PARIS (Reuters) – The fundamentals of luxury stocks are better than in recent history, with valuations below past highs despite a gleaming outlook for the industry, according to a fund manager at Swiss and Global Asset Management.
Luxury companies have increased their exposure to emerging markets, giving them higher potential for growth, and are better controlling costs, Scilla Huang Sun told the Reuters Global Luxury and Fashion Summit on Tuesday.
FRANKFURT (Reuters) – Adidas (ADSGn.DE: Quote, Profile, Research) said soaring demand from the United States, China and Russia for its sneakers would offset a profit hit from the Japan earthquake, allowing it to raise its sales outlook for the second time this year.
“Japan is a very profitable country for us and it is definitely eating into our profit,” chief executive Herbert Hainer said following forecast-beating first-quarter results.
FRANKFURT, May 4 (Reuters) – Nivea-maker Beiersdorf
(BEIG.DE: Quote, Profile, Research, Stock Buzz) said plans to rejuvenate the business were on track as
a pared-down product range weighed on first-quarter sales and
profit at its key consumer business.
Beiersdorf, which also makes La Prairie luxury skincare
products and Tesa industrial adhesives, has been fighting to
claw back lost market share and profitability by streamlining
its product range and investing in its core Nivea brand.
FRANKFURT (Reuters) – Adidas, the world’s second-largest sporting goods company, raised its sales outlook for the second time this year after the U.S., Chinese and Russian markets drove first-quarter growth.
Adidas, which competes with Nike and Puma, said on Thursday it now expects 2011 sales to increase at a high single-digit percentage rate.
DUESSELDORF, Germany, May 3 (Reuters) – Metro (MEOG.DE: Quote, Profile, Research, Stock Buzz), the
world’s fourth-biggest retailer, added to fears that austerity
measures and rising prices were keeping consumer spending in
check despite mounting signs of a global economic recovery.
The German group, which runs cash and carries, hypermarkets,
electricals and department stores, said on Tuesday first-quarter
underlying operating profit rose 6.6 percent to 145 million
euros ($215 million), helped by cost cutting.
TURIN, Italy (Reuters) – Written off by many as part of Italy’s industrial triangle, Turin is more than just the home of carmaker Fiat and the Juventus soccer team.
This year, it is celebrating its roots as the first capital of modern Italy by hosting the festivities for the 150th anniversary of the reunification of the country.
FRANKFURT/LONDON, April 28 (Reuters) – Germany’s TUI AG
(TUIGn.DE: Quote, Profile, Research, Stock Buzz), the owner of Europe’s largest travel firm TUI Travel
(TT.L: Quote, Profile, Research, Stock Buzz), is seeking to exit its stake in container shipping group
Hapag-Lloyd [HPLG.UL] to focus on tourism activities.
With IPO markets volatile and its last attempt at selling
off Hapag-Lloyd in 2009 not going to plan, forcing TUI to keep a
larger stake than it envisaged, what are its options this time
FRANKFURT, April 28 (Reuters) – German fashion house Hugo
Boss (BOSG_p.DE: Quote, Profile, Research, Stock Buzz) followed luxury peers LVMH and Burberry with a
jump in sales and profits for the start of 2011 as Asian demand
for European luxury labels continues unabated.
Hugo Boss forecast 2011 sales up at least 12 percent and
core profit up 15 percent, with growth to be driven by China and
the United States and expansion of its network of own stores.
FRANKFURT, April 26 (Reuters) – Puma (PUMG.DE: Quote, Profile, Research, Stock Buzz) said it aims
to reach the 3 billion euro ($4.36 billion) sales mark this
year, earlier than expected, as it reported record first quarter
sales driven by growth in the United States.
Outgoing Chief Executive Jochen Zeitz said the group had
also managed to increase sales in Japan in the quarter, one of
its key markets, despite an earthquake and tsunami there.
FRANKFURT, April 20 (Reuters) – German broadcaster ProSieben
(PSMG_p.DE: Quote, Profile, Research, Stock Buzz) has sold its Belgian and Dutch assets for 1.23
billion euros ($1.8 billion), allowing it to pay down debt ahead
of a possible exit by its owners.
ProSieben, owned by private equity firms KKR [KKR.UL] and
Permira [PERM.UL], said on Wednesday it had sold its TV and
radio channels as well as its print business to consortia led by
Finnish media group Sanoma (SAA1V.HE: Quote, Profile, Research, Stock Buzz).