Domenico Dolce and Stefano Gabbana could be personally liable for more than a billion in unpaid taxes and fines, following investigation by Italian police, although the 2 designers deny any wrongdoing. A spokeswoman for Italys excise and revenue police confirmed Monday it had reccommended the countrys fiscal agency charge the designers with tax evasion and abuse of rights and fine them EUR 800 ... read more

In a recent interview to the Italian media, Roberto Cavalli expressed his view on ways to fight the current crisis. One of his solutions is to produce more affordable apparel with good quality fabrics. Ironically, the master of all golden and sparking fashions, Cavalli advises a more subdued, classical approach to design. Cavalli is one of the Italian maisons heavily affected by the international ... read more

In a recent interview to the Italian press, Paolo Zegna confirmed ZEGNA Group exports have been decreasing steadily in all international markets except for China and South America which seem to hold on de defy the crisis. In all other markets ZEGNA sales are down, worst affected being USA, Japan and Europe. ... read more

Occupancy rates will drop by at least 10% in this summer season at all major five star properties on the Romanian and Bulgarian coast of the Black Sea. In spite of strong performance during weekends, overall sales remain affected by the international crisis and falling rack rates. In contrast, the crisis seems to have a positive effect on Russian coast of the Black Sea, wealthy Russians preferring ... read more

Independent luxury fashion brand LANVIN annouced this week a rise of 29% in sales for 2008 and a positive outlook for 2009, especially due to a retooling of the supply chain. Starting with 2010, LANVIN will propose only one mens line. The French brand is currently owned by an Asian business man and seems to be taking advantage of its independence.

We , at CPP, believe Lanvin could be a very ... read more

Just a few days ago, we’ve noticed the first temporary Hermes location, an outlet store, near famous luxury high street Montenapoleone in Milan. Information from the market reassures us that this is a trend that will continue, with top brands like Hermes, Louis Vuitton and Chanel already having announced that plans for temporary locations are on their way.

This is a new ... read more

Ferragamo , one of the biggest independent Italian brands, has reported profit drops of around 17 percent this week. Decreases come on the background of international expansion for the Ferragamo stores in 2008, from 503 to 522. The hotel division of Ferragamo, Lungarno Hotels, also registered drops of 2008. ... read more

Steps away from Milans famous luxury highstreet Montenapoleone one could notice this week signs of a temporary outlet location of Hermes, a brand which rarely makes discounts in its own stores and has never sold in outlets, even specialized luxury outlet centers.

Crisis seems to have had a strong impact and even brands such as Hermes are very keen on reducing their stocks and therefore ... read more

VERSACE recently announced the group will receive EUR 60 million loans from a consortium o Italian banks. Already EUR 20 million have made it to the Versace accounts this week. The company also signed a major rebranding deal with a major Italian consulting firm.

However, sales have kept declining for all product lines, with hotels being the only profitable division.

... read more

Following the closure of Aequilibrium, the exclusive boutique selling FERRAGAMO on Calea Dorobantilor and the closure of HUGO BOSS on Calea Victoriei, market sources confirm VICTORIA 46 multibrand fashion store on Calea Victoriei is for sale. Owners have openly admitted the only purpose of the Victoria 46 store was image and social networking. Rumours have intensified with the opening of the outlet ... read more

As predicted by CPP in december, last year, at the beginning of the crisis, the luxury watches segment is one of the most affected, both at a regional and also at a local level.The main active players on the market are the distributors who own their own shops. The issues are generated by building stocks, especially for exclusive distribution where one is forced to constantly buy stock no matter the sale ... read more

Richemont, the Swiss luxury goods group, announced its audited results for the year ended 31 march 2009.

As figures go, there is an overall 2 percent sales increase, reflected in 10 percent growth for the first six months in 2008, followed by a 5 percent sales decline in the next six months, due to the global crisis. Group net profit attributable to shareholders, including continuing and ... read more

Dun and Bradstreet’ in its May report views financial situation in Serbia with more optimism assessing that our country shall not suffer from effects of deeper financial crisis. However, Serbia is still classified as a high risk country with DB5a rating.

As a reason for optimism the analysts mention arrangement that Serbia concluded with the IMF at the end of March.

... read more

EDUN, the brand invented by Bono of U2, has recently been brought by giant LVMH, just days after the roumor concerning the buying of Escada. These actions come as positive signs that the luxury market is starting to get back to track. ... read more

With its 75th anniversary, Giorgio Canali, owner and CEO of CANALI announced the relocation of its headquarters from USA, New York, Fifth Avenue, in modern Meatpacking District, made famous by the Sex and the City series. Brands like Chanel, Armani or Ralph Lauren have opened stores in this area. The new CANALI headquarters will include offices, a showroom and also a store, which sells all lines coming ... read more

Patrick Thomas, CEO of HERMES announced this week an encouraging 3,2 % growth for the first quarter of 2009, with a positive outlook for the rest of the year. Excluding Japan which has shown sluggish sales, the rest of the world stores posted 11 % growth. ... read more

On Thursday, Giorgio Armani, CEO of Giorgio Armani SpA, admitted 2008 was a difficult year, yet overall sales for the groupn grew by 1,5 %. The recent acquisition of its Armani Exchange line will boost the performance of the group in 2009. Recently, the group opened the largest Giorgio Armani black label store in the world on Via Montenapoleone in Milan. The retail strategy will continue with several ... read more

CORNELIANI joins other independent maisons such as ARMANI, CANALI, ZEGNA or HERMES which have shown positive results since the debut of the crisis. Corneliani recently announced the opening of a store within Printemps in Paris and 2 other boutiques in Beijing and Athens, in spite of the unfolding international economic situation. Armani pursues aggressively its joint ventures/ co-branded projects such ... read more

In a recent statement to the Bucharest Stock Exchange, the CEO of RHIC, owner company of INTERCONTINENTAL Hotel Bucharest, reports that the company does not have the financial resources to perform the EUR 35 million renovation which is vital to the hotels present and future performance. The executive blames current economic conditions which make it impossible for the hotel to implement a coherent ... read more

French Embassy in Romania recently confirmed the presence of Pierre Berge, President of Fondation YVES SAINT LAURENT in Bucharest. Mr Berge will attend PASARELA fashion event organized by the French Embassy, with this years edition to include a special tribute to Yves Saint Laurent. Pasarela is dedicated to support young fashion designers, the winner of each years competition is formally invited to ... read more