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.
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.
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.
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.
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.