Despite measured recovery, Indian malls are not expected to recover to pre-pandemic revenue levels by the end of the current 2022 financial year with Maharashtra malls facing some of the steepest challenges.
The pandemic has forced luxury goods companies to use social media, video and virtual showrooms to woo their wealthy customers in Europe when tourists, especially from China, have been absent for more than a year.
Luxury consumers seek out more information than ever online before making a purchase, relying especially on YouTube videos and giving particular importance to brand image, according to a study from Google and Kantar.
Hugo Boss is diving further into online with a major expansion of its webstore offer. The company has gone online in 12 additional markets.
Footwear start-up Solethreads has raised Rs 13 crore ($1.8 million) in series A round funding from DSG Consumer Partners and Saama Capital.
Entrepreneur Robin Chopra has launched anti-stress, anti-pollution skincare brand ‘Detoxie’ with a dedicated e-commerce store, with the aim of promoting clean beauty products designed for city life.
Surging sales at Louis Vuitton and Dior helped French luxury giant LVMH make a very strong start to 2021, with overall revenues returning to growth in the first quarter despite new coronavirus lockdowns in Europe.
Swiss fragrance and flavour maker Givaudan confirmed its mid-term targets after like-for-like sales rose 7.7% in the first quarter, helped by strong demand for its fragrance and beauty products.
The US sport and sportswear giant has introduced a reconditioned shoes offering. Nike models that are returned as new within 60 days of purchase are reconditioned and then put up for sale at attractive prices.
Nykaa Fashion, a multi-brand fashion e-commerce platform, has strengthened its brand portfolio with the acquisition of online jewellery brand Pipa Bella.
EssilorLuxottica said on Monday Dutch eyewear group GrandVision - which the French-Italian spectacles maker is attempting to buy - has agreed to sell its Chile units to the main shareholder HAL Trust.
China's Ant Group, the fintech giant whose $37 billion IPO was derailed by risk-wary regulators days before it was due to list in November, will restructure as a financial holding company.
Jewellery brand Tanishq’s wedding line Rivaah has continued to expand and now contributes close to 22% of its revenue. Rivaah has just launched a summer wedding line to target millennial brides-to-be.
Personal care brand Wow Skin Science India Limited has sold a minority stake for $50 million to private equity firm Chryscapital.
Fashion and retail business Bella Casa plans to invest Rs 65 crore ($9.8 million) in expansion in 2021, and will open a third production plant to increase its manufacturing capacity.
