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Business and Market Activity, Week of 23 May 2016

Luxury Goods Sales to Grow By No More than 2 Percent in 2016

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Bain & Co released its spring update on the global luxury market. Sales will grow by no more than 2 percent in 2016. There will be higher spending in Japan and Europe, compensating for flat trends in Asia and the United States. “The luxury market is stuck in a holding pattern for the foreseeable future,” said Bain partner Claudia D’Arpizio.

(via Business of Fashion)

China to Open E-Commerce, Other Sectors to Foreign Investment

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China will lift restrictions to investments by foreign firms in a range of service industry sectors, including e-commerce, logistics, accounting, and auditing, the China Securities News quoted commerce minister Gao Hucheng as saying.

The Chinese government has been attempting to guide the economy away from a reliance on investment and exports to one largely orientated towards services and underpinned by domestic demand.

(via Business of Fashion)

J.Crew’s Sales Fall as Chain Faces ‘Challenging’ Retail Climate

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J.Crew Group Inc.’s same-store sales declined 7 percent last quarter, a sign the apparel chain is still struggling to win back shoppers.

Total revenue decreased three percent to $567.5 million, the New York-based company said in a statement. J.Crew’s gross margin also contracted, shrinking to 36.1 percent in the period from 37.2 percent a year earlier.

 

The chain, which was taken private by private equity firms in 2011, has been revamping products and marketing in an effort to restore its image as a leading retailer.

TPG, one of its private equity backers, cut the value of its stake in the company by 84 percent at the end of 2015. The firm told investors that its $478.6 million equity holding in J.Crew was lowered to $76 million, according to documents obtained by Bloomberg.

(via Business of Fashion)

Former McQueen CEO Appointed as Versace CEO

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Jonathan Akeroyd, former CEO at Alexander McQueen, has been appointed as CEO at Gianni Versace SpA, replacing Gian Giacomo Ferraris, who has worked at Versace since 2009. Akeroyd’s new position is said to be effective immediately.

“It is an honour to be joining such a dynamic and innovative organisation,” said Akeroyd of his appointment. “Versace is an iconic lifestyle brand recognised globally as a premier name in luxury. I look forward to implementing a long-term business strategy that supports the visionary and creative direction of Donatella Versace and her team.”

(via Vogue)

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