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Retail Asia14/02/2024

French luxury house Hermes has reported a 16 percent growth in revenue to $14.46 billion for last year, with net profit surging 28 percent to $4.64 billion despite global demand for luxury goods slowing down. Sales in the fourth quarter ended December 30 reached $3.56 billion, up 13 percent. “These solid results reflect the strong […]

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Retail Asia24/07/2023

Without his knowledge, luxury car dealer Phan Cong Khanh has been accused of selling a customer’s luxury car for VND24.5 billion ($1.04 million). A person named Manh from the southern province of Kien Giang has complained to the police that he had lent his Brabus 800 to Khanh in early June to put on display […]

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Retail Asia24/01/2023

The focus of the luxury industry is shifting back to China, with hopes that its high-end spenders will once again splurge on designer goods during Lunar New Year festivities as Beijing relaxes Covid curbs after three long years. Quarterly results from LVMH and Europe’s other luxury goods companies will offer glimpses of the toll of […]

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Retail Asia20/06/2022

Wealthy people are splurging millions of dollars to buy ultra-luxury apartments mostly as second homes. Hoa, owner of a house and a villa in HCMC’s Thu Duc City, said she recently bought a VND30-billion (US$1.3 million) apartment. Located on the 27th floor of a luxury project, the 200-square-meter unit offers unobstructed views of the Saigon […]

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Retail Asia27/04/2022

Chinese authorities have seized hundreds of counterfeit belts bearing the Salvatore Ferragamo brand with the aid of Amazon’s Counterfeit Crimes Unit (CCU). The belt is one of Ferragamo’s most known accessories – its link-shaped buckle is used by the brand as a logo for many other products – and it sells for more than US$320. […]

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Retail Asia12/04/2022

Haxaco, a major Mercedes-Benz dealer, will focus on developing luxury car rental service this year besides its core business of car retail. In a recent annual meeting, its chairman Do Tien Dung said the firm has almost gained monopoly status in luxury car rental across Ho Chi Minh City and Hanoi, as competitors had been […]

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Retail Asia07/01/2022

Swarovski has just opened its first Asian flagship store in HK Plaza, Shanghai. On the heels of the brand opening its Instant Wonder pop-up boutiques in 27 key locations around the world earlier this year, the Shanghai flagship will welcome customers into Swarovski’s world on a more permanent basis. “Throughout the journey of our transformation, we […]

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Retail Asia28/12/2021

Ferrari has signed a multi-year accord with Swiss technology firm Velas Network to create digital content for its fans, the luxury sports car maker said on Monday. From next season, Velas, a provider of digital products and services, will become a partner of Ferrari’s Formula 1 racing team. “In addition, Velas will be Title Sponsor […]

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Retail Asia02/12/2021

Italian fashion group Prada sees opportunity in the booming second-hand fashion sector which it can develop both in-house and through partnerships, marketing chief and heir designate Lorenzo Bertelli said. The market for pre-owned chic bags and clothes has surged over the last three years, driven by younger, more environmentally conscious shoppers looking for affordable high-end […]

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Retail Asia25/11/2021

Canada Goose has appointed Paul Cadman as its new president for the Asia-Pacific region. In his new role, Cadman will oversee the business’ activities including commercial, financial, and marketing across Apac markets, including Greater China, Japan, South Korea, Australia, and New Zealand. “Paul is a trusted brand advisor, having consulted for us for years,” said […]

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Retail Asia06/07/2021

Demand for luxury goods is continuing to grow in South Korea, despite price hikes and the Covid-19 pandemic. Chanel, a high-end fashion house, has already raised prices in the market twice this year. The French luxury brand raised the price of the Classic Flap Bag Medium from 8.64 million won (US$7,600) to 9.71 million won, […]

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Retail Asia01/07/2021

Marco Gobbetti is to give up his role as CEO of Burberry after leading the brand and business for almost five years. According to a report, Gobbetti will return home to Italy to lead rival luxury goods group Ferragamo. Gobbetti will stay with Burberry until the end of this year while the company searches for […]

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Retail Asia28/05/2021

A board job at the Swiss wealth giant is a lucrative gig, but probably not lead to ultra-high net worth riches. Or at least not rich enough to purchase one of Hong Kong’s priciest manses, as Fred Hu just did. Hu plopped down HK$428 million ($55 million) for a 4,755-square foot home on Tai Tam Road in […]

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Retail Asia20/05/2021

The luxury goods sector could shrug off the hit from the coronavirus crisis as early as this year as Chinese and US shoppers help sales recover to pre-pandemic levels, consultancy Bain said on Monday. Bain now sees a 30 percent probability that sales of high-end handbags, clothes and jewelry will return to or exceed their […]

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Retail Asia28/04/2021

Last year in September, Hyundai Group’s premium car brand- Genesis hired Dominique Boesch as its first Managing Director for the European market and now the company is all set to make its foray into the market. Genesis took to Twitter through its European handle to share the news and the tweet read, “The Genesis journey […]

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Retail Asia23/04/2021

As Italy entered a new coronavirus lockdown and shut shops in March, Genoa-based jeweller Gismondi 1754 turned to messaging service WhatsApp to sell a 300,000 euro diamond ring to a wealthy Swiss client. At the same time, sales assistants at luxury puffer jacket brand Moncler were arranging gourmet dinner deliveries to customers homes so they […]

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Retail Asia13/04/2021

Expensive luxury brands are racking up strong sales in South Korea, despite the coronavirus outbreak. Consumers, denied overseas travel, have resorted to spending on luxury goods instead, gaining popularity among the MZ Generation (millennials and Generation Z) in particular. The Financial Supervisory Service reported that Christian Dior Couture Korea Co, the South Korean branch of […]

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Retail Asia12/03/2021

Los Angeles-based fine jewelry and lifestyle brand Hoorsenbuhs opened its first overseas store at the Ginza Six mall in Tokyo, Japan on Friday, March 5th. The 1,050 square foot space in Tokyo comes to life through the eyes of founder Robert Keith. For the store, Keith designed custom chairs, tables, lights, and jewelry cases featuring the brand’s […]

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Retail Asia11/03/2021

Italian luxury goods group Salvatore Ferragamo said on Tuesday that China and e-commerce had boosted sales in the year so far after the COVID-19 pandemic pushed the firm to its first full-year operating loss since it listed in Milan 10 years ago. Deputy Executive Chairman Michele Norsa, a long-time executive brought back by the Ferragamo […]

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Retail Asia02/03/2021

French luxury group Kering has taken a 5 percent stake in Vestiaire Collective, a leading platform for second-hand clothes and handbags, betting that the booming resale market will help it woo younger and more environmentally conscious shoppers. The purchase is part of a 178 million euro (US$215 million) financing round announced on Monday which valued […]

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