Briefing
The latest from across luxury business: the moves, deals and numbers that matter, gathered as they break.
This briefing is published daily using an AI-powered system crafted by Worthbury's team and finely tuned to meet our editorial standards. While we continuously test and review the output, mistakes can sometimes happen. Tell us if you spot one.
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Swiss watchmakers say Gen Z buyers want emotion, not status, as exports slide
Resale platforms and mid-price rivals from Japan and China are pulling younger buyers away from the traditional Swiss pitch.
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Poltrona Frau names Giovanni Baldi, ex-Dolce & Gabbana EMEA president, as new CEO
Baldi spent more than two decades at Gucci before moving to Dolce & Gabbana, and he succeeds a chief executive who held the job for ten years.
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Contemporary and premium brands now make up 31% of department store fashion floors
At Tryano in Abu Dhabi, retailer Chalhoub found its strongest sell-through in pieces priced between €400 and €800, the trade body's report shows.
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Lululemon leggings sales fall 20% as new CEO arrives to a downgraded outlook
Analysts want incoming chief executive Heidi O'Neill to pause store expansion the moment she starts next week.
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Brunello Cucinelli opens a 2,800 square metre Paris flagship on Rue Saint-Honoré
The seven-floor store houses a bar, showrooms, private fitting rooms and the brand's Parisian offices.
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Estée Lauder creates a new luxury beauty president role and hands it to a La Mer veteran
Justin Boxford's expanded role covers Estée Lauder, La Mer, Aerin, Darphin Paris and Lab Series.
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Victoria's Secret raises full-year guidance after 10% second-quarter sales rise
Net income surged to $183 million after the retailer collected more than $140 million in tariff refunds.
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Hermès growth slows in China, and rivals should take note
Tougher year-on-year comparisons and a narrowing price premium are chipping away at the maison's lead over its peers.
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Randa Group buys DTC shirt brand Untuckit
The deal hands the direct-to-consumer shirt maker access to global sourcing and what Randa calls market-leading retail relationships.
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Ermenegildo Zegna Group revenue rises 9% to €987.3 million in first half despite profit decline
Second-quarter sales grew even faster than the half-year average, up 10.3% year-over-year.
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Former Alexander McQueen CEO Gianfilippo Testa named to lead Bang & Olufsen
Testa left the London fashion house before joining the Danish audio maker's management team.
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Wella files for US IPO after months of speculation
The haircare and beauty group behind OPI and GHD is moving ahead with a stock market listing following prolonged private equity ownership.
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Equinox in advanced refinancing talks to cut debt and fund expansion
The luxury gym operator is negotiating a funding round intended to reduce interest costs and free up capital for new club openings.
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Victoria's Secret and Zegna post gains as brand turnarounds take hold
Both companies point to stronger store performance and margin discipline as evidence that their multi-year repositioning efforts are paying off.
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Luxury handbag fatigue pushes brands and retailers toward accessible alternatives
Analysts point to weakening underlying demand for logo-driven handbags, with more affordable, design-led labels picking up share.
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Elliott builds Deutsche Telekom stake, opposes T-Mobile US merger plan
The activist hedge fund wants the German telecoms group to prioritise shareholder returns such as buybacks over further consolidation with T-Mobile US.
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PVH beats on earnings but flags heavy impairment charges
Calvin Klein and Tommy Hilfiger owner PVH topped second-quarter estimates even as it prepares for significant writedowns.
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JPMorgan curbed lending to Jane Street as it pushed into bond markets
The bank scaled back credit to the trading firm after Jane Street began making markets in US Treasuries, the Financial Times reports.
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Uber cuts 3,300 jobs in its biggest reduction since the pandemic
The ride-hailing group is trimming management roles by a fifth as it faces intensifying competition in food delivery and autonomous driving.
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Hermès shrugs off China slowdown talk, doubles down on craftsmanship
The saddler posted steady first-half growth and its executive chairman dismissed concerns about a Chinese demand lull as short-term noise.