The News In Brief
Givaudan Tops 2024 Forecasts With Strong Sales Growth Across Markets
Givaudan surpassed market expectations with strong annual results, driven by robust sales growth in both its fragrance and taste segments, and now expects to exceed its 2021-2025 growth targets.
Burberry Soars After US Demand Pickup
Shares in the British mega-brand surged after a pickup in US demand buoyed sales results, raising investor hopes for a luxury market recovery.
Abu Dhabi-Based Royal Group Acquires Controlling Stake in Pangaia
The material science and apparel brand has struggled to sustain its footing after its brightly coloured tracksuits drove initial explosive growth during the pandemic.
Richemont’s Market Cap Surpasses CHF100 Billion
Shares in the Swiss luxury group have risen for six straight days since it reported better-than-expected sales during the holiday shopping period, buoyed by blockbuster jeweller Cartier.
Unilever India Acquires Indian Beauty Brand Minimalist
Hindustan Unilever, the conglomerate’s Indian division, has taken a majority stake in the premium beauty brand.
Puma Shares Fall After Sales and Profit Miss
The sneaker maker’s stock fell around 18 percent, hitting its lowest level since 2018.
P&G Stopped Hiking Prices and Sales Still Grew Last Quarter
Procter & Gamble Co. reported a 3 percent rise in organic sales for the December quarter, driven by higher volume rather than price hikes, marking the first time in years that prices remained flat year-over-year.
Academy Says Oscars Will Go On as Planned and ‘Honour’ LA Amid Fires
The Oscars will proceed as planned on March 2, with special accommodations to honour those affected by the recent wildfires in Los Angeles.
Primark-Owner ABF Cuts Guidance on Tough UK Retail Market
Associated British Foods Plc lowered its sales growth forecast for Primark, citing weak UK consumer sentiment and a 6.4 percent drop in like-for-like sales during the critical holiday period.
Chanel Cuts 70 US Jobs Warning of Challenging Luxury Environment
The French maison is cutting 70 jobs in the US, or 2.5 percent of its workforce, as the luxury brand navigates a tougher economic climate and adjusts to declining demand for high-end goods post-pandemic.
Valentino-Owner Mayhoola Names Riccardo Bellini as Managing Director
Bellini will oversee strategy, operations and development of the Qatari luxury group’s portfolio, which also includes Balmain.
China’s Luxury Sales Expected to Remain Flat in 2025, Report Says
The country's luxury market declined by 18 to 20 percent in 2024 but should move out of negative territory this year, according to consultancy Bain and Company’s latest report.