Coronavirus news and archive

With China in lockdown, sales of luxury falters

In the west we all remember the days where the outside world was shuttered and we were in a government-enforced lockdown, which experts said would curtail the spread of Covid-19. Working from home, the only outing for many was a trip to the supermarkets, where bare shelves due to supply chain issues had become the norm. The rest of the physical...

11 May 2022

Business

Luxury sector unphased by Corona despite soaring inflation

The pandemic and soaring inflation have done nothing to take the shine off luxury brands, from Louis Vuitton to Gucci and Cartier, as the sector hiked prices to notch up stellar profits. The world economy began to recover from the pandemic last year but the rebound has been accompanied by rising inflation, with prices for raw materials and...

21 Feb 2022

Business

Can New York City market its way to another recovery?

One of the most memorable marketing campaigns is not for a sedan or a soft drink but for a city. This past summer, on the Q train back from Coney Island, a family of six could be spotted riding back from the beach sporting the campaign’s famous logo on tank tops and baseball caps—a nod to its forty-four years of longevity. The “I Love New York”...

7 Feb 2022

Retail

End of lockdown sends UK shoppers to high streets

High street activity saw an uptick in January as customers began to return to physical stores during the day and to dine out again in the evening. Footfall was still down -20.8 percent in comparison to January 2019 levels, but noticeably increased in the second half of the month to -19.2 percent below 2019 levels. Footfall rose in both smaller...

3 Feb 2022

BusinessFeatured

Omicron and supply chain issues hamper Joules profitability

Further to the trading update in December, the Joules Group has confirmed its financial results for the six months were in line with previous guidance with revenues of 127.9 million pounds compared to 95.4 million pounds in the first half of FY2021 . It made a profit before tax and pre-adjusting items of 2.6 million pounds compared to 3.7...

1 Feb 2022

BusinessFeatured

LVMH revenues surpass 2019 figure by 20 percent

LVMH Moët Hennessy Louis Vuitton recorded revenue of 64.2 billion euros in 2021, up 44 percent compared to 2020 and up 20 percent compared to 2019. Organic revenue growth was 36 percent compared to 2020 and 14 percent compared to 2019. The company said in a release that the group’s organic revenue growth of 22 percent in the fourth quarter...

28 Jan 2022

Retail

As UK lifts coronavirus restrictions, some retailers urge to keep wearing masks

From Thursday face masks in the UK will no longer be mandatory in public spaces, according to updated Government protocols. Plan B rules, imposed in early December to battle the Omicron variant, are being lifted because infections have peaked nationally. Some retailers, however are nudging their customers to continue to wear face masks. John...

26 Jan 2022

BusinessFeatured

The coronavirus pandemic nearly doubled luxury sales in China

It takes more than a coronavirus pandemic to suppress the demand for luxury goods in China. Figures from Bain & Company show despite mounting global social and economic challenges, China’s luxury goods market finished another year with double-digit growth, with some brands exceeding a 70 percent increase. In 2021 the sales of luxury reached 471...

25 Jan 2022

Business

Puma Q4 profit jumps on strong sales

Puma has achieved a currency-adjusted sales growth of approximately 14 percent to 1,767 million euros in the fourth quarter 2021. On a preliminary basis, the operating result (EBIT) increased to 65 million euros in the same period. The company said in a release that this growth was achieved due to the continued brand momentum and a strong global...

20 Jan 2022

Retail

UK businesses trial four-day work week

The UK is trialling a four-day working week as part of a six-month pilot programme. The programme is organised by 4 Day Week Global in partnership with think tank Autonomy, the 4 Day Week UK Campaign and researchers at Cambridge University, Oxford University and Boston College. Participating businesses will trial the shorter week with no loss in...

19 Jan 2022

BusinessFeatured

Burberry's Q3 full price sales increase, maintains outlook

Against an ongoing challenging backdrop, Burberry Group plc reported full-price comparable store sales increase of 26 percent against Q3FY20 and 15 percent against last year. The company said, Q3 full-price sales were up 10 percent but total comparable store sales declined 3 percent versus second quarter of 2020 and increased 7 percent compared...

19 Jan 2022

Retail

The high street is cutting sick pay for unvaccinated staff

Next is the latest high street retailer who said it would cut sick pay for its unvaccinated staff members. Pressure for workers to get the vaccine is now becoming a matter of economics. In the US employees at some companies are being termnated if they refuse the vaccine. Next employs around 44,000 people with those testing positive or told to...

18 Jan 2022