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Prada Group, Fendi, CHANEL, Swatch Group and other international luxury brands are closing their boutiques in Russia as the war in #Ukraine enters its third year, the Ukrainian Council of Shopping Centers (UCSC) reported on April 3. Prada is leading the exodus by closing three of its Moscow outlets, including a prominent location in GUM (shopinh centre facing Red Square) reducing its presence from six stores at the start of 2024. Similarly, Fendi is set to close its doors in Moscow, not renewing leases for three locations and planning to exit its TsUM (another luxury shopping mall) boutique by Aug. 1. CHANEL's Russian operations are following suit, opting to end leases for its 17 boutiques, predominantly located in Moscow. Meanwhile, the Swatch Group has already concluded leases for 15 stores across Moscow, St. Petersburg, and other locales.  In contrast, several #luxury retailers like Gucci, Hermès, and Louis Vuitton remain operational in Russia, with impending lease expirations prompting forthcoming decisions about their presence in the country. Despite these significant exits, only 27% of foreign luxury retailers halted Russian operations post-invasion, with conglomerates such as LVMH, Kering, and Richemont maintaining leases in Russian shopping venues. This cautious approach aligns with a broader trend identified by the Kyiv School of Economics (KSE), which noted that under 10% of foreign firms have officially severed ties with Russia, highlighting a reluctance among global businesses to exit the Russian market entirely. https://lnkd.in/dJfXW9-H

Prada Group is buying its Fifth Avenue flagship in NYC for US$425 million, solidifying its position in a thriving market. Despite a global retail slowdown, this move signals confidence in the resilient US consumer market. Prada's sales slowed in the third quarter due to global conflicts, while luxury brands like Hermès experienced strong sales in the #US and #Europe. Fifth Avenue has maintained its status as the world's priciest shopping hub, averaging $2,000 per square foot yearly for the second consecutive year. Hong Kong's Tsim Sha Tsui ranks third but remains the most expensive retail destination in the Asia-Pacific region at $1,493 per square foot. #LuxuryBrands #Retail #NewYorkCity #RealEstate #HongKong #Investing l South China Morning Post SCMP

Luxury Market News, July 9-14 Saks Acquires Neiman Marcus for $2.65 Billion Hudson's Bay Company, the owner of Saks Fifth Avenue, has announced its acquisition of Neiman Marcus Group for a total value of $2.65 billion, signaling a major consolidation in the luxury retail sector. Brioni Opens New Location in Houston Italian luxury menswear brand Brioni has opened a new store in the River Oaks District, Houston, Texas, offering a sophisticated range of men's ready-to-wear collections. Brunello Cucinelli's Stock Slide Post-Earnings Despite meeting second-quarter earnings expectations, Brunello Cucinelli's stock fell by 2.3%, signaling potential concerns for Europe's luxury goods market. LOEWE Wins at Cannes Lions Spanish luxury fashion house LOEWE, in collaboration with Japanese ceramicist studio Suna Fujita, won the Grand Prix at the Luxury & Lifestyle Cannes Lions for their innovative project. Cartier Celebrates a Century of Trinity in Singapore Cartier is marking the 100th anniversary of its iconic Trinity collection with special celebrations and a pop-up event at The Arts House in Singapore. Mulberry Appoints New CEO British luxury brand Mulberry has named Andrea Baldo, former Ganni executive, as its new chief executive, effective immediately. Alexander McQueen's New Campaign in East London Alexander McQueen unveils a new campaign focusing on the renegade glamour of East London's youth, signaling a new chapter for the British fashion house. Louis Vuitton and Timberland Collaboration A new collaboration between Louis Vuitton and Timberland will bring durable luxury to the market, with a global release scheduled for August 8, 2024. Christian Louboutin Diversifies Into Hospitality Christian Louboutin has taken a minority stake in Experimental Group, expanding his portfolio into the boutique hotel and nightlife industry. Stay updated with the latest from the world of luxury fashion and retail. Sources: Business of Fashion, Fashion United, US Fashion Network, Independent.co.uk, Vogue Business #fashionmarket #fashionnews #marketinsights #ecommerce #businessnews #ecomm #retail #luxurybrands #luxuryfashion

🌐Members News 🌐 Central Department Store Group is all set to revolutionize #Bangkok’s shopping landscape with a revamped Central Chidlom this April. 💫 After a substantial investment of THB4bn (US$109mn) last year, the store went through a remarkable transformation adopting the fresh concept of ‘The Store of Bangkok.’ The new luxury, beauty, and fashion zones will open in April, while the full revamp can be expected by December. The ‘World of Luxury’ section will offer an array of prestigious global brands like BALENCIAGA, CHANEL, Gucci, and Prada Group, while the beauty centre will host products from over 150 global brands. This remodel will also mark the official start of the Group's plans to renovate several branches nationwide in the coming years. #luxury #fashion #departmentstore #retailhub #retailindustry #transformation #designer #brands #collection #global #thailand #igdsmembers #membernews #switzerland

