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UK retail in shock as government to end tax-free shopping for non-EU tourists

UK retail in shock as government to end tax-free shopping for non-EU tourists

The UK government is being urged to reconsider its decision to almost completely opt out of tax-free shopping at the end of the year with retailers and the bodies that represent them saying it would be a catastrophe.
Fashion
Aspinal of London CVA to mean store closures

Aspinal of London CVA to mean store closures

​Aspinal of London is the latest British retailer to launch a CVA proposal as the effects of a pandemic have made its current business model unviable.
Fashion
Dolce's Cabana - duo open in Grand-Hôtel du Cap-Ferrat

Dolce's Cabana - duo open in Grand-Hôtel du Cap-Ferrat

A select few fashion brands are managing to open boutiques this summer, but Dolce & Gabbana have chosen a more novel inauguration – a rarefied cabana in the Côte d’Azur’s legendary Grand-Hôtel du Cap-Ferrat.
Fashion
Dufry to buy rest of American peer Hudson in $311m deal

Dufry to buy rest of American peer Hudson in $311m deal

Swiss travel retail giant Dufry has agreed to buy the rest of Hudson for $7.70 per share in an all-cash deal worth around $311 million. Dufry currently owns 57.4% of the US firm. This will delist Hudson from the NYSE.
Fashion
UK shopper numbers still nowhere near normal

UK shopper numbers still nowhere near normal

Shopper numbers remain muted in the UK and the West End of London is still suffering, new data has shown. But there remain signs that a slow upturn is happening.
Fashion
Dufry expects major cash flow drops as travel retail stays weak

Dufry expects major cash flow drops as travel retail stays weak

Swiss airport retailer Dufry has announced its cash flow estimates in a still-uncertain world and is planning for potential full-year declines in turnover of 40%, 55% and 70%.
Luxury
L'Oréal sales fall is worse than expected, travel retail suffers

L'Oréal sales fall is worse than expected, travel retail suffers

Sales at Maybelline maker L’Oréal fell more sharply than expected in the second quarter, though the French beauty giant managed to contain any major profit erosion as the COVID-19 pandemic forced stores to close.
Luxury
Britain's Selfridges to axe jobs on virus retail storm

Britain's Selfridges to axe jobs on virus retail storm

British department store group Selfridges warned Tuesday that it plans to axe 450 jobs after sales slumped due to the coronavirus and the aftermath of the nationwide lockdown.
Fashion
West End calls for action as footfall plunges, wants duty-free change

West End calls for action as footfall plunges, wants duty-free change

​The New West End Company is calling on the UK government to introduce tax-free shopping for European tourists post-Brexit as what should be Britain’s busiest shopping area continues to see a mere trickle of visitors.
Luxury
Paris's struggling shops brace for muted sales season

Paris's struggling shops brace for muted sales season

Usually thronging as summer sales kick off, Paris' Printemps department store is among French retailers bracing for a fall in revenues this year as the coronavirus outbreak keeps tourists away.
Lifestyle
Rich consumers globally question reliance on luxury - Altiant study

Rich consumers globally question reliance on luxury - Altiant study

Global affluent consumers are beginning to question their consumption of luxury goods in the wake of the coronavirus crisis, but the Chinese are still very pro-luxury, even though they're demanding sustainability too.
Luxury
Hong Kong May retail sales tumble as spending, tourism evaporate

Hong Kong May retail sales tumble as spending, tourism evaporate

Hong Kong’s retail sales in May slumped 32.8% from a year earlier, falling for the 16th consecutive month as the virus pandemic slammed the brakes on tourism and spending in the city.
Fashion
LVMH reduces 2019 dividend by 20%, as sales plummet 15% in first quarter 2020

LVMH reduces 2019 dividend by 20%, as sales plummet 15% in first quarter 2020

"Expect a slow recovery from the pandemic in 2020", warned Bernard Arnault, chairman and CEO of LVMH, whose giant group on Tuesday morning announced a 20% reduction dividend in 2019.
Fashion
Victoria’s Secret closes flagship store in Hong Kong's Causeway Bay

Victoria’s Secret closes flagship store in Hong Kong's Causeway Bay

Victoria’s Secret has closed its flagship store in Causeway Bay, as tourism plunges in Hong Kong and the company faces massive financial losses due to the coronavirus pandemic. 
Fashion
World Duty Free owner Dufry cuts jobs as travel retail takes huge pandemic hit

World Duty Free owner Dufry cuts jobs as travel retail takes huge pandemic hit

Swiss travel retail giant Dufry AG on Wednesday launched a restructuring programme designed to cut its staff costs as it works to protect its business following the effects of the coronavirus outbreak globally.
Fashion
UK footfall rises in reopening week but stays low and West End struggles

UK footfall rises in reopening week but stays low and West End struggles

Footfall researcher Springboard said retail visitor traffic from June 15 up to June 21 rose, but was still weak by normal standards. And the West End continued to reel from the absence of tourists and office workers.
Fashion