Giorgio Armani's core profit fell 14.6 percent last year as the recession took its toll on the world of fashion. There is no doubt that 2008 has been a difficult year for the fashion and luxury market," Armani, who is in his 70s, said in a statement on Thursday 7 May.
Home Shopping Network operator HSN Inc posted a 68 percent fall in quarterly profit, hurt mainly by a 22 percent drop in sales at its Cornerstone Brands segment.
Australia's largest department store chain Myer Ltd said on Thursday 7 May sales for the first eight weeks of its second half improved thanks to increased spending on marketing and a government stimulus package.
Bebe Stores Inc swung to a third-quarter loss as expenses rose, but the Mall-based women's apparel retailer said it expects to post a profit in the current quarter.
Snowboarding gear retailer Zumiez Inc reported a narrower-than-expected 13.8 percent fall in April sales at stores open at least a year and forecast a narrower first-quarter loss, sending its shares up 2 percent.
The global luxury market could shrink much more than expected in 2009. Bain & Company explained on Wednesday 29 April that the economic crisis having greatly affected the purchasing behavior of consumers of top-of-the-range products.
Company executives in Europe and Asia gave mixed outlooks for 2009 when reporting earnings on Wednesday 6 May.
Teen-clothing retailer Hot Topic Inc posted April same-store sale results that missed estimates, even though monthly sales rose, as sales at its Torrid stores and women's segments weighed down on performance.
Consumer goods exporter Li & Fung Ltd said on Tuesday 5 May it would sell $350 million in shares at a discount, raising capital to fund future business development and acquisitions.
Like prodigal sons, China's exporters are returning home to sell their products as global economic gloom takes a toll on their overseas orders.
Warmer weather and a later Easter likely spurred many U.S. consumers to shop in April, and may lead retailers to post only a very modest decline in monthly sales later this week.
Iconix Brand Group Inc posted first-quarter profit above market view and raised its full-year earnings outlook, sending the fashion house's shares up more than 9 percent in pre-market trading.
A French fashion website plans to let customers pay what they want for 10,000 goods during a four-day promotion it billed as an "anti-recession formula."
The majority of U.S. consumers do not think the worst of the U.S. economic crisis is behind them and plans to spend on luxury items remain low, a new survey showed on Tuesday 5 May.
Acqua di Parma, now owned by LVMH, is continuing its expansion into Asia. On the 15 April the luxury Italian perfumer opened its first point of sale in Beijing: a 20 metres squared corner in the Mitsukoshi department store.
