10 months ago
22
As the luxury slowdown continues, luxury brands are looking for ways to juice up revenue, including looking to new categories like watches and beauty. Don’t forget to subscribe to the Glossy Podcast for interviews with fashion industry leaders and Week in Review episodes, and the Glossy Beauty Podcast for interviews from the beauty industry. –Danny Parisi, sr. fashion reporter
Luxury brands look to category expansion and China to get through the slowdown
In the ongoing luxury slowdown, even Kering isn’t safe. The company announced its latest earnings on Thursday, revealing that its operating profits fell by 15% last year and that it expects the same will happen this year, as well. Sales across most of its brands and divisions were down. Gucci, its largest fashion brand, saw a 4% drop.
To prepare for continued slowdowns in fashion sales, Kering has been revving up investment in its fragrance arm. Last year, Kering spent nearly $4 billion to acquire the perfumery Creed, and it plans to release fragrances from three of its top brands — Bottega Veneta, Balenciaga and Alexander McQueen — this year.
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English (US) ·