Watchmaker Fossil Inc posted better-than-expected quarterly results, but cut its fourth-quarter earnings outlook to reflect a weaker economy and pressure from the strengthening U.S. dollar, sending its shares down 6 percent.
Hermes on Thursday became the latest European luxury group to cut its sales growth target, caught by global consumer spending gloom, and said trading worsened in October, sending its shares down sharply.
Target Corp is launching a new fashion program aimed at collaborating with established designers, and the discount retailer will kick off the initiative in March with an apparel line by Alexander McQueen.
Even the wealthiest consumers are cutting spending in the face of the global economic turmoil, which will likely push the worldwide luxury retail market into recession in 2009, a survey showed Wednesday, October 29th.
The iconic quilted leather Chanel handbag with its golden chain gets honored in a new exhibition in New York's Central Park, housed in a snow-white spaceship-like mobile art gallery designed by Iraqi-born British architect Zaha Hadid.