Suitcase brand Rimowa, part of luxury group LVMH since 2016, has stopped all of its dealer contracts. It wants to initiate a new procedure soon and only a fraction of the current dealers will get a new contract.
Swedish fashion chain Hennes & Mauritz had to present less than favourable results for its new fiscal year: investor trust has dwindled, now that sales in its home territory have also dropped for the first time in decades.
At the presentation of its latest quarterly results, American fashion company Abercrombie & Fitch has indicated it will shut down about sixty stores this year. For each of those, the rental agreement will end this year anyway.
Online luxury retailer Yoox Net-A-Porter has shown increased sales in the Middle East across 2017, but its profit did suffer. Nevertheless, the fashion retailer believes it will reach its five-year target.
Fashion label Givenchy will bring its web shop to other territories aside from France. Consumers from Italy, the Netherlands, Spain and the United Kingdom will now also be able to buy the entire collection and unique items online.
Italian Riccardo Tisci (former Givenchy) will succeed Christopher Bailey as Burberry’s Chief Creative Officer. Bailey’s last fashion show for the traditional British brand was presented during the London Fashion Week.
German fashion retailer Zalando has raised its turnover by nearly 25 % in the past fiscal year, but it did suffer a profit drop. That was largely due to its home markets, because in the rest of Europe Zalando achieved its first profit.