Category: Luxury
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Aston Martin’s new chief vows to reverse fortunes as luxury carmaker targets 2025 profit
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Aston Martin Lagunda pledged to transfer a profit by 2025 – at least before paying interest on her enlarged debt – with Adrian Halmark, her new CEO, and promised a new era of operational discipline and financial accountability after a period of losses and leadership. Halmark, 62, who joined the…
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Notre Dame Cathedral’s reopening spectacle capped a stellar year for luxury house LVMH
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Breadcrumb links PMN BMN Business Article writer: Associated Press Thomas Adamson Posted on December 14, 2024 • 4 minutes read You can save this article by registering for free here. Or log in if you have an account. Article content PARIS (AP) — The reopening of Notre Dame was an…
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Kick off the festive season with Fortune’s ultimate luxury gift guide
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Not sure what to buy your loved ones this holiday season? Look no further. For 2024, our editorial team has curated tried-and-tested favorites that blend the latest technology with the finest craftsmanship your money can buy. Each product has a story behind it that promises to surprise and delight recipients…
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Mulberry cuts 85 jobs as sales fall 19% amid global luxury downturn
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Luxury fashion brand Mulberry has announced a significant restructuring plan after announcing a 19% drop in group revenues to £56.1 million for the six months to September 28. Newly appointed CEO Andrea Baldo revealed 85 jobs – nearly a quarter of the company’s 350-person workforce – were being cut as…
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Mulberry cuts 85 jobs as sales fall 19% amid global luxury downturn
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Luxury fashion brand Mulberry has announced a significant restructuring plan after announcing a 19% drop in group revenues to £56.1 million for the six months to September 28. Newly appointed CEO Andrea Baldo revealed 85 jobs – nearly a quarter of the company’s 350-person workforce – were being cut as…
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Mercedes car earnings plunge as China shuns luxury
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Written by Andrei Sychev (Reuters) – German luxury automaker Mercedes-Benz said on Friday that third-quarter profits at its core auto division fell 64%, significantly below analyst estimates, as Chinese consumers continued to cut back on purchases of luxury goods in a weak economy. “The third-quarter results do not meet our…
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Lineapelle Fair: The finest leather comes from lambskin, says luxury expert
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In mid-September, the vibrant city of Milan becomes a melting pot of creativity as fashionistas, designers and industry leaders gather for Milan Fashion Week. Among the highlights of this prestigious event was Lineapelle, the world’s largest exhibition dedicated to leather and leather goods. With more than 1,000 exhibitors from 112…
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Lineapelle Fair: The finest leather comes from lambskin, says luxury expert
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In mid-September, the vibrant city of Milan becomes a melting pot of creativity as fashionistas, designers and industry leaders gather for Milan Fashion Week. Among the highlights of this prestigious event was Lineapelle, the world’s largest exhibition dedicated to leather and leather goods. With more than 1,000 exhibitors from 112…
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Why Is Generative AI No Longer a Luxury but a Necessity for Modern Businesses?
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Artificial intelligence (AI) is commonly mentioned these days, as it is rapidly moving from a cutting-edge luxury to an indispensable necessity. Among the various branches of AI, generative AI has emerged as a game-changer, revolutionizing how companies operate, innovate and compete. However, not every company knows how to implement it…
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Miners, luxury sector weigh on Europe’s STOXX 600 By Reuters
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By Sruthi Shankar, Paolo Laudani, and Johann M. Cherian (Reuters) – European stocks closed lower on Tuesday, as a lack of new details on China’s stimulus measures sparked selling in sectors linked to the world’s second-largest economy, such as mining and luxury goods. The European index fell by about 1%…
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Burberry brand value plunges nearly $2 billion amid luxury downturn
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Burberry’s brand value has declined in the past year as the company grapples with the dual challenges of a luxury economic downturn and a disastrous internal turnaround plan. Kantar’s annual BrandZ brand value ranking saw Burberry lose nearly $2 billion in brand value compared to 2023. The group was the…
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What are the key investor debates surrounding the luxury sector? By Investing.com
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The luxury goods sector is currently facing a series of major discussions among investors, which are influenced by sector performance, consumer behavior, and macroeconomic factors. According to analysts at Morgan Stanley, several key themes emerged that defined investor discussions, centering around demand trends, pricing strategies, regional market dynamics, and operational…
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Rocco Forte plans five new hotels as Saudis invest £1.4bn in luxury chain
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Sir Rocco Forte is set to develop five new luxury hotels in Europe after Saudi Arabia’s Public Investment Fund acquired a 49% stake in Rocco Forte Hotels, valuing the company at £1.4bn. The investment has boosted the hotel group’s expansion ambitions, but has also impacted the profitability of the wider…
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Luxury homes: Jerusalem booms, Herzliya slumps
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A recent surge in deals in Jerusalem’s luxury housing market, with prices exceeding NIS 10 million, puts the city second only to Tel Aviv in terms of the number of luxury deals in the past 18 months, according to Globes. Tel Aviv continues to lead the luxury housing market in…
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Saks owner to buy luxury retailer Neiman Marcus in $2.65-billion deal By Reuters
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(Reuters) – Saks Fifth Avenue parent HPC Inc said on Monday it will acquire department store chain Neiman Marcus Inc in a $2.65 billion deal, giving it stronger negotiating power with vendors and greater control over costs. The deal comes as luxury retailers face slowing demand as higher interest rates…
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LVMH Chief Arnault owns stake in luxury rival Richemont, Bloomberg reports By Reuters
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ZURICH (Reuters) – French billionaire Bernard Arnault, Europe’s richest man and head of the high-end fashion division of champagne group LVMH, has bought a stake in smaller luxury goods rival Richemont, Bloomberg reported on Tuesday. The exact size of the Cartier jewelery owner’s shareholding and Arnault’s intentions are unclear, the…
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Wealthy travelers seeking sun, sand, and luxury are flocking to the Caribbean paradise next to Haiti, where armed gangs dominate
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The Dominican Republic is having a moment. Ten million tourists annually flock to its shores, helping to drive one of the region’s best-performing economies. Poverty is near a record low, and investment is at an all-time high. until The Fast and the Furious Star Vin Diesel wants to build a…
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Viking founder Torstein Hagen on the luxury cruise line specifically for baby boomers
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Veteran cruise participant Julia Wilcox, at just 24 years old, is accustomed to having her inbox flooded with promotional emails from cruise lines courting loyal customers. But Wilcox, who blogs about her cruise experiences On TikToksaid one cruise line takes a more personal approach to its marketing: Two or three…
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Italian shoemaker Tod’s to court US lovers of quiet luxury By Reuters
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Written by Elisa Anzolin and Valentina Za MILAN (Reuters) – An LVMH-backed investment firm is betting that demand from wealthy Americans for quiet luxury will ensure its 510 million euros ($545 million) stake in Italian shoemaker Tod generates the double-digit returns typically sought by private equity. L Catterton, set up…