Bernard Arnault, Europe’s richest man, has acquired a one-quarter stake in Arnaud Lagardère’s holding company, in a move that will be seen as an attempt to support the family of his fellow French billionaire.
Gucci’s creative director Alessandro Michele has announced, via Instagram, that the Italian brand will abandon the official runway season, and will instead stage only two shows per year in for the foreseeable future.
The company has donated 1,000 pairs of shoes from its Easy range to Guy’s and St. Thomas’ hospitals in London. It said the shoes are easy to pull on and wipe clean and come with enhanced flexibility and cushioning.
Burberry was hit hard by the Covid-19 crisis at the end of its last financial year and the impact is continuing in the new year. But it's seeing resurgent demand in key Asian markets and its strategy remains on track.
The digital-first fashion rental service is reportedly seeking $25 million in its latest funding round, which would see the company valued at approximately $750 million, under a previous valuation of $1 billion.
Fashion discounting is surging online ahead of a sales frenzy when stores reopen. And the former Kate Middleton continues to be the number one fashion influencer in the UK during lockdown, LovetheSales said on Tuesday.
Giorgio Armani has reopened around one hundred boutiques in his global retail network on Monday, May 18, with added security measures, a new system of booking appointments; also, he will open Armani Silos this week.
Farfetch saw its revenue almost doubling in the first quarter as lockdowns meant online was the only option for luxury fashion shoppers. The firm remains loss-making but says it's still on target for profits next year.
Richemont mixed good news with bad on Friday as it delivered its full-year results, with the giant luxury group reporting resurgent demand in China on the reopening of its stores, but also a profits plunge.