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Ralph Lauren revenue sinks as pandemic hammers demand

Ralph Lauren revenue sinks as pandemic hammers demand

Ralph Lauren Corp said on Tuesday its quarterly revenue plunged by nearly $1 billion, as it struggled with coronavirus-led store closures and a slowdown in demand for luxury goods across the world.
Fashion
Hugo Boss returned to growth in China in June, but repots Q2 loss

Hugo Boss returned to growth in China in June, but repots Q2 loss

Hugo Boss said on Tuesday it had returned to strong growth in China in June and online sales jumped 74% in the second quarter even as it reported an overall 59% fall in sales for the period due to lockdowns.
Luxury
Dufry expects major cash flow drops as travel retail stays weak

Dufry expects major cash flow drops as travel retail stays weak

Swiss airport retailer Dufry has announced its cash flow estimates in a still-uncertain world and is planning for potential full-year declines in turnover of 40%, 55% and 70%.
Luxury
Lord & Taylor in bankruptcy filing

Lord & Taylor in bankruptcy filing

​Venerable US retailer Lord & Taylor filed for Chapter 11 bankruptcy on Sunday, becoming the latest in a growing list of storied names to do so amid the ongoing coronavirus outbreak that has crippled the retail sector.
Fashion
Hammerson mulls sale of VIA Outlets stake to raise cash

Hammerson mulls sale of VIA Outlets stake to raise cash

UK malls giant Hammerson on Monday confirmed press peculation that it’s in “advanced discussions on the terms of a possible disposal of its 50% interest in VIA Outlets to its joint venture partner APG”.
Fashion
EssilorLuxottica says too early to reinstate guidance as sales halve in second quarter

EssilorLuxottica says too early to reinstate guidance as sales halve in second quarter

Oakley and Ray-Ban maker EssilorLuxottica's second-quarter revenue almost halved due to store closures to curb the spread of the coronavirus, it said on Friday, sending operating profit tumbling by more than 90%.
Fashion
L'Oréal sales fall is worse than expected, travel retail suffers

L'Oréal sales fall is worse than expected, travel retail suffers

Sales at Maybelline maker L’Oréal fell more sharply than expected in the second quarter, though the French beauty giant managed to contain any major profit erosion as the COVID-19 pandemic forced stores to close.
Luxury
Burberry opens first luxury social store in China, tech and exclusives are key

Burberry opens first luxury social store in China, tech and exclusives are key

Burberry on Friday announced the opening of its long-awaited social retail store in China’s technology hub Shenzhen, “blending the physical and social worlds in a digitally immersive retail experience”.
Luxury
Hermès first-half results hit by pandemic, sales picking up

Hermès first-half results hit by pandemic, sales picking up

French luxury group Hermes said Thursday the coronavirus pandemic hit profits in the first half of the year but expressed confidence about the future as business began picking up in June.
Luxury
PayPal profit jumps 86% on pandemic-driven online spending shift

PayPal profit jumps 86% on pandemic-driven online spending shift

PayPal reported an 86% jump in Q2 profit on Wednesday as the e-commerce payments processor benefited from the shift to online spending amid the coronavirus pandemic. Net income increased to $1.53 billion.
Fashion
Westfield owner's net rental income hit by pandemic

Westfield owner's net rental income hit by pandemic

Europe's largest property firm Unibail-Rodamco-Westfield posted a 14.2% like-for-like decline in H1 net rental income on Wednesday after malls were forced to close during Covid-19 lockdowns, but shoppers are returning.
Fashion
Prada sees recovery in Asia after tough H1, no excess inventory issues

Prada sees recovery in Asia after tough H1, no excess inventory issues

Italian fashion group Prada said on Wednesday sales had recovered sharply in Asia since June after the fallout from the coronavirus pandemic triggered a 40% decline for comparable revenues in the first half of the year.
Luxury
Nike, Birkenstock beat designer labels to head latest Lyst Index

Nike, Birkenstock beat designer labels to head latest Lyst Index

​It’s been a weird year for fashion retail so far and Q2 in particular saw unprecedented global conditions, so it’s no surprise that the new Lyst Index is different from usual with Nike and Birkenstock's riding high.
Fashion
Ferragamo sales fall 60% in quarter most affected by Covid crisis

Ferragamo sales fall 60% in quarter most affected by Covid crisis

Sales at Italian fashion group Salvatore Ferragamo fell by 60% in the second quarter, the hardest hit by the coronavirus crisis due to global lockdown measures.
Luxury
Gucci owner Kering's sales plunge, but Bottega Veneta sees smaller drop

Gucci owner Kering's sales plunge, but Bottega Veneta sees smaller drop

French luxury group Kering's Q2 comp sales plunged by 43.7% due to the coronavirus. Gucci comp sales fell 45% and Saint Laurent 48%, but recovering Bottega Veneta contained the drop in revenue to only 24.4%
Luxury
Britain's Selfridges to axe jobs on virus retail storm

Britain's Selfridges to axe jobs on virus retail storm

British department store group Selfridges warned Tuesday that it plans to axe 450 jobs after sales slumped due to the coronavirus and the aftermath of the nationwide lockdown.
Fashion