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...“If you manage a luxury department store as merely a financial operation as opposed to focusing on the commercial aspects, the products and the customer experience, of course it goes wrong.”...
...And as savvy luxury retail operators know, it’s more than a place to simply flog one’s wares. Today’s stores can attract, engage and generate meaningful interactions with customers....
...It reminded me of luxury retail in Tokyo — where Joffe spends much of his time, and also where high-end brands, such as Chrome Hearts, have been opening stores in discreet locations that a passer-by would...
...But the “aspirational” luxury market is in trouble. And it is this market which is the customer base of the luxury department store....
...But the new collection, which Kering has been promoting heavily, only accounts for a small proportion of the items in store....
...Product from new designer Sabato de Sarno’s first collections have only recently started arriving in stores, and has met with positive reception from clients so far, Kering has said....
...has increased a lot,” says Chauvet, citing rises in wages and store rents....
...Guiony also said that the group had hoped for “a very gradual improvement” in the US, with the return to stores of aspirational customers whose budgets have been squeezed as interest rates and inflation...
...Beyond its revamped Italian flagship stores, the label is also planning new openings in London next year and in New York in 2026....
...Brands tended to sell the latest, most expensive luxury items in their flagship duty-paid stores in mainland China and Europe, he said....
...Peer Icicle has grown to over 270 stores in China. Others, like Chinese outerwear brand Bosideng, have made progress in shifting upmarket to a more premium customer....
...Farfetch and Yoox also started to offer services and software to build and run ecommerce businesses for luxury brands and for department stores such as Harrods....
...That is the drawback of mass luxury: your products eventually end up in many hands. There is no avoiding it in a liquid secondary market, even if stores are tightly controlled....
...She will gauge customer interest for dedicated placeholder rings when she launches a new bridal space in her seasonal store in the Hamptons this summer....
...Doing something special with the building and the store can also give them an “experiential” edge to help awe their customers. LVMH has been snapping up real estate in New York, Paris and Milan....
...MainFT, last night: The Federal Trade Commission has sued to block US luxury goods group Tapestry’s $8.5bn acquisition of Capri Holdings, a move that threatens a bid to create a US rival to European giants...
...Store openings and events in so-called second- and third-tier cities across the world gained momentum during the pandemic, when luxury brands had to stimulate domestic demand to make up for the absence of...
...Prada in December agreed a $425mn purchase of its New York flagship store. The Milan deal is the largest single property sale in Europe since March 2022, said MSCI....
...KaDeWe, Germany’s most famous and exclusive department store, filed for administration on Monday, becoming the latest casualty of René Benko’s crumbling property empire....
...The 117-year old institution, which is jointly owned by René Benko’s Signa Holding and Thailand’s Central Group, said it could not afford to pay rent on its store in Berlin, one of Europe’s biggest luxury...
...Far from revealing the limitations of the department store business model, as claimed by Sam Jones (“Travails of luxury department stores reveal a story of decline”, Inside Business, February 2), the cases...
...De Sarno’s collections have been in stores since mid-February and Kering said they were “meeting with a highly favourable reception”, adding that availability of the new products will increase in the coming...
...340-page Codognato Masterpiece, about the eponymous Venetian jeweller established by Simeone Codognato in 1866, a book marking Buccellati’s centenary, and another about Tiffany’s Fifth Avenue flagship store...
...Arnault’s children work at the group, where they have been paired with mentors among his top executives, having been prepared for their roles since they were young, accompanying him as teenagers on weekend store...
...The end-of-year slowdown hit Burberry’s US retail sales particularly hard, sending store sales down 15 per cent in its third quarter compared with the same period the previous year, with store sales in Europe...
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