Will cheaper fuel cause consumers to spend more in the U.S. retail sector? Oliver Chen, senior analyst at Cowen and Company, says he thinks that luxury brands like Tiffany, rather than lower-end retail, will benefit from the fall in the price of oil.» Read More
Richemont, the maker of Cartier watches and Montblanc pens, posted a 21% rise in annual net profit to 1.33 billion euros ($1.79 billion) on Thursday as China's economic boom fuelled demand for its luxury goods.
British fashion house Burberry reported a 12% rise in annual underlying profit on Thursday on strong sales of its clothes and $2,200 handbags but the cost of a computer system roll out weighed on its shares.
Swatch Group, the world's biggest watchmaker, is betting on a luxury goods boom in the United States and a recovering Japan as its sales continue to show double-digit growth, its chief executive said on Wednesday.
Private equity firm Permira is in exclusive talks to buy more than half of famed Italian fashion house Valentino, it said on Friday, dimming the chances of a bid battle with U.S. rival Carlyle.
U.S. private equity firm Carlyle Group is set to challenge Permira for control of Valentino by offering 36 euros per share, a financial source said, sending shares in the Italian fashion group to a record high.
Permira is to buy a 29.6% stake in Valentino, one of the world's top fashion houses, for 782.6 million euros ($1.06 billion), joining a small number of private equity firms in the luxury brand business.
Tuesday after the bell, I reported Disney earnings. I started my report by saying the company "hit it out of the park" on earnings, beating the street by six cents. I then said revenues missed a bit, while still growing.
Suddenly, the U.S. is the lap of luxury and Bulgari, Tiffany and Cartier are all looking to expand here.