CHECKOUT COUNTER: Harley-Davidson not for the young 'uns
A weekly round up of the hottest international retail and consumer news.
1. Not for the young ’uns
Harley-Davidson has been downgraded from "outperform" to "market perform" by AllianceBernstein. The investment management and research firm said in a note that the millennial generation has been a key contributor to the brand’s demise. Motorcycle sales at Harley-Davidson were down 1.6% in 2016.
2. Prime sales for Amazon on Prime Day
Amazon said this year’s "Prime Day" — its third annual shopping event for Amazon Prime members — was the biggest sales day in company history. Sales on Prime Day, which kicked off last Monday and offered 30 hours of deals, rose more than 60% compared with last year. The tech group said numbers for previous Black Friday and Cyber Monday shopping periods were beaten by Prime Day.
3. Watchmaking exec calls time on Richemont
Swiss luxury goods maker Richemont’s head of watchmaking has left the company less than four months after his appointment. The Geneva-based group said in a statement that Georges Kern, a 17-year Richemont veteran, had resigned with immediate effect "to pursue another opportunity". The group’s watch brands include Panerai, Jaeger-LeCoultre and IWC.
4. Another department store shuts up shop
Cult Parisian department store Colette is to close down in December. The three-storey space, located on Rue Saint-Honoré, has been going for 20 years. Colette had sales of $32m in 2016, with e-commerce accounting for 25% of that. The store is in talks with Kering-owned Saint Laurent to take over the location.