LONDON : H&M said on Friday soaring costs had slashed its profits, the latest fast-fashion retailer to feel the pinch as consumers cut back, while LVMH and Salvatore Ferragamo revealed the damage to luxury sales caused by China's COVID-19 policies.Shares in H&M, the world's No. 2 fashion retailer, fell as
LONDON : H&M said on Friday soaring costs had slashed its profits, the latest fast-fashion retailer to feel the pinch as consumers cut back, while LVMH and Salvatore Ferragamo revealed the damage to luxury sales caused by China's COVID-19 policies.
"Rather than passing on the full cost to our customers, we chose to strengthen our market position further," CEO Helena Helmersson said in a statement. Zara has outperformed rivals after selling higher-priced garments and enticing shoppers who might have otherwise spent money at luxury stores. At the other end of the market, organic sales at the world's biggest luxury group grew 9 per cent, a slowdown from 20 per cent in the first nine months of the year.
Disappointment over the impact of the China disruptions on its margins caused a record-breaking run in LVMH shares to briefly halt on Friday.
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LVMH shares lose recent lustre as China takes margin tollPARIS :LVMH shares, which hit a record high earlier this month, fell on Friday as some analysts aired disappointment at the company's margins, taking some of the shine off a fourth-quarter sales rise.The French luxury goods group reported late on Thursday that its sales rose 9 per cent in the fourth quarter a
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LVMH's shares wobble after China takes margin tollPARIS :A record-breaking run in the shares of French luxury goods group LVMH halted briefly on Friday after the company's fourth quarter sales update prompted some disappointment over the impact of China disruption on its margins.The company, which owns dozens of high-end labels including fashion houses Louis
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Luxury giant LVMH sales rise 9% in fourth quarterPARIS :Luxury goods group LVMH posted a 9 per cent rise in sales in the fourth quarter as shoppers in Europe and the United States splurged over the crucial holiday season, helping to partly offset COVID disruptions in China.Sales at the world's biggest luxury group came to 22.7 billion euros ($24.65 billion)
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Luxury group LVMH's sales defy downturn as shoppers splurgePARIS :Luxury goods group LVMH's sales rose 9 per cent in the fourth quarter as shoppers in Europe and the United States splurged over the crucial holiday season, helping to partly offset COVID disruptions in China.Sales at the world's biggest luxury group reached 22.7 billion euros ($24.65 billion) in the fi
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LVMH shares fall as margins disappointment takes shine off Q4 figuresPARIS : LVMH shares, which had hit a record high earlier this month, fell on Friday as some analysts expressed an element of disappointment over the company's margins, which took some of the shine off its fourth-quarter figures.LVMH reported late on Thursday that its sales rose 9 per cent in the fourth qu
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China says Covid-19 deaths, severe cases drop by more than 70%Daily new infections hit a peak of more than 7 million per day around Dec 22. Read more at straitstimes.com.
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