Articles by AFP
Kering CEO details strategy for Gucci's return to growth
Florence, Italy - French luxury group Kering is at a “turning point”, its chief executive officer Luca de Meo said on Thursday. He was presenting the company's new strategic plan in Florence, Italy. To return to growth, the executive highlighted a series of measures, particularly for its flagship brand Gucci, with a “significant” move “upmarket...
BusinessMemberloading...
Swiss watchmakers say time will tell on effects of Mideast conflict
The Middle East war has plunged Swiss watchmakers into uncertainty, testing the resilience of an iconic national industry already shaken by several crises. Behind the opulent booths at the Watches and Wonders fair in Geneva, the industry's biggest annual showcase, the conflict is on everyone's lips. The war is not the first crisis that...
FairsFeaturedloading...
Kering unveils recovery plan, aims to more than double profit margin
French luxury giant Kering has announced a recovery plan as the group continues to struggle. On Thursday, it revealed measures that include more than doubling its operating margin rate in the medium term. The group began a transformation last year under its new chief executive officer, Luca de Meo. It now aims to achieve an operating margin rate...
BusinessMemberloading...
Deveaux Group seeks acquisition of children's fashion brand Jacadi
Paris, France - Children's fashion brand Jacadi could come under the control of the Deveaux group. The group has notified the Competition Authority of a proposed merger, the authority confirmed on Wednesday, corroborating a report by the Ouest-France newspaper. Jacadi has been owned by the northern French group IDKIDS since 2005, which has been...
BusinessMemberloading...
Gucci looks to reignite the flame in its Italian home
Paris, France - Having transitioned from a fashion icon to a thorn in the side of French luxury group Kering, Gucci must now reinvent itself to avoid further weighing on its parent company's accounts. The luxury giant, which also owns Yves Saint Laurent, Bottega Veneta, Kering Eyewear and Boucheron, will present its strategy to investors on...
BusinessMemberloading...
Hermès hit in first quarter by Middle East war and exchange rates
French luxury group Hermès reported on Wednesday that its first-quarter sales fell by 1.4 percent year-over-year to 4.1 billion euros (4.83 billion dollars). The results were impacted by exchange rates and the war in the Middle East. At constant exchange rates, the saddler and leather goods maker's revenue grew by 6 percent, with the adverse...
BusinessMemberloading...
Generations of weavers uphold Aso-Oke tradition in Southwestern Nigeria
In Iseyin, a sleepy town in southwestern Nigeria, shaded spaces under trees, makeshift sheds and narrow alleys double as production hubs for aso-oke, a handwoven fabric indigenous to the Yoruba ethnic group. Demand for the fabric has recently soared at home and abroad, boosted by Nigerians in the diaspora and the rising global popularity of the...
Fashion loading...
Amazon announces construction of a new distribution centre in France, one of Europe's largest
Amazon announced on Tuesday the construction of a distribution centre in the Haut-Rhin region in France. It will be one of the largest in Europe, representing an investment of over 250 million euros and creating 2,000 jobs. The building, located in the municipality of Ensisheim, will have a floor area of approximately 60,000 square metres and a...
BusinessMemberloading...
Geneva watch fair set to show war's effect on luxury sector
The Geneva watch fair opens on Tuesday and will be taken as a barometer of how the Middle East war is affecting the luxury goods sector. The Watches and Wonders salon -- the industry's biggest annual event -- sees 65 major watch brands, including Rolex, Patek Philippe, Cartier and Bulgari, display their latest creations until April 20. Despite...
Fairsloading...
Kering: a crucial week to reassure markets and relaunch Gucci
French luxury leader Kering, held back by difficulties at Gucci, is facing a decisive moment. This week, the group will present its new roadmap during a highly anticipated investor day in Florence. All eyes are on the speech by Italian Luca de Meo, the group's chief executive officer, at the Capital Markets Day on Thursday in Gucci's birthplace....
BusinessFeaturedMemberloading...