Russia, the fourth largest luxury goods market and one of the world's fastest growing, is being hit by the financial crisis, the managing director of the country's biggest luxury goods group, Mercury, told Reuters.
Swedish fashion giant Hennes & Mauritz reported on Wednesday a 2 percent year-on-year fall in sales at established stores in September as the growing crisis in the financial sector weighed on consumer spending.
Philip Green, the billionaire owner of the Bhs department store chain and Arcadia fashion group, said on Wednesday, October 15th he is still working on a deal to buy the debt of Icelandic retail investor Baugur.
Apparel and home furnishings retailer Bon-Ton Stores Inc said it expects fiscal 2008 loss to be at the wider end of its outlook range, citing sales trends in the fall season and continued expectations for a soft holiday season.
Footwear retailer Collective Brands Inc's unit, Payless ShoeSource, plans to launch a line of affordable eco-friendly shoes, marking the company's entry into the "go-green" movement that has recently caught on with retailers.
UK retailer Philip Green has made billions by spotting bargains and putting his own money on the line. Now he is looking for a deal to take control of swathes of Icelandic investor Baugur's shopping empire.