CHECKOUT COUNTER: Better sales for Tiffany
A weekly round up of the hottest international retail and consumer news.
1. Better sales for Tiffany
Sales at high-end jeweller Tiffany rose 1.3% to US$1.23bn in the fourth quarter ended January 31, largely as a result of strong demand in Japan and China. This follows four quarters of sharp declines. The jeweller’s CE, Frederic Cumenal, abruptly stepped down
last month. Tiffany’s board is still searching for a permanent replacement. Chairman (and former boss) Michael Kowalski is leading the company on
an interim basis.
2. New boss at Brioni
Luxury menswear company Brioni, which is owned by Paris-listed Kering, has confirmed the appointment of Fabrizio Malverdi as CEO, effective April 18. Malverdi has held management positions at Dior Homme, Givenchy and John Galliano. From 2016 he was chief executive officer of lingerie label Agent Provocateur, which went into administration. He replaces Gianluca Flore, who departed from the Italian fashion house last month.
3. Zara to sell online in India
Zara has announced plans to start selling its clothes online in India, where it operates 21 stores. Zara entered India, Asia’s third-largest economy, in 2010 through a joint venture with the Tata Group. At Zara, net profit rose 10% in 2016 to €3.2bn while total sales rose to more than €23bn.
4. Neiman up for sale
Ailing department chain Neiman Marcus has announced in a filing with the Securities & Exchange Commission that it was exploring strategic options, including a possible sale. It has enlisted a financial adviser to explore options. It reported a $117.1m loss in the quarter ended January 28, compared with a $7.9m profit the previous year.