The Week in Brief

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As Burberry's sales continue to plummet, the British luxury brand replaces CEO Jonathan Akeroyd with Joshua Shulman

Burberry has announced the appointment of Joshua Schulman as chief executive officer, replacing Jonathan Akeroyd, coinciding with another lacklustre earnings update from the British luxury brand.

Burberry reported revenues slumped 22 percent to GBP 458 million (USD 594 million), with double-digit sales declines across all markets.

In Asia Pacific, comparable sales fell 23 percent, with mainland China contracting 21 percent. Elsewhere, South Asia Pacific sales plummeted 38 percent, and South Korea sales fell 26 percent.

Japan was the only bright spot for Burberry, up 6 percent for the quarter, benefiting from a strong tourism spend mainly from Chinese visitors. Read the full article here.

Gucci celebrates 60 years in Japan with a special exhibition debuting in August

On the occasion of its 60th anniversary in Japan , Italian fashion house Gucci is set to unveil a special exhibition titled “Bamboo 1947: Then and Now Celebrating 60 Years of Gucci in Japan” from August 2 through September 23 at Gucci Ginza Gallery in Tokyo.

The showcase will commemorate Gucci’s six decades in the country and will feature a display of 60 vintage models of the iconic Bamboo 1947 bag, reimagined by traditional Japanese artisans and artists.

The story of Gucci in Japan dates back to the historic year of 1964 when the brand opened its very first boutique in the country, coinciding with the Tokyo Olympics. Read the full article here. Read the full article here.

Cucinelli continues to clock double-digit sales growth in the first half of 2024, crediting strong performance in Asia

Brunello Cucinelli reported a 14.1 percent rise in revenues to EUR 620.7 million for the first half of 2024, on the back of double-digit growth in Asia and the Americas.

Up close, Asia sales totalled EUR 174 million, accounting for 28 percent of total sales during the first half.?

The company saw “very solid results in all areas,” including Japan, South Korea and the Middle East, with a? “very nice” growth trend in China is increasingly establishing itself as an important market with very high potential.

In the region, Cucinelli noted rising loyalty among local customers, with an exclusive positioning in the highest end of the market. Read the full article here.

Japan's Fast Retailing reports rising sales with strong Uniqlo showing both locally and overseas

In the three months through May, Uniqlo Japan revenue rose 10.4 percent to JPY 236.9 billion, while international revenues at the fast fashion brand skyrocketed 19.4 percent to JPY 408.8 billion.

Uniqlo Greater China reported a decline in revenue and a large decrease in profit, due to mainland China, where sales declined due to a particularly strong performance in the previous year, declining consumer appetite, unseasonal weather, and product lineups that did not fully satisfy the needs of local customers.

Looking ahead, Fast Retailing group said it expects to achieve a “record performance” in fiscal 2024, with consolidated revenue totaling JPY 3.07 trillion, up 11 percent year-on-year, with business profit reaching JPY 465 billion, up 21.7 percent. Read the full article here.

SEE ALSO:

• Fendi Casa unveils Singapore flagship store , notes Asia as a 'key market'
• Mulberry taps Andrea Baldo, formerly of Ganni, as its next CEO
• Birkenstock names Evelyn Chua to the newly created role of managing director for Southeast Asia, Australia and New Zealand
• Maison Kitsuné opens its first store in the Philippines

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