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18 Jan

Mainland China Closures Dent Burberry Growth in Key Holiday Period

by Beauty Tips
Fashion, Featured
LONDON – COVID-19 disruption in China took a bite out of Burberry’s growth in the important thing holiday trading period, with third-quarter retail revenue flat at constant exchange, and up 5 percent at reported rates.  Retail revenue was 756 million kilos within the 13 weeks ended Dec. 31, compared with 723 million kilos within the corresponding period last yr. Comparable store sales were up 1 percent, compared with 7 percent within the corresponding period last yr. In mainland China, certainly one of Burberry’s biggest markets, sales were down 23 percent attributable to lockdowns and the country’s later decision to chill out COVID regulations throughout the period. Outside mainland China, comparable stores sales advanced 11 percent with the EMEIA region, Japan, South Korea and South Asia-Pacific...
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23 Dec

No. 3: China Lockdowns Dent Luxury Spending, Brands Look

by Beautifaire101
Beauty, Featured
The Chinese fashion and luxury market has had a rough yr. Waves of strict lockdowns throughout 2022, especially the two-month-long one in Shanghai, wreaked havoc on fashion spending. Within the six months that ended June 30, LVMH Moët Hennessy Louis Vuitton said it saw significant gains in Europe and the U.S. but experienced “severe double-digit declines” in China. Kering Group, whose sales rose 23 percent year-over-year in the primary half, concluded that the Chinese market was “improving but still unstable” after a powerful global retail performance that offset losses within the second quarter in China. Compagnie Financière Richemont’s jewelry division grew greater than expected in the primary half to Sept. 30 but in addition witnessed double-digit sales declines in China. Swiss...
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