Luxury Daily

Research

Affluent consumers cannot wait to go on vacation: study

Half of affluent consumers think a recession in the United States has already begun, yet 88 percent feel confident they can endure the downturn.

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Women in Luxury 2020 New York conference moved to Wednesday, July 8

Register now for Luxury Daily’s fourth annual Women in Luxury conference Wednesday, July 8 in New York. Meet with speakers from BMW, Chanel, Piaget, Apple, Moët Hennessy, Ritz-Carlton, Mandarin Oriental, Maison Atia, Diamond Producers Association, Forrester Research, Ana Andjelic, Shanker Inc., Accenture, Modern Luxury, Worth, Meredith’s Travel + Leisure, China Luxury Advisors, Sedhom Law Group, Reputation Dynamics, Luxury Portfolio International and LVMH’s Starboard Cruise Services.

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Apparel and accessories
No surprise in Ferragamo earnings amid global downturn

The Salvatore Ferragamo Group announced that preliminary consolidated revenues were down by 30.6 percent to 220 million euros ($239 million).

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Real estate
Cut stamp duty, extend SDLT holiday to get UK housing market moving post-lockdown: Knight Frank

Knight Frank’s analysis of sales data shows how abrupt the impact of COVID-19 was on the British property market.

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Fragrance and personal care
Estée Lauder Cos. goes to market for $700M in borrowings

Estée Lauder Companies is looking to borrow $700 million from the market as the beautycare giant, like its counterparts across industry sectors, looks to shore up its balance sheet with the COVID-19 global lockdowns continuing to take their toll on revenue.

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Retail
Hermès mourns loss of top window dresser Leïla Menchari to COVID-19

Ms. Menchari’s passing on April 4 came soon after news that Italian footwear maker Sergio Rossi had succumbed to the COVID-19 coronavirus originating from China.

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Healthcare
Kering and brands donate $1M to CDC Foundation to help healthcare workers in the Americas

The funds will help the CDC Foundation to offer personal protective equipment and other important supplies to health authorities fighting to curb the spread of the COVID-19 coronavirus.

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Arts and entertainment
Sotheby’s sees spike in digital sales as coronavirus pushes auctions online

As the coronavirus has shut down auction houses, galleries, exhibitions and art fairs around the world, the event-driven global art industry is turning to digital channels to adapt to the new normal. 

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Women in Luxury
Women in Luxury 2020 New York conference moved to Wednesday, July 8

Register now for Luxury Daily’s fourth annual Women in Luxury conference Wednesday, July 8 in New York. Meet with speakers from BMW, Chanel, Piaget, Apple, Moët Hennessy, Ritz-Carlton, Mandarin Oriental, Maison Atia, Diamond Producers Association, Forrester Research, Ana Andjelic, Shanker Inc., Accenture, Modern Luxury, Worth, Meredith’s Travel + Leisure, China Luxury Advisors, Sedhom Law Group, Reputation Dynamics, Luxury Portfolio International and LVMH’s Starboard Cruise Services.

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Apparel and accessories
Marc Jacobs employees share lockdown work-from-home looks on Instagram

Marc Jacobs is tapping its housebound employees in its latest social media campaign that brings fun and ease to consumers around the globe working from home under COVID-19 lockdowns.

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Apparel and accessories
Roadblocks to the recovery of China’s supply chain

When Liu Wei, a woolen textile sales manager, started receiving a wave of overseas calls and emails asking him to halt orders, he was prepared.

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Strategy
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Financial services
JP Morgan Chase CEO Jamie Dimon expects “bad recession” in letter to shareholders

The outspoken executive anticipates the U.S. GDP will be down by 35 percent through 2020 and unemployment peak at 14 percent by fourth quarter.

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News briefs
Italy, Net-A-Porter, Langham Hotels, Ralph Lauren and Gucci

Luxury Daily’s live news: Britain’s Walpole gets Italian counterpart Altagamma to share what it is like in besieged Italy; Net-A-Porter restores UK online ordering with delayed fulfillment; Langham Hotels breaks pink-hued sharing campaign of positivity; Ralph Lauren Corp., hit hard by COVID-19 retail lockdowns, to furlough employees, corporate staff starting April 12; Gucci, targeting the housebound, takes viewers inside the kitchens of Gucci Osteria da Massimo Bottura.

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Marketing
An ode to the display banner ad more than 25 years later

The problem with display ads has never been the ads themselves, but poor measurement. Truth is, display ads are far more effective and valuable than given credit.

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News briefs
Day’s wrap: Italy, Net-A-Porter, Langham Hotels, Ralph Lauren and Gucci

Luxury Daily’s live news: Britain’s Walpole gets Italian counterpart Altagamma to share what it is like in besieged Italy; Net-A-Porter restores UK online ordering with delayed fulfillment; Langham Hotels breaks pink-hued sharing campaign of positivity; Ralph Lauren Corp., hit hard by COVID-19 retail lockdowns, to furlough employees, corporate staff starting April 12; Gucci, targeting the housebound, takes viewers inside the kitchens of Gucci Osteria da Massimo Bottura.

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Retail
Britain’s Walpole gets Italian counterpart Altagamma to share what it is like in besieged Italy

British luxury trade lobby Walpole got Fondazione Altagamma, its sister organization in Italy, to share the fallout of the COVID-19 coronavirus pandemic on the country and the luxury sector.

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Retail
Net-A-Porter restores UK online ordering with delayed fulfillment

Online retailer Net-A-Porter is open again for business in the United Kingdom and Europe after finding a workaround to take orders from customers even as its distribution centers remain closed.

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Travel and hospitality
Langham Hotels breaks pink-hued sharing campaign of positivity

The Langham Hotels & Resorts is running a social media campaign called #inthepink as a means to share favorite moments as consumers are under siege from the COVID-19 coronavirus outbreak.

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Apparel and accessories
Ralph Lauren Corp., hit hard by COVID-19 retail lockdowns, to furlough employees, corporate staff starting April 12

Suffering the consequences of the COVID-19 lockdown measures worldwide, U.S. fashion giant Ralph Lauren Corp. has given warning that starting April 12 it will put the vast majority of its store employees and a portion of its corporate staff on unpaid temporary furlough.

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QUOTE OF THE DAY
Splurge, not save: The changing dynamics of the Indian luxury consumer
By

Fueled by access to the Internet and international trends, aspiring Indians want enhanced experiences that make their lives better. Cash-rich, time-poor middle class and upper middle class Indians are driving the rise in spending across categories.

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An ode to the display banner ad more than 25 years later
By

The problem with display ads has never been the ads themselves, but poor measurement. Truth is, display ads are far more effective and valuable than given credit.

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Can Gucci do the renegade? Luxury brands in the era of TikTok
By

Unlike Instagram and Facebook, which serve as sources of news and social activism, TikTok remains a place for humor and entertainment, even in the face of the global healthcare crisis.

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How the COVID-19 coronavirus – and my own diagnosis – changed how I do business
By

COVID-19-infected British Prime Minister Boris Johnson’s admittance yesterday to the St. Thomas Hospital in London after a deterioration in his condition brings to the fore a key issue: How to lead in a time of crisis, especially during a healthcare pandemic, when the leader himself is stricken?

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