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Briefing

The latest from across luxury business: the moves, deals and numbers that matter, gathered as they break.

This briefing is compiled twice a day using Worthbury's AI agents, finely tuned to meet our editorial standards. While we test and review their work, mistakes can sometimes happen. See exactly how it works.

  1. Richemont completes the sale of Baume & Mercier to Italy's family-owned Damiani Group, closing the disposal agreed in January.

    The family-owned Italian jewellery group takes 100% of the near-200-year-old Swiss watchmaker, closing the deal agreed in January.

    1 July 2026 Richemont · FashionUnited

  2. The Armani group readies the stake sale ordered by its founder's will, with the process expected to begin in September and LVMH, EssilorLuxottica and L'Oréal first in line.

    The sale of an initial 15% of Giorgio Armani SpA is expected to begin in September, WWD reports, with LVMH, EssilorLuxottica and L'Oréal named as preferred buyers.

    30 June 2026 WWD · Bloomberg

  3. Saks Global exits bankruptcy as Exemplar Luxury Group, cutting its debt by roughly 75% and its store base to 49 as it resets North American luxury retail.

    The owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman emerges from bankruptcy with roughly 75% less debt, 49 stores and a new corporate name.

    29 June 2026 Retail Dive · Fox Business