The Week in Brief
Retail in Asia
The one-stop source for retail intelligence, covering trends, reports, openings and expansion activity across Asia.
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Hermès defies luxury sales slowdown, with China weighing on its Asia sales in Q2
Hermès reported a 15 percent uptick in revenues to EUR 7.5 billion in the first half, with the French house again defying the luxury sales slowdown affecting its industry rivals.
For the six months ending June, the Paris-based company said all?the geographical areas posted solid growth, despite a particularly high comparison basis in the second quarter in Asia.
Asia excluding Japan rose 10 percent, thanks to growth in all the countries of the region. The company said its “value strategy supported activity” in Asia, despite a downturn in traffic in Greater China, witnessed after the Chinese New Year in the first quarter. Elsewhere, Hermès Japan revenues surged 22 percent, thanks to its local clients. Read the full article here.
Loewe emerges as the leading fashion brand of Q2 2024, according to the latest Lyst Index
Jonathan Anderson’s Loewe has seized the spotlight as the hottest brand globally, according to the latest Lyst Index report for Q2 2024. This marks a significant shift in the fashion landscape, with the brand claiming the top spot after a year-long hiatus from its previous reign.
Crucially, desire for Loewe product has been strong. Sustained demand for basket bags and the anagram tank top helped drive a?29 percent?increase in searches over the last three months.
Meanwhile, Swiss running shoe brand On has emerged as the most rapidly advancing brand beyond the Top 20 rankings. Read the full article here.
Sotheby’s unveils new maison at Landmark Chater in Hong Kong
The past weekend marked a momentous occasion for global auction house Sotheby’s as it opened its highly anticipated maison at Landmark Chater in the heart of Hong Kong’s luxury hub on Saturday, July 27.
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The opening is a key piece and the first completed phase of Hongkong Land’s USD400 million-transformation of its Landmark assets, where anchor tenants including Cartier, Chanel, Dior, Hermès, Louis Vuitton, Prada, Saint Laurent, Tiffany and Co., and Van Cleef & Arpels are slated to unveil upgraded, multi-storey boutiques.
“Our Sotheby’s Maison has been long in the making,” says Nathan Drahi, managing director of Sotheby’s Asia.
“We envision for this state-of-the-art space in Hong Kong to be the epicentre of culture for global visitors – a destination where generations of art and culture enthusiasts come to engage with and be inspired by extraordinary objects and experiences," Drahi continues. Read the full article here.
Korean downtown and airport duty-free sales decline in June
Duty-free retail sales nationwide (excluding inflight retail) declined -4.4 percent month-on-month in June to KRW1,199,565,739,843 (USD865.5 million) according to newly released Korea Duty Free Association figures.
Downtown duty-free sales, so important historically in terms of the Chinese business, fell -4.8 percent to KRW957,656,458,802 (USD690.9 million).
Airport sales declined -2.4 percent to KRW188,150,337,272 (USD135.7 million).
“As predicted, the daigou business is slowing down and even Korean sales are also stagnating as discounts and promotions are decreasing due to the retailers’ contingent management measures taken to overcome the current sluggish Korean duty-free market,” a senior Korean travel retail executive told The Moodie Davitt Report. Read the full article here.
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