On October 30, 2024, Prada Group, based in Milan, announced it had achieved a remarkable 18% year-over-year increase in net revenue for the nine months ending September 30, defying the prevailing downturn in the luxury market.
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The American luxury brand industry was shaken on October 24 as the U.S. District Court for the Southern District of New York halted Tapestry, Inc.’s ambitious $8.5 billion acquisition of Capri Holdings Limited.
On October 25, TFG London, the South Africa-based fashion retail giant, acquired the British fashion and lifestyle brand White Stuff.
Hermès announced on October 24th in its third-quarter earnings report that sales increased by 11.3% compared to the same period last year.
On October 23, French luxury conglomerate Kering announced that its third-quarter revenue amounted to €3.78 billion (approximately $4.08 billion), a 16% decline compared to the same period last year.
On October 22, former Abercrombie & Fitch CEO Mike Jeffries was arrested on sex trafficking charges.
On September 15, French luxury conglomerate LVMH (Moët Hennessy Louis Vuitton) announced its third-quarter results for 2024. Although overall sales reached €19.076 billion (approximately $21 billion), organic sales declined by 3%, falling significantly short of analysts’ expectations.
On October 13, the major shareholder of the British luxury brand Mulberry, operated by the Mulberry Group, issued a statement declaring that it has no intention of selling its shares in response to Frasers Group’s takeover proposal.
On October 10, AMTD IDEA Group, based in Hong Kong, announced that the renowned French fashion magazine L’Officiel has made its full-scale entry into the Japanese market with the launch of L’Officiel Japan.
On October 10th, Bloomberg reported that Lazada, a subsidiary of Alibaba Group, is partnering with top European fashion brands to achieve $100 billion in e-commerce volume by 2030.