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.
Two of the biggest names in luxury retail are now working together with Farfetch saying on Tuesday that it’s linking up with Harrods and will be the luxury department store’s global commerce platform provider.
Harrods will not pursue the array of Indian businesses mimicking its brand name and look, the luxury retailer’s managing director Michael Ward said when questioned at the recent Global Business Summit.
Harrods is clearly not suffering from the cloud hanging over many of its sector peers further down the price chain and like luxury rivals Selfridges and Harvey Nichols, luxury and tourist spending has sent profits up.
Harrods is planning a major makeover of its London flagship with the work being the biggest in its history. It’s spending £200m on the store and its website to widen its already-strong appeal to global shoppers.
The Comité Colbert was elected to the presidency of the European Cultural and Creative Industries Alliance. Its vice president, Guillaume de Seynes (Hermès), will take over the role for the next two years.