Deloitte news and archive

Deloitte under investigation for handling of Joules audit

The Financial Reporting Council (FRC) in the UK has begun an investigation into the audit conducted by Deloitte of the consolidated financial statements of Joules Group for the year ended May 30, 2021. The investigation, which will be conducted by the FRC’s Enforcement Division, was decided upon during a meeting of the organisation’s Conduct...

Fashion |Technology

Deloitte helps brands deliver metaverse experiences

Global audit and advisory firm Deloitte has launched an immersive experience platform in partnership with technology provider Vatom. The two companies have created a tangible experience to enable brands (and other businesses) to build virtual spaces for their customers, partners and employees. In essence, they have made the Metaverse accessible....

Fashion Featured

Gen Z driving the second-hand luxury watch market

Swiss watches are in high demand these days, but sales of second-hand timepieces are also booming, driven by Generation Z buyers who want luxury goods but are also sustainability-minded. The global second-hand watch market is estimated at nearly 20 billion Swiss francs (21.7 billion dollars) and could reach 35 billion francs by 2030, according...

BusinessFeatured

Luxury's resilience: Top 100 luxury goods companies generated 250bn dollars in revenue in 2020

The world’s top 100 luxury goods companies generated revenues of 252 billion dollars in 2020, down from 281bn the previous year, but net profit margins of the top 81 companies was down only 5.1 percent. The data was released by Deloitte’s annual Global Powers of Luxury Goods 2021 report, which states the pandemic was the catalyst for change as...

BusinessFeatured

The world's top 10 luxury companies generate more than half of all global luxury sales

A new report assessing the global powers of luxury sees just 10 companies take more than half of all global luxury sales of the total top 100 companies it analysed. In a report by Deloitte, Global Powers of Luxury Goods 2020, the world’s top 100 luxury goods companies generated revenues of 281 billion dollars in 2019. The top 10 companies, which...

Retail

Deloitte forecasts two potential holiday scenarios

Deloitte has released its annual holiday retail forecast report. It is expected that holiday sales are likely to increase between 1 and 5 percent, and Deloitte's overall sales forecast between 1,147 and 1,152 billion dollars during the period of November-January. E-commerce sales are projected to grow from 25-35 percent year-on-year (YoY) during...

RetailFeatured

Pre-Christmas discounting reaches all time high

Pre-Christmas discounting has reached an all-time record, according to research from Deloitte. An average of 43.8 percent discount is currently applicable across all retail, but could top 50 percent by Christmas Eve. Mid- and end-of-season autumn sales into December, combined with a record Black Friday promotional period, has set the precedent...

Business

Ted Baker and the 25 million pounds missing stock mystery

Retailers and fashion companies sitting on unsold stock is commonplace news. Back in 2018 reports of high street retailer H&M’s mounting inventory worth 4.3 billion dollars showed a volatile fast fashion industry struggling to reconcile expansion, high volume production and changing consumer habits. But it is not just unsold stock that is...

BusinessFeatured

Millennials whose financial position improved will spend more on trends, mainly apparel

New York – A recent study shows that out of all consumer whose financial position has improved in the last year, Millenials were the most likely generation to increase spending on consumer products. Within the apparel segment, consumers are favouring value brands, those with strong value proposition, such as fast fashion, quality/price,...

Business

Karen Millen Australia enters administration, 7 stores to close

The Australian arm of Karen Millen has fallen into administration, a month after its British parent company announced an administration filing. Deloitte partners Richard Hughes, Tim Norman and Michael Billingsley have been appointed Joint and Several Administrators. Deloitte Australia is now conducting a wind down of the company’s seven...

BusinessFeatured

LVMH tops Deloitte’s list of Top 100 luxury companies; future looks positive for the sector

LVMH came first on Deloitte’s annual list of the world’s largest luxury goods companies once more, followed by Estée Lauder and Richemont. Kering and Luxottica switched places, with the French conglomerate moving up to the fourth position while the Italian eyewear giant fell to the fifth. The report, titled Global Powers of Luxury Goods, covers...

RetailFeatured

Number of retail administrations rose by 6 percent in 2018

The number of UK retailers going into administration in 2018 rose to 125 - a 6 percent increase from 118 in 2017, according to research by Deloitte. Of those that fell into administration, 26 were large brands - an increase from 17 in 2017. Retail company voluntary arrangements (CVAs) rose by 53 percent in 2018, with Deloitte’s research...