Sales at Compagnie Financière Richemont nearly halved in the first quarter to 1.99 billion euros, despite double-digit growth in China fueled by jewelry and fashion. Sales fell 47 percent in the three months to June 30 due to store and workshop closures, anemic tourism and a lack of appetite for hard and soft luxury worldwide during the pandemic.
China was the outlier, growing 49 percent in the period. As a whole, the Asia-Pacific region was down 29 percent, with sales of 1.01 billion euros, and was Richemont’s largest market in the period.
In Europe, sales fell 59 percent to 436 million euros, with all markets impacted by public health protection measures, as well as by subdued local demand and a lack of international tourism. In the Americas region, sales were down 61 percent to 277 million euros, while in Japan they fell 64 percent to 112 million euros.
The Middle East and Africa region fared slightly better, with sales falling 38 percent, partly reflecting advanced purchases in anticipation of Saudi Arabia’s VAT increase on 1 July. Continue reading
The administration of President Trump said late Friday that it would impose 25 percent duties on $1.3 billion worth of French fashion goods, the response to a digital services tax in France that impacts companies such as Amazon, Apple, Google and Facebook.
Virgil Abloh said on Thursday he has raised $1 million for a scholarship fund for Black fashion students.
Which makes it all the more surprising that Viard emerged from lockdown with a couture lineup so unapologetically maximalist, it could have walked straight off an Eighties runway. Party dresses, bling and Marie-Antoinette shoes were just some of the ingredients of her presentation during the online edition of Paris Couture Week
On the eve of the first digital fashion weeks in Paris for couture and men’s wear, Olivier Rousteing and Balmain are swooping in with a live, floating fashion and music spectacle, after doing 700 models in his kitchen, In addition he has built the baot in his Batheroom !!! He is very strong indeed.
Setting the bar for luxury in a coronavirus era, Cartier has called on a diverse cast of assured stars for this year’s blockbuster watch launch for the label the new Pasha edition that kicks off in China.
LVMH is seeing “fairly robust” signs of recovery in some of its activities in June after widespread shutdowns of its stores and factories in the first half of the year, chairman and chief executive officer Bernard Arnault said on Tuesday.
Bet Awards give an awards to Assa Traoré who has nothing to do with the Fashion world! It does not make sens.
Born in Lagos, Nigeria, and raised in Austria from age 4, the designer had previously shown at Arise Fashion Week in Lagos, and came on to the international radar as a finalist for the 2019 LVMH Prize for Young Fashion Designers.
Paris Fashion Week will take place this fall with physical shows, augmented by a digital platform, French fashion’s governing body said on Wednesday. As usual, a weather vane would have been more accurate
The art of shame or the shame of art! this is the ultimate for an Egyptian to have a “papy Russe”, and when this one is called Bergé it is linked to a traffic of antiques worth several tens of millions of euros that has been dismantled. It will shake up the fashion world, with five arrests, for hundreds of antiques sold in particular by the Pierre Bergé company, arts industry cultural looted in the Middle East in countries such as Egypt, Libya, Yemen and Syria. 
Riccardo Tisci is answering a cry from the great outdoors with plans to stage a Burberry presentation under British skies in September. Everyone’s invited to the spring 2021 outdoor shoW.
Olivier Rousteing and his team designed Balmain’s resort collection during the coronavirus pandemic, swapping images on WhatsApp and drafting in suppliers worldwide to get it made !!! Interesting !