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.
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Lenskart's profit jumped 182% year on year and Senco Gold's revenue rose 67%, as both Indian retailers posted strong quarterly results despite a sharp rise in gold prices.
Both companies reported sharp increases in profit and revenue for the quarter, evidence that Indian consumers are still spending on eyewear and jewellery despite higher gold prices.
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Niche fragrance brand Vyrao is reportedly nearing completion of a sale, according to an unnamed source cited in trade reports, as consolidation continues among independent scent houses.
The energy-infused scent brand founded by Yasmin Sewell in 2021 is understood to be close to finding a buyer, signalling continued consolidation among independent fragrance labels.
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Simon Property Group posted a positive second quarter,, crediting robust leasing activity and rising retail sales, including 1 million square feet reclaimed from Saks Off 5th closures.
The mall operator's robust leasing activity signals landlords are using department store contractions to court higher-paying luxury and premium tenants.
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Sotheby's has landed the Blaquier family's Argentine art collection,, valued at around $450 million and featuring works by Van Gogh, Cézanne and Degas.
The Argentine family's trove of Van Gogh, Cézanne and Degas works represents one of the largest single-collection consignments in the auction house's recent history.
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Singapore Airlines has lost about S$1 billion on its 25% stake in Air India,, with an executive conceding the timing of the bet could not have been worse and more pain expected ahead.
An executive has admitted the timing of the carrier's investment in Air India could hardly have been worse, with further losses forecast.
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**A stake sale in Giorgio Armani Group may slip to 2027**, as reported by Corriere della Sera, with negotiators said to be taking their time to secure the best terms.
Reports suggest the process to sell a stake in the fashion house, as directed by the late designer's will, is taking longer than initially expected amid tough market conditions.
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**On Running lowered its full-year 2026 guidance**, even as executives pointed to new shoe launches and margin discipline, leaving investors with more questions than answers.
The Swiss sportswear brand trimmed its 2026 outlook and leaned on wholesale management to protect margins, unsettling investors even as sales kept climbing.
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**Spinneys has made its alternative Europe-UAE freight corridor permanent**, after the route helped it post revenue growth and preserve profitability through supply chain disruption caused by the Iran war, AGBI reports.
The Gulf supermarket operator has locked in a new logistics corridor built during the Iran conflict, crediting it with protecting stock levels and profitability.
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**Simon Property is poised to collect significantly more rent**, after Saks Global vacated about a million square feet of space and halted payments, according to Retail Dive.
The mall landlord is on track to more than double the rent it was owed after Saks Global vacated roughly a million square feet of space and stopped paying.
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Beyoncé takes full control of SirDavis, buying out LVMH's Moët Hennessy stake in the whiskey brand she launched with the group in 2024.
The singer takes full ownership of the premium whiskey brand she co-developed with Moët Hennessy, ending the joint venture two years after launch.
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Natura's profit fell 92% in the second quarter, as pressure on its core Brazil business outweighed growth in its Hispanic American markets.
The Brazilian cosmetics group's second-quarter profit collapsed as weakness in its home market overwhelmed gains in Hispanic America.
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Peter Ruis is stepping down as John Lewis managing director, leaving in September after almost three years, with retail veteran Will Kernan named as his successor.
Ruis exits the British department store group after nearly three years to pursue new projects, handing over to retail veteran Will Kernan.
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Bally is undergoing a court-mediated Swiss restructuring, with layoffs and factory closures underway even as owner Regent reaffirms its long-term commitment to the brand.
The Italian leather goods house is undergoing a court-mediated restructuring in Switzerland amid layoffs and factory closures, even as owner Regent says it remains committed to a long-term turnaround.
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Shein's IPO pitch values it at under $30bn, a roughly 70% drop from its valuation four years ago, the Financial Times reports.
The fast-fashion giant is being marketed to investors at well under $30 billion, underscoring how far its fortunes have fallen since its pandemic-era peak.
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K-beauty is expanding into new categories, from tampons to fragrance, while Amouage reports further sales growth, per Glossy.
Korean beauty brands are expanding well beyond skincare and make-up into categories such as menstrual products and fragrance, while niche perfumer Amouage continues to post strong sales gains.
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Amouage has reported its strongest first half on record,, with estimated retail sales climbing sharply as the perfume house broadens its regional footprint.
The Omani perfume house reported its strongest first half on record, with retail sales estimated to have climbed sharply year on year.
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Harvey Nichols says it will collapse without a rescue,, with Frasers Group tipped to buy it in a pre-pack sale as soon as this week.
The luxury department store says it will fail without a buyer, with Frasers Group reportedly poised to acquire it in a pre-pack deal.
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DXL's board chair has taken over as CEO,, as the retailer weighs a merger, fends off a takeover bid and confronts weight-loss drugs' effect on demand.
The big-and-tall retailer's leadership shake-up comes as it fields a takeover approach and navigates the impact of weight-loss drugs on its core customer base.
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Kenvue's beauty arm delivered strong growth in its second quarter, even as tariffs and inflation dragged group sales below forecasts, while PZ Cussons reported a 5.4% revenue increase on the back of its Africa turnaround.
Kenvue's beauty division grew despite missing overall estimates, while PZ Cussons credited an Africa strategy overhaul for a revenue rise.
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Harvey Nichols has warned it could fall into administration unless a rescue deal is reached, after reporting a much larger loss for the year to late March 2025.
The British luxury department store group has flagged a going-concern threat after posting a sharply widened loss.