Posted by Dale Buss on May 17, 2013 09:16 AM
Dell reports 79 percent drop in profit as takeover battle continues.
Dow Chemical is ordered to pay $1.2 billion in price-fixing case.
Google Glass expands apps and integrates Facebook and Twitter.
Apple fights back in antitrust case over e-book pricing as it loses luster in global poll.
Audi shifts to high-performance models to propel sales.
BlackBerry regains lost market share in Canada.
Citigroup bans traders from using Bloomberg terminal chat groups.Continue reading...
Posted by Barry Silverstein on September 13, 2012 05:03 PM
It may not yet be a major earthquake, but there seem to be rumblings that luxury goods are undergoing some sort of seismic shift.
As Fashion Week was at its height in New York, instead of watching hemlines fashionistas were watching stock prices, as luxury apparel maker Burberry saw its shares drop over 20 percent Tuesday on issuing its first profit warning since 2008. It was an especially bitter pill to swallow for a brand that in January was named "International Retailer of the Year" and, in April, took the mantle of greatness from a bankrupt Aquascutum.
Bloomberg Businessweek labeled Burberry's slide as "an end to a three-year rally in the luxury-goods industry as wealthy shoppers cut back on past indulgences." While Burberry's report may have helped pull down shares of luxury giant LVMH and other luxury brands such as Prada and Richemont, it does appear demand for luxury goods has been softening recently.
Harry Winston indicated last week that there was lower interest in its luxury products, and last month, Tiffany projected lower profits for the year. Stacey Cartwright, Burberry's CFO, told Bloomberg Businessweek that she had spoken with other luxury goods marketers. "We know we are not alone in terms of what we've seen in the last couple of weeks," she said.Continue reading...
Posted by Dale Buss on September 5, 2012 09:07 AM
Nokia faces key test under new CEO, launches mobile streaming music in US and expanded app library as part of today's reveal of Windows Phone 8 Lumia devices. HTC's Windows Phone series will also be branded under 8 series following Samsung's mobile rebranding move.
Audi to build plant in Mexico as automaker markets S series with NFL tie-in.
Method sold to European green-cleaning rival Ecover.
3M drops planned acquisition of Avery Dennison under U.S. antitrust threat.
Amazon adds movies to streaming service in new challenge to Netflix.
American Airlines can reject pacts with pilots, judge says.
Apple is embarrassed by data leak ahead of iPhone 5 reveal on Sept. 12.
AT&T and Texas to test text-to-911 safety initiative.
Best Buy's new CEO hits the store floor in first week.
BP dinged as U.S. reiterates gross negligence charge in oil spill.Continue reading...
Posted by Shirley Brady on June 1, 2010 06:00 PM
Global luxury sector will outperform this year, though Mideast luxury sales stagnate and unemployment casts shadow on US luxury recovery.
US consumers are drinking less beer, while EU combats falling wine consumption.
Is crowdsourcing ready for prime time?
Boomer brands such as PF Flyers get a second life.
Why CMOs are joining the executive table.Continue reading...
Posted by Shirley Brady on May 27, 2010 05:15 PM
Ford is said to be ready to kill off its struggling Mercury brand (yes, that's Farrah Fawcett).
Following today's news conference with Obama, US officials said BP's "top kill" effort appears to be working at capping the spill.
Facebook's privacy battles aren't over yet, says Mashable's Pete Cashmore.
Cartier maker Richemont said Asia-Pacific is the only bright spot in its near future.
Newsweek.com introduced a redesign today.Continue reading...
Posted by Barry Silverstein on April 16, 2010 11:32 AM
Last month, we reported on 2009 being a dismal year for Swiss watch brands, posting the biggest drop in sales since the Great Depression. Luxury watch-makers including Rolex, which depends on the U.S. for about one-third of its sales, were particularly battered. But there is a glimmer of hope for the world's most prominent watchmakers, as this year is already off to a more positive start.
Exports in January rose almost 3 percent compared with a year ago. February was even stronger, clocking a more than 14 percent increase in exports versus last year, as noted in the Financial Times. It was enough of a boost for watchmakers like Swatch Group, owner of such brands as Hamilton, Longines, Omega, and Tissot, to breathe a sigh of relief.
Swatch Group CEO Nick Hayek is bullish on the year ahead, predicting that "2010 would bring record sales and earnings" for the company. Richemont, a company with luxury brands like Cartier, Piaget, IWC, and Montblanc in its portfolio, is being more cautiously optimistic.Continue reading...
Posted by Sara Zucker on April 2, 2010 07:56 AM
DirecTV can now track police information. [Consumerist]
Apple should update censors for its iTunes material. [Boston Herald]
Verizon is slashing Palm Pixi and Pre prices. [NY Times]
Dov Charney disagrees, but American Apparel is doing poorly. [LA Times]
GameSpot, Univision join forces for a new gaming site. [Adweek]
Jennifer Hudson is the new face for Weight Watchers. [AP]Continue reading...
close of business
Posted by Sara Zucker on March 15, 2010 06:45 PM
With sales up, luxury e-boutique Net-a-Porter was bought by Richemont. [Vogue UK]
MG Icon, Madonna's fashion project, will include Dolce & Gabbana sunglasses. [WWD]
French Connection will decrease its stores and sell the Nicole Farhi brand. [Reuters]
Continental Airlines is pricing its in-flight meals to save costs. [NY Times]