A boom in online luxury goods sales is finally convincing high-end watchmakers, long sceptical that customers would pay thousands to buy intricate timepieces on the web, to step up their investments in e-commerce.
French fashion label Saint Laurent, part of Kering, will start selling online in China through a JD.com portal, joining shopping players like Alibaba in trying to tap strong luxury goods demand from Chinese consumers.
Italian luxury outerwear company Moncler said on Monday it would end its Gamme Rouge and Gamme Bleu lines and their designers Giambattista Valli and Thom Browne would leave the company to focus on their own brands.
Worldwide sales of luxury goods such as high-end handbags, shoes and jewellery are growing faster than expected this year thanks to thriving demand from Chinese customers and young shoppers, according to Bain & Co.
Yves Saint Laurent, French luxury group Kering's second-biggest brand, expects to nearly double revenue in three to five years while boosting profits, adding to its recent strong growth, the company said on Monday.