News
« April 2008 |
May 16, 2008
LVMH Head Predicts Strong Growth For 2008
Bernard Arnault, head of LVMH Moët Hennessy Louis Vuitton, has faith that the luxury market will continue to thrive, despite the U.S. economic slowdown. Arnault predicted that LVMH would see a jump in earnings for 2008, led by leather goods.
The company reported an increase in sales of 12% for its first quarter to 4 billion euros. LVMH expects to see more growth as it expands into emerging markets, such as Russia and China.
Posted by Blacks at 10:30 AM | Comments (0)
May 15, 2008
Gucci Looks Abroad As U.S. Sales Slow
Despite a 3.3% sales dip in the first quarter of this year, Gucci is planning aggressive international retail growth. The Italian luxury brand is has new stores opening in Prague, Cape Town, Macau and Auckland, New Zealand, saying that retail consists of 70% of its business.
In existing stores, it says that it is seeing a lack of demand for “midrange” items, which affected its first quarter results. It remains to be seen whether it can successfully feed demand for this niche in international markets.
Posted by Blacks at 09:54 AM | Comments (0)
May 14, 2008
Specialty Stores Outpace Dept. Stores In April
Specialty store sales increased by 0.7% in April to $19 billion while department store sales slipped 0.1% to $17 billion, the Commerce Department reported this week.
Year-over-year, specialty stores saw a 3% increase while department stores notched up their sales by 2.3%.
Warmer weather and demand for new spring apparel helped boost demand, but analysts are predicting more modest increases for the rest of the summer.
Posted by Blacks at 09:51 AM | Comments (0)
May 13, 2008
Report: Socol Plans Early Retirement From Barneys
Barneys New York CEO Howard Socol is reportedly planning to retire a year ahead of schedule, leaving the luxury retailer hunting for a new chief.
Socol, 62, has been butting heads with the investment group that took over the company last year, Istithmar. The Dubai-based group had plans to build Barneys presence in the U.S., but since then the economy has gone soft. According to reports, Socol and Istithmar execs have been at odds over a new action plan.
Barneys has yet to confirm Socol’s forthcoming departure but insiders speculate that it could happen soon.
Posted by Blacks at 09:26 AM | Comments (0)
May 12, 2008
Bloomingdale's Cuts Catalog To Focus On Web
In a sign of the times, Bloomindale’s is discontinuing its catalog business to concentrate on its Website.
The retailer is stopping its catalog sales early next year and at the same time is working to improve the e-commerce capabilities of its Website. Bloomindale’s By Mail normally produces 40 catalogues a year, requiring a large marketing and production team, but online sales have far outreached catalog sales.
Bloomingdale’s owner Macy’s says that it expects direct-to-consumer sales, including both entities Websites, to reach over $1 billion in 2008.
Posted by Blacks at 09:25 AM | Comments (0)
May 09, 2008
Intermix Sees No Slowdown, Plans New Doors
Fashion retailer Intermix appears immune to the economic slowdown. It’s opened four new boutiques in the last month, including a third store in Chicago.
The other new doors opened in East Hampton, N.Y, Orlando, Fla., and Charlotte, N.C.
Intermix, which carries a wide variety of designer brands, seems to have a formula that works. The New York-based retailer plans to open four more stores later this year and four to eight stores next year.
Posted by Blacks at 10:10 AM | Comments (0)
May 08, 2008
Hermès Reports Double-Digit Growth In Q1
Sales at Hermès surged 13.4% to $622 million during the first quarter of the year. The French luxury brand cited growth across all categories and regions, except Japan.
The brand saw a sales increase of almost 22% in silks and textiles for the quarter ended March 31, while ready-to-wear and fashion accessories climbed 15.6%. Sales of leather handbags grew by 25%.
Hermès pinned the growth on expansion and new store openings which it plans to continue throughout this year.
Posted by Blacks at 09:03 AM | Comments (0)
May 07, 2008
Sleepwear King Peter Alexander Opens In L.A.
Australian sleepwear retailer Peter Alexander is expanding with a new flagship on Robertson Boulevard in Los Angeles. The 2,200-square foot shop will offer higher-end merchandise such as silk and cashmere products.
The brand has recently opened stores in Glendale and San Jose, Calif., and plans to open more doors on the East Coast. The company, which is well known in Australia and New Zealand, hopes to eventually have 40 to 50 U.S. locations.
Posted by Blacks at 10:12 AM | Comments (0)
May 06, 2008
LVMH Scoops Up Swiss Watchmaker Hublot
LVMH Moët Hennessy Louis Vuitton added luxury Swiss watchmaker Hublot to its stable of powerhouse jewelry brands. LVMH already owns the Tag Heuer, Zenith and Chaumet brands.
Hublot raked in sales of $150 million last year, thanks to the popularity of its Big Bang line, and is expected to reap as much as $250 million this year.
The acquisition comes during a time of increased demand for high-priced watches, especially in Asia.
Posted by Blacks at 08:24 AM | Comments (0)
May 02, 2008
Fay Expands Barneys Distribution Deal
Luxury Italian outerwear brand Fay is moving further into the U.S. market through a distribution deal with Barneys New York. Fay's sportswear and outerwear already started selling at Barneys' Madison Ave. flagship last year, but it will soon be sold in four additional Barneys doors.
The brand's overcoats range from $1,200 to $1,600 while its pullover sweaters fall in the $400 range.
At Blacks, we’re seeing early customer demand for fall outerwear, indicating that Fay may have a good season ahead.
Posted by Blacks at 11:56 AM | Comments (0)
May 01, 2008
Zegna Plans Aggressive Retail Push
Despite the cloudy economic outlook, Zegna plans to open a bevy of new stores in 2008, including two in the U.S. and 20 in China. The decision follows a 10% rise in earnings for 2007 to $96 million on sales that climbed 8.3% to $1.2 billion.
The Italian brand reported that its U.S. sales increased by 12% last year while sales in China soared by 38%, driven by apparel and accessories.
Posted by Blacks at 11:52 AM | Comments (0)
