Greensboro, North Carolina-based denim group Kontoor Brands Inc. reaffirmed on Wednesday it expects to report 2022 revenue at a high single-digit percentage increase over 2021 of approximately $2.7 billion.
The luxury sector was in excellent health in 2021, and leading groups are keen to maintain their margins in 2022, despite rising costs and inflationary pressures, which are expected to lead to price increases.
When Gucci-owner Kering and Hermes report earnings this week, investors will be looking for signs that the big luxury fashion groups are confident that wealthy shoppers are willing to pay higher price tags.
French luxury goods group LVMH posted a 27% rise in comparable sales for the fourth quarter, breezing past market forecasts as consumers snapped up high-end fashion and accessories over the holiday season.
LVMH is expected to post strong fourth quarter sales on Thursday, following a slate of solid earnings from rivals that showed steadfast demand for high-end fashion and accessories from pandemic-weary consumers.
Shares in Italian luxury menswear group Zegna rose on their New York market debut on Monday, after the company completed a merger with a U.S. blank check company in a deal with an enterprise value of $3.1 billion.
UK retail giant Next has added extra property and capital markets know-how to its board of directors, appointing Soumen Das as an independent non-executive director, effective immediately. He replaces Francis Salway.