European Luxury Goods Correspondent
Astrid's Feed
Mar 27, 2015

Exclusive: Yoox and Net-a-Porter in merger talks again – sources

PARIS (Reuters) – Online fashion retailers Yoox and Richemont’s Net-a-Porter are trying to resuscitate merger talks that took place more than a year ago to better fight cut-throat competition, industry sources told Reuters.

UK-based Net-a-Porter, estimated to be worth between 1.3 billion and 1.5 billion euros ($1.42 billion to $1.64 billion), is one of Richemont’s fastest growing companies but it has yet to make a profit because of the significant investments it made in the business.

Mar 23, 2015

Analysis – Luxury brands hedge their bets with smartwatches

PARIS (Reuters) – The flurry of technology deals luxury watchmakers announced this week to tackle the Apple Watch threat are more a way to hedge their bets in case the smartwatch market takes off than a strategic U-turn.

The costs of development of these hybrid watches, combining elements of traditional watchmaking with digital know-how and wireless connectivity, will be mostly financed by the technology providers, industry specialists predicted.

Mar 20, 2015

Luxury brands hedge their bets with smartwatches

PARIS (Reuters) – The flurry of technology deals luxury watchmakers announced this week to tackle the Apple Watch threat are more a way to hedge their bets in case the smartwatch market takes off than a strategic U-turn.

The costs of development of these hybrid watches, combining elements of traditional watchmaking with digital know-how and wireless connectivity, will be mostly financed by the technology providers, industry specialists predicted.

Mar 19, 2015

Tag Heuer, Intel challenge Apple with Android smartwatch

BASEL, Switzerland (Reuters) – Tag Heuer, French luxury group LVMH’s (LVMH.PA: Quote, Profile, Research, Stock Buzz) biggest watch maker, said it will launch a smartwatch later this year using Google Inc’s (GOOGL.O: Quote, Profile, Research, Stock Buzz) Android operating system in a venture with Intel Corp (INTC.O: Quote, Profile, Research, Stock Buzz) to compete head-on with the Apple Watch.

Tag Heuer Chief Executive Jean-Claude Biver declined to give any details about pricing, functionality or design, but said on Thursday that it aimed to launch what would be the first Android luxury smartwatch in the fourth quarter.

Mar 19, 2015

Bulgari confident of double-digit growth this year

BASEL, March 19 (Reuters) – Bulgari is confident of
double-digit sales growth in 2015 on a like-for-like basis, the
head of luxury group LVMH’s biggest watch and
jewellery business said on Thursday.

“We had a very good beginning of the year, so all else
remaining equal, we think that we will do better this year than
in 2014 with a double digit growth rate,” Chief Executive
Jean-Christophe Babin told Reuters in an interview at the
Baselworld watch and jewellery fair.

Mar 18, 2015

Tag Heuer latest luxury brand to tweak prices on forex

BASEL, Switzerland, March 18 (Reuters) – Tag Heuer, French
luxury group LVMH’s biggest watch maker, plans to
freeze prices in some markets and cut them elsewhere in a move
to balance out the impact of the recent jump in the Swiss franc
and the euro’s weakness.

Several luxury goods makers, including fellow watch makers
such as Richemont’s Cartier as well as privately owned
Patek Philippe and fashion house Chanel, have resorted to
similar measures to erase major price discrepancies between
markets resulting from currency fluctuations.

Mar 18, 2015

LVMH’s Tag Heuer surfs wave of smartwatch partnerships

BASEL, Switzerland (Reuters) – Tag Heuer plans to unveil a smartwatch on Thursday among a wave of partnerships expected at the world’s biggest watch fair this week as luxury watchmakers fight back against Apple.

The Swiss watch brand, the biggest at French luxury group LVMH, will announce it is teaming up with U.S. chip maker Intel Corp to create a digital version of one of its best-selling model, industry sources have said.

Mar 9, 2015

Tourism and luxury firms count cost of Russia’s recession

PARIS/BERLIN, March 9 (Reuters) – Russia’s lurch into
recession has hit many tourism and luxury goods companies hard,
forcing them to cut prices — and in turn costs — in an attempt
to limit the damage.

And there are few signs things will get better soon, with a
fragile ceasefire in eastern Ukraine doing little to ease
international tensions over Moscow’s support for pro-Russian
separatists in the region.

Mar 3, 2015

New Tag Heuer boss replaces top managers in turnaround drive

PARIS (Reuters) – The new head of Tag Heuer, luxury group LVMH’s (LVMH.PA: Quote, Profile, Research, Stock Buzz) biggest watch brand, has replaced half a dozen top managers as part of a drive to revive sales, he told Reuters.

Jean-Claude Biver, who took the helm in December, said the brand needed to focus on best-sellers such as the all-steel mechanic Carrera and Aquaracer models costing around $1,500-$4,000, over more expensive watches that did not sell so well.

Feb 23, 2015

Prada shares rise as market takes heart from shop opening slowdown

PARIS, Feb 23 (Reuters) – Shares in Prada rose 4
percent on Monday after the Italian luxury goods maker posted
in-line fourth-quarter sales, relieving many investors who had
braced themselves for weaker numbers.

Investors also took heart from the fact that Prada opened
fewer stores in 2014 than it said it would — 54 against 80
initially, implying less pressure on margins than expected.

    • About Astrid

      "Astrid is based in Paris and leads the team of correspondents across Europe who cover luxury and fashion. Previously, she was TMT correspondent. Before joining Reuters, she wrote for the Financial Times as UK companies news correspondent and before that as Moscow correspondent. She started her career in journalism in the mid-1990s as a business reporter for the Moscow Times, an English-language daily published in the Russian capital."
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