1. The relative of Indian Billionaire, Megha Mittal bought Escada, the German brand that filed for insolvency earlier this summer.
2. Harvey Nichols chief executive Joseph Wan has warned the luxury market will not recover from the global banking collapse for at least five year. There has been a change of the total land scape in luxury retailing. It will open a floor in Feb devoted to a more accessible fashion offer to counter shifting shopping habits. The business has no changes to its wealthy shopper’s spending habits. At the moment, we are continuing to see significant growth. The growth is occurring on brands on a higher level such as LV, Chanel and Christian Dior.
3. PPR, the owner of Gucci group reported the sales in the third quarter dropped 8%, the decline was blamed on weak wholesale sales, tough exchange and a drop in tourism.
4. Generation X marks the spot for retailers. Women born in the 1960s and 1970s have cash in their purses and an appetite for trend-driven fashion, marking them a tempting proposition for womenswear retailers. Those aged between 30 to 45 are the age group where spending has grown most in the last year. Ease of shopping is one thing important to them. Quality and design details are very important to them. Mint Velvet targets for 30-plus women.
5. Louis Vuitton reported a double-digital rise in sales over the nine months to Sep 30. The luxury brand’s success boosted the performance of LVMH.
6. China data shows economic rebound,especially in factory outputs and retails.