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.
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.
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.
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.
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.
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.
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.