Daily LInks
1. Watches of Switzerland to Expand in EU Through M&A, Boutiques: The company also revealed that full-year sales rose 13% to 905.1 million pounds ($1.25 billion) at constant currencies. “The luxury watch market remains predominantly supply-driven with demand exceeding product availability for key brands and models.” – Read More on Bloomberg
2. Mickey Drexler, Former Gap and J.Crew Boss, Is Running a Fashion Brand Again: “The business used to be solely about having the best product. Today, it’s also about marketing.” – Read More on the WSJ
3. Demand for luxury goods soars despite higher prices: While some customers complain about a constant rise in prices, the popularity of luxury goods continues to grow. Between May 1 and June 29, sales of luxury goods at Lotte Department Store jumped by 37% compared to last year. Sales of luxury goods at Hyundai and Shinsegae Department Stores rose by 54.1% and 38.8%, respectively. – Read More on Inside Retail
4. RELATED READ: Chanel Boosts Prices Again, Sending Price Tags Up by 15 Percent or More for Certain Bags. Even if certain luxury names have been able to raise prices amid a global pandemic and even if consumers have been willing to pay accordingly, there may be a sticking point for even the most willing luxury shoppers, which prompts questions about how long this overarching push to raise price tags can go on for. – Read More on TFL
5. Levi Strauss forecasts profit above estimates as apparel demand bounces back: Peers including American Eagle and Abercrombie & Fitch all signaled a lift to sales as customers abandon their pajamas and work-at-home lounge wear for outdoor clothes. – Read More on Reuters
6. Swedish Challenger to H&M Planning IPO to Lure ESG Investors: That narrative is likely to appeal investors who remain hungry to load up on assets that meet environmental, social and governance goals. It’s a point that hasn’t gone unnoticed by one of the company’s main backers, Northzone Ventures Sweden AB. – Read More on Bloomberg
