: | 2022-11-02 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

Nov 2 (Reuters) - Luxury parka maker Canada Goose Holdings Inc (GOOS.TO), cut its full-year revenue and profit forecast on Wednesday, with persistent COVID-related lockdowns and store closures in China hurting its business. The company did not disclose how much revenue it specifically earns from China, but said 20.3% of the revenue in the second quarter came from the Asia-Pacific region. Canada Goose cut its fiscal 2023 sales expectation to C$1.2 billion ($882.74 million)-C$1.3 billion, from C$1.3 billion-C$1.4 billion. The company earned second-quarter adjusted profit of 22 Canadian cents, on a revenue of C$277.2 million, beating analysts' estimates per Refinitiv data. ($1 = 1.3594 Canadian dollars)Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Canada Goose cuts full-year revenue, profit forecast on drop in China sales
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - Canada Goose Holdings Inc (GOOS.TO), trimmed its full-year revenue and profit forecast on Wednesday as its luxury parka sales in China take a hit from COVID-19-related restrictions. Cosmetics maker Estee Lauder (EL.N) on Wednesday also signaled a hit to sales from persistent lockdowns in China. Canada Goose cut its fiscal 2023 sales expectation to C$1.2 billion ($882.74 million)-C$1.3 billion, compared with its prior forecast of C$1.3 billion-C$1.4 billion. The luxury parka maker now expects fiscal 2023 adjusted profit to be between C$1.31 and C$1.62 per share, compared with its prior forecast of C$1.60 to C$1.90. However, the company earned second-quarter adjusted profit of 22 Canadian cents, on a revenue of C$277.2 million, beating analysts' estimates as per Refinitiv data.

Search resuls for: "Kering"

25 mentions found