German premium brand ESCADA inaugurated last week its mono-brand store in the Romanian ...
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Prada opened last week two stand alone stores, marking the official entry on the Moroccan ...
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French luxury group PPR, parent company of Gucci, Bottega Veneta, Boucheron has teamed up ...
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French luxury maison Chanel announced the opening of its 6th store in Australia, in the ...
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Italian luxury group TOD'S which includes the Tod's, Hogan, Fay and Roger Vivier brands, ...
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The biggest rally in three years for luxury-goods makers in Europe is fizzling on concern ...
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Luxury retail sales in Paris - a dramatic slow down
News 29 April 2009
Strolling down Pariss famous top luxury streets Avenue Montaigne and Faubourg St Honore, during rush hours highlights the painful situation of the majority of luxury brands, with empty shops and very few actual buyers. One would notice very few Russians and Middle Eastern customers. It is rather Turkish, German or Italian customers. Except for Hermes and Louis Vuitton, major stores of Gucci, Dolce Gabbana, Valentino or Yves Saint Laurent are practically empty. So are the notorious Rue Cambon stores of Chanel. People buy less and spend less. Brands like Givenchy, Sonia Rykiel or Ferre seem to be on the verge of bankruptcy. We believe, same as in Los Angeles this month, Paris will see some boutiques closing. Relocation is not really an option especially for brands with a very elaborate and costly shop concept.