Two of Britain's biggest clothing retailers reported lower annual profits and weaker recent trading on Tuesday as turbulence in financial markets adds to the pressure on shoppers from high food and fuel costs.
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.
During a recent trip to her expensive Hong Kong hairdresser, luxury brand consultant Radha Chadha asked her stylist if recent turmoil in the world's stock markets had affected business."I am now offering people shorter haircuts.
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.