Hong Kong's luxury and retail sectors are experiencing a remarkable revival. Despite challenges in the past, recent surveys show that the city remains competitive with Singapore in attracting talent and multinational corporations' regional headquarters. The reopening of Hong Kong's borders has revitalized the luxury market, with notable events such as Louis Vuitton and Christian Dior fashion shows taking place in the city. Art Basel Hong Kong is also set to return in 2024, featuring international galleries capitalizing on the city's affluent consumers and collectors. Christie's Asia Pacific has experienced strong buying momentum in luxury categories, surpassing its highest-ever annual total for luxury in Asia. The city's business-friendly policies and logistical advantages make it an ideal location for brands to establish their regional headquarters. Let's keep an eye on Hong Kong's exciting growth in the luxury and retail industries! #louisvuitton #christiandior #artbasel #christies #HongKong #luxuryindustry

Italian luxury fashion house Prada has purchased the building housing its flagship store on New York City's prestigious Fifth Avenue. The transaction, valued at $425 million, was a landmark deal from leasing to ownership for the renowned brand. Prada's decision to buy the 12-story building at 724 Fifth Avenue secures Prada's physical footprint in one of the world's most prestigious shopping corridors. Prada's relationship with this iconic location dates back to 1997, when it first leased space in the 12-story building. For over two decades, Prada has been a staple of Fifth Avenue's luxury retail landscape, attracting fashion enthusiasts and tourists alike to its five-story retail space. The decision to purchase the building from Wharton Properties cements Prada's long-standing presence and signals a confident stride into the future of brick-and-mortar retail. Read full article here: https://lnkd.in/gqARpBy8 #retail #fashion #businessnews #fashionindustry #retailnews #fashionnews #ecommerce #dtc #consumertrends #trends

Physical retail continues to be paramount for fashion brands according to the findings of Cushman & Wakefield‘s inaugural European Luxury Retail report. Also according to the American real estate services firm, fashion companies accounted for more than 40 percent of retail floor space leased across Europe in the first half of 2023.

WHAT IS CHINA\'S LUXURY MAP SPREADS AS CHANEL OPENS THE FIRST BOUTIQUE IN ZHENGZHOU AND HOW DOES IT WORK? Chanel recently opened its 18th store in China, a sprawling 841-square-meter boutique in Zhengzhou's David Plaza, showcasing a full range of products. Zhengzhou's strategic location in the Central Plains Economic Zone allows Chanel to tap into an underserved market of over 10 million people. The city's GDP exceeded 1.3 trillion RMB in 2022, making it the 15th Chinese city to achieve this milestone. With recent luxury store openings by Hermès and Dior, Zhengzhou is now the 11th city to house all five top luxury brands. Despite challenges like limited employment opportunities, Zhengzhou's potential as a luxury market is significant, attracting a new wave of first-time buyers. #chanel #luxuryretail #zhengzhouopportunity https://buff.ly/41DWbF1

LUXURY BRANDS ROLLING REAL ESTATE DICE. IS THIS A SMART PLAY OR TOO RISKY IN NYC? “The rents that the luxury retailers were paying on Fifth and in other prime locations were simply astronomical,” said Eric Menkes, co-chair of leasing for the New York-based law firm Adler & Stachenfeld. “There comes a point in time when these retailers looked in the mirror and said, ‘Why am I making my landlord rich?’” Luxury retailers are spending big on real estate in the world’s most expensive and exclusive shopping corridors. According to The Wall Street Journal: - In New York City, Prada recently agreed to buy the building that houses its Fifth Avenue store as well as the building next door for more than $800 million. - Gucci’s parent company, Kering, is also paying nearly $1 billion for a 115,000-square-foot retail space a few blocks south. - Luxury behemoth LVMH Moët Hennessy Louis Vuitton, meanwhile, is in discussions to purchase the Fifth Avenue retail space occupied by Bergdorf Goodman’s men’s store, according to a person familiar with the matter. This activity follows a flurry of purchases in Europe, where high-end retailers have snapped up real estate on high streets including Avenue Montaigne in Paris and London’s New Bond Street in recent years. Luxury’s real-estate shopping spree shows that retailers are using their considerable cash to free themselves from the control of landlords and plant their flags on streets where they want a long-term presence. https://lnkd.in/eAjkairT

Hermes International SCA, the French luxury giant, is expanding its presence in one of Hong Kong's most prestigious shopping malls! Amidst economic uncertainties caused by China's slowdown, Hermes' decision to invest in Hong Kong showcases the growing confidence that premium brands have in the city. But here's the best part: Hong Kong is making a remarkable comeback! Despite social unrest in 2019 and strict Covid restrictions, it regained its position as the world's top luxury spender per-capita last year, surpassing Switzerland and the United Arab Emirates. And it's not just Hermes! Other leading brands like Chanel are also expressing optimism about Hong Kong's prospects. They seized the opportunity presented by pandemic-induced rental price slumps and rented a two-floor store in Causeway Bay. Talk about seizing the moment! This renewed focus on Hong Kong by luxury brands highlights the city's resilience and attractiveness as a high-end retail hub. Hong Kong continues to demonstrate its allure to prestigious brands seeking to tap into its discerning and affluent consumer market.