Richemont's year to 31 March saw a “strong performance”, with a “step change in sales and operating profit”. Its fashion ops improved, but the share price fell as a deal to sell a YNAP stake to Farfetch is not agreed.
Yet more strong numbers from the commercial property sector on Thursday. Major London landlord Great Portland Estates joined its peers British Land and Landsec this week in delivering an upbeat performance for the year.
Burberry’s new CEO looks like he won’t be deviating too much from his predecessor’s luxury strategy and if anything, he’s likely to take the label even further upmarket, while also focusing on its British heritage.
Landlord Grosvenor has launched an interesting project, unveiling “an innovation challenge seeking to find new technologies and partners that are putting customer experience at the heart of bricks and mortar retail”.
Kering is launching the third tranche of its stock repurchase program, covering a volume of nearly 0.5% of its share capital. Meanwhile, LVMH is launching a similar program worth “a maximum amount of one billion euros."
The French fashion house will unveil its new men's collection this Thursday, May 19, on Venice Beach, as well as on Facebook. Creative Director Kim Jones will also present a collaboration with the label Erl.
British Land became the second UK property giant in two days to report that the sector’s post-pandemic trading is thriving again, delivering “a strong performance across all parts of our business” for the year.