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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
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
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
West End calls for action as footfall plunges, wants duty-free change

West End calls for action as footfall plunges, wants duty-free change

​The New West End Company is calling on the UK government to introduce tax-free shopping for European tourists post-Brexit as what should be Britain’s busiest shopping area continues to see a mere trickle of visitors.
Luxury
Paris's struggling shops brace for muted sales season

Paris's struggling shops brace for muted sales season

Usually thronging as summer sales kick off, Paris' Printemps department store is among French retailers bracing for a fall in revenues this year as the coronavirus outbreak keeps tourists away.
Lifestyle
Rich consumers globally question reliance on luxury - Altiant study

Rich consumers globally question reliance on luxury - Altiant study

Global affluent consumers are beginning to question their consumption of luxury goods in the wake of the coronavirus crisis, but the Chinese are still very pro-luxury, even though they're demanding sustainability too.
Luxury
Hong Kong May retail sales tumble as spending, tourism evaporate

Hong Kong May retail sales tumble as spending, tourism evaporate

Hong Kong’s retail sales in May slumped 32.8% from a year earlier, falling for the 16th consecutive month as the virus pandemic slammed the brakes on tourism and spending in the city.
Fashion
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
Victoria’s Secret closes flagship store in Hong Kong's Causeway Bay

Victoria’s Secret closes flagship store in Hong Kong's Causeway Bay

Victoria’s Secret has closed its flagship store in Causeway Bay, as tourism plunges in Hong Kong and the company faces massive financial losses due to the coronavirus pandemic. 
Fashion
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
UK footfall rises in reopening week but stays low and West End struggles

UK footfall rises in reopening week but stays low and West End struggles

Footfall researcher Springboard said retail visitor traffic from June 15 up to June 21 rose, but was still weak by normal standards. And the West End continued to reel from the absence of tourists and office workers.
Fashion
Camden Market to partially reopen on Monday

Camden Market to partially reopen on Monday

Camden Market owner LabTech said that the market will partially reopen at the earliest possible opportunity, on June 1, following the government’s latest announcement on the easing of the lockdown.  
Fashion
Without tourists, Europe's luxury shops struggle to reopen in style

Without tourists, Europe's luxury shops struggle to reopen in style

As European luxury shopping capitals from Paris to Milan slowly emerge from coronavirus lockdowns, stores are reopening to a trickle of customers, and virtually no tourists.
Lifestyle
Marie-Antoinette's travel bag goes for royal ransom

Marie-Antoinette's travel bag goes for royal ransom

A travel bag belonging to the ill-fated French queen Marie-Antoinette sold for more than five times its estimate in an auction of royal memorabilia near her one-time home at the Palace of Versailles.
Luxury
Tourism decline is major risk for Burberry say analysts

Tourism decline is major risk for Burberry say analysts

Burberry – and other major luxury names – are likely to see a very slow recovery due to the global decline in tourism caused by the coronavirus pandemic, analysts at UBS have said.
Luxury
Paris’s Champs-Elysées slowly reawaken, sadly empty of tourists

Paris’s Champs-Elysées slowly reawaken, sadly empty of tourists

After a two-month lockdown, the stores on Paris’s Champs-Elysées avenue opened again at 10 am on Monday, some with their customary queues outside, though the usual throngs of foreign tourists were sadly missing.
Lifestyle