in Luxury Trends
on 1st September 2010 | 1 Comment »
The pricey German fashion group Hugo Boss will use a strategy pioneered by lower-cost brands to get new collections out faster, chief executive Claus-Dietrich Lahrs said in an interview on Tuesday.
“Shortening the times from collection development to production and delivery to the customer is crucial for our future success,” Lahrs told the Finance Times.
Boss sought the “speed and reactivity” of popular European retail chains like Zara and H&M, but would maintain its position as a premium brand, he added.
Dolce & Gabbana has announced that is dramatically scaling back operations in Japan of its D&G line, which is aimed at the younger fashion market.
They blamed the decision to halt the distribution of the D&G ready-to-wear lines, leather accessories and shoe collections in Japan on the scarcity of available locations for its boutiques and the widespread availability of counterfeit products.
The decision to regroup in Japan comes in the wake of Versace and French Connection UK leaving the market entirely within the last year.
Champagne corks are popping again in the luxury business as “It” bags and expensive watches this year sell like hotcakes from Beijing to New York, signalling the turning of a page after the global financial crisis.
As the owner of Gucci and Yves Saint Laurent, French luxury goods giant PPR, on Friday joined a string of high-end brands reporting ballooning 2010 profits, firms and consultants predicted rosy days ahead for luxury goods.
“The recession’s starting to look like an old memory for the luxury industry,” said analyst Matthew Curtin, quoted by Dow Jones Newswires.
PPR chief executive Francois-Henri Pinault said of the group’s doubled first half net profits, “very good results … in an economic environment that remains hesitant.”
Luxury department store, Harrods is currently negotiating the possibility of launching its first branch outside the UK in Shanghai’s Bund area.
However, if the talks resulted in a partnership with Shanghai’s municipal government, it would take around two-and-a-half years to finalize the project.
“China is the most probable [option for a foreign branch], but we would have to do a lot of work first”, Harrods managing director, Michael Ward said.
French luxury designer Louis Vuitton opened its first boutique in the Lebanese capital Beirut on Thursday.
“For many years, the maison has maintained strong relations with Lebanese clientele and is proud to reiterate its engagement by offering a new store which respects the Beirutis’ heritage and patrimony,” said brand executive manager Yves Carcelle at the opening, which was attended by Prime Minister Saad Hariri.
Louis Vuitton commissioned local artist Marwan Rechmaoui to construct a special installation depicting images of Beirut for its storefronts.
Asia-Pacific consumers are the world’s most prolific online shoppers and many rely on Internet reviews when making purchases according to Nielsen.
The firm said 35 percent of consumers in the region used over 11 percent of their monthly spending to make online purchases, compared to a global average of 27 percent of consumers.
South Koreans were the heaviest online buyers in Asia, with 59 percent directing more than 11 percent of their monthly spending to online purchases, followed by 41 percent in China, Nielsen said in a report.