LVMH reports bolstered Q1 results; capitalizes on demand for luxury goods in U.S. and China
LVMH has reported a ‘good start to the year’, recording revenue at €14 billion for Q1 2021, up 32 percent YOY.
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Afterpay launches ‘top-up’ program to promote sustainable shopping
Buy now, pay later provider Afterpay has launched a top-up program that allows customers to donate $1 at check out to charitable causes in a bid to promote sustainable shopping.
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H&M, Burberry face ire in China over Xinjiang cotton workers’ row
H&M and Burberry are among a number of western brands facing boycotts in China over their stance on the alleged forced labor in Xinjiang, according to a report published by The New York Times.
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Cartier parent company shares rise following Kering merger rejection
hares in Cartier parent company Richemont have risen this week following reports it rejected a merger offer from luxury goods company Kering, according to a report by Miss Tweed.
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Smart Hemp poised to expand prior to IPO
Russian hemp cultivator, Smart Hemp, is set to embark on an aggressive expansion policy, expanding domestic production to at least 12 regions as demand grows, according to a report published by Reuters.
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Chanel launches Global Culture Fund
Chanel has announced the launch of a new fund designed to support ‘cultural innovators’. The global program will work with international museums and institutions to advance greater representation in culture and society.
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Flexible payment provider Clearpay launches in Southern Europe
Flexible payment provider Clearpay has launched into Southern Europe, and is now in merchants across Spain and France.
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B2B e-commerce platform NuOrder raises $45 million investment; Net-a-Porter Founder’s venture capital firm leads
NuOrder, a B2B e-commerce platform, has raised $45 million in an investment round led by Net-a-Porter Founder Natalie Massenet’s venture capital firm Imaginary Ventures.
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Resale service Reflaunt raises $2.7 million in pre-series A funding round
Resale platform Reflaunt has raised $2.7 million in a pre-series A funding round from luxury investors, led by SLS Journey, the investment arm of luxury fashion distributor MadaLuxe Group.
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Hermes sees sales soar 16 percent in Q4 thanks to strong Chinese demand
Hermes has beaten expectations to deliver sales growth of 16 percent in the final quarter of fiscal 2020, bringing consolidated revenue to €6,389 million for the year, a decrease of 6 percent at constant exchange rates.
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