The parent company of jewellery retailers Goldsmiths and Watches of Switzerland has drafted in two banks to help it launch a London stock market listing. According to Sky News , Aurum Holdings – which currently trades from 150 stores across and employs over 1000 staff – has selected Goldman Sachs and Barclays to spearhead a public listing that is likely to take place in around a year’s time
Luxury online fashion retailer Yoox Net-A-Porter (YNAP) has edged closer to being absorbed by Richemont after its board of directors gives the green light.
Furla and Versace are the latest retailers to implement a fur-ban, as a growing number of fashion houses acknowledge the environmental and ethical implications of using real animal fur in their collections. Luxury accessories brand Furla is poised to go fur-free from November this year, starting with its Cruise 2019 collections. All Furla products in both its women’s and men’s collections will be made using ecological fur instead.
Harrods staff are reportedly facing the prospect of parts of the pay cut amid an overhaul on sales commissions. According to a source speaking to The Daily Mail , the iconic department store’s staff could have their commissions slashed by 25 per cent from May.
Burberry’s chief marketing officer Sarah Manley is reportedly set to resign during the summer after 17 years with the luxury fashion retailer and label. According to “well-informed” sources speaking to Fashion Network , Manley is due to leave the FTSE 100 brand at the end of July and her resignation has reportedly been announced internally. The news comes after Burberry’s chief creative officer Christopher Bailey presented his last collection during London Fashion Week last week.
Sunglasses brand Ray-Ban has chosen London as the location of its first standalone flagship store in Europe.
Chanel is the latest luxury fashion house to have stuck a partnership deal with Farfetch, just a week after a deal was inked with Burberry. According to Business of Fashion , the tie-up will see Chanel investing in Farfetch and using the London-based online retailer’s fledgling Augmented Retail programme to deploy its “operating system” for physical retail to enhance its boutique experience. The French luxury house said that the deal does not mean they will start selling ready-to-wear and handbags online
Watch brand Olivia Burton is set to open its first UK store in Covent Garden, London.
The parent company of luxury retailer Coach has posted a 35 per cent jump in quarterly net sales, boosted by rising sales across its brands and the recent acquisition of Kate Spade. Tapestry, the US-based owner of Coach, Stuart Weitzman and now Kate Spade, raked in net sales of $1.79 billion (£1.28 billion) for its second quarter, compared to $1.32 billion in the prior year. READ MORE: Coach Inc to be rebranded as Tapestry Inc Gross profit for the period also came in at $1.18 billion (£846 million) on a reported basis, but Tapestry did not provide a comparative figure for the same period the year before
LVMH has beaten analyst expectations amid its full-year results, as the luxury retail group’s major senior reshuffle starts to bear fruit.