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Jewellery

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Harrods could cut 14% of staff as pandemic fallout continues

Harrods could cut 14% of staff as pandemic fallout continues

Harrods is believed to be cutting up to 700 jobs as the fallout from the coronavirus crisis continues to devastate the retail sector. That number would mean up to 14% of its workforce being made redundant.
Luxury
Equinox investment fund buys Italian jewellers VPA, Vendorafa Lombardi

Equinox investment fund buys Italian jewellers VPA, Vendorafa Lombardi

The investment fund will merge into a single entity two Italian jewellery manufacturers, Villa Pedemonte Atelier and Vendorafa Lombardi, creating a fine jewellery group with a revenue of €41 million.
Luxury
LVMH reduces 2019 dividend by 20%, as sales plummet 15% in first quarter 2020

LVMH reduces 2019 dividend by 20%, as sales plummet 15% in first quarter 2020

"Expect a slow recovery from the pandemic in 2020", warned Bernard Arnault, chairman and CEO of LVMH, whose giant group on Tuesday morning announced a 20% reduction dividend in 2019.
Fashion
Italy's artisans anxious as brands haggle to bridge luxury gap

Italy's artisans anxious as brands haggle to bridge luxury gap

With unsold luxury handbags and clothing gathering dust in their workshops, Italy's artisans fear for their future as brands cut orders and in some cases demand discounts and payment delays.
Fashion
Miner becomes millionaire after finding biggest tanzanite stones

Miner becomes millionaire after finding biggest tanzanite stones

A Tanzanian small-scale miner has become a multi-millionaire after uncovering two of the biggest of the country's precious tanzanite stones ever found and selling them to the government.
Luxury
Ferragamo delays H1 results, call to September, to give only sales in July

Ferragamo delays H1 results, call to September, to give only sales in July

Salvatore Ferragamo will release on July 28 only its half-year sales data, postponing the remaining financial data for the semester and a conference call with analysts to Sept. 15, the luxury group said on Thursday.
Luxury
Sustainability and key labels like Vuitton, Chanel and Gucci drive luxe resale

Sustainability and key labels like Vuitton, Chanel and Gucci drive luxe resale

European resale specialist Rebelle said this week that sustainability is the main reason for many consumers buying secondhand and that the Covid-19 crisis has boosted demand for luxury investment pieces.
Luxury
World Duty Free owner Dufry cuts jobs as travel retail takes huge pandemic hit

World Duty Free owner Dufry cuts jobs as travel retail takes huge pandemic hit

Swiss travel retail giant Dufry AG on Wednesday launched a restructuring programme designed to cut its staff costs as it works to protect its business following the effects of the coronavirus outbreak globally.
Fashion
Live jewellery auctions resuming but online sales 'here to stay': Sotheby's

Live jewellery auctions resuming but online sales 'here to stay': Sotheby's

Rare coloured diamonds and historic gems will be seeking new owners at Sotheby’s semi-annual sale in Geneva this week, as live auctions resume after a suspension due to the coronavirus pandemic.
Luxury
Swarovski to cut 600 jobs

Swarovski to cut 600 jobs

The Austrian jeweller announced on Monday that it will be cutting 600 jobs around the world, including 200 in the Tyrol region where it is based, citing decreased demand in Asia and the U.S. due to the Covid-19 pandemic.
Luxury
Valentino sues to close Fifth Avenue boutique in Manhattan, blames pandemic

Valentino sues to close Fifth Avenue boutique in Manhattan, blames pandemic

Valentino has sued the landlord of its American flagship store on Manhattan’s Fifth Avenue, seeking to void its lease because the coronavirus pandemic has made keeping the store open impossible.
Luxury
Signet names new chief digital officer to support accelerated transformation efforts

Signet names new chief digital officer to support accelerated transformation efforts

The international jewelry retailer announced on Friday that it has appointed Rebecca Wooters as its new chief digital officer, as the company doubles down on its online transformation plans in the wake of Covid-19.
Luxury
Louis Vuitton opens its first menswear flagship in Tokyo

Louis Vuitton opens its first menswear flagship in Tokyo

As lockdowns ease globally, retailers at all ends of the market are trying to get back to business as usual and LVMH’s Louis Vuitton is preparing to open its first men's flagship store in Tokyo.
Luxury
Gloomy Chanel sees virus impact on luxury sector for 18-24 months

Gloomy Chanel sees virus impact on luxury sector for 18-24 months

The luxury industry will feel the fallout from the coronavirus crisis for the next two years if not longer, Chanel's CFO said on Thursday, adding its 2020 revenues and profit would be significantly hit.
Luxury
Cartier reveals names of laureates in its Women’s Initiative; announces reopening of Foundation

Cartier reveals names of laureates in its Women’s Initiative; announces reopening of Foundation

The famed French jeweler has revealed the names of the seven finalists in this year’s Cartier Women’s Initiative; and announced the reopening of the Cartier Foundation for tomorrow, Tuesday June 16.
Fashion
London Fashion Week Digital: A Sunday between post-apocalypse and innocence

London Fashion Week Digital: A Sunday between post-apocalypse and innocence

Few videos better summed up the mood of London Fashion Week’s debut digital online season this weekend than designer Matthew Miller’s contribution's name - Post Apocalyptic Merchandise. 
Fashion