Asos lumped with £15 million tariffs after Brexit deal
Asos is facing tariff costs of up to £15 million following the UK’s official departure from the European Union at the start of this year, according to a report published by the Evening Standard.
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LVMH appoints key personnel to run Tiffany post acquisition
It’s been quite the battle but LVMH has completed its takeover of US jewelry brand Tiffany at last and is putting some of its most trusted executives at the helm. Louis Vuitton executive Anthony Ledru has been named CEO, effective immediately.
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Prada to close 2020 with an operating profit despite headwind caused by the pandemic
Prada has announced that it is to close 2020 with an operating profit thanks to markedly better revenues and profitability in the second half of the year offsetting the damage caused by the pandemic, according to a report by Reuters.
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UK retailer Debenhams goes into liquidation
UK retailer Debenhams is set to go into liquidation in the new year, a development that puts 12,000 jobs at risk and highlights the crisis on the UK high street, according to a report by The Financial Times.
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LVMH targets digital growth with management reshuffle
LVMH has announced a series of senior appointments across its digital and selective retail arms, according to various reports published by WWD.
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Fall of the malls? Macy’s 3Q 2020 sales down 21 percent
Macy’s has reported its results for the third quarter of the current financial year. The US department store saw sales tumble 21 percent yoy to US$3,990 million and reported a loss of US$91 million, a far cry from the US$2 million net income reported in the same period last year.
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Chanel hikes up prices as ultra luxe booms
Chanel has upped its prices for the second time this year, according to a report published by Reuters.
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Sales of Chanel-branded cotton pads sent stratospheric as TikTok trend spirals
A hack that’s gone viral on social media platform TikTok has sent sales of Chanel’s cotton make-up remover pads sky-high, according to a report published by the New York Post.
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LVMH and Tiffany tie up deal with new purchase price
The ongoing will they, won’t they saga of the LVMH-Tiffany buy out continues, with the jewellery maker now said to be willing to renegotiate on price in order to tie up the deal, according to the Financial Times.
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Hermes announces return to growth in Q3
Hermes has announced that sales in the third quarter were up 7 percent at constant exchange rates yoy, driven by strong activity in the group’s stores, momentum in Asia and a significant improvement in all other geographical areas.
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