Covid has forced the Italian luxury industry to step up the pace of its transformation and search for investors, as shown by Zegna announcing a forthcoming stock market listing, and L Catterton’s acquisition of Etro.
Covid-19 has boosted e-tail, especially for multibrand sites and leading luxury labels, according to a study by Bernstein for Altagamma. An evolution that means other labels need to rethink their commercial strategy.
Birkin bag maker Hermès weathered the coronavirus pandemic better than luxury goods rivals, with sales recovering sharply in the final part of 2020 thanks to a strong performance in Asia and soaring online revenues.
Hermès' comparable sales picked up in the third quarter, rising 7%, and the Birkin bag maker said this positive momentum had extended into October after a strong rebound in Asia and surging online revenues.
Recovering sales of Louis Vuitton handbags helped LVMH contain the fallout from the coronavirus crisis in the third quarter, as the world's biggest luxury goods group reported a smaller-than-expected drop in revenues.
Moncler hopes to limit financial damage from the coronavirus crisis with a strong rebound in the final part of the year, a crucial season for its trademark puffer jackets, after sales fell 18% in the first quarter.
The news published by Bloomberg about a possible takeover of the down jacket label by the French luxury group fuelled plenty of speculations. FashionNetwork.com analyses the operation’s potential impact.
Luxury jeweler Tiffany & Co, which is being bought by France's LVMH, missed market expectations for quarterly profit and sales on Thursday, hit by lower spending by foreign tourists in the United States and Hong Kong.