Weekly Retail Report
A new report credits global youth for part of luxuries revival and designers trend Earth Day with everything coming up green.0
If it weren’t for the consuming lifestyle of generation now, luxury might not have bounced back with such fervor according to a study released last week by American Express who maintain young shoppers with deep pockets kept luxury afloat in the 4th quarter. They may also be the key to designers continued interest in creating eco friendly clothing. Also adhering to the younger crowd, Gucci opened a temporary store in London’s Covent Garden. The “flash” store features 17 limited edition Gucci sneakers starting at $615. Gucci also announced a limited edition herringbone style sneaker available exclusively via their iPhone application.
In all things luxury, Louis Vuitton and Tiffany announced plans to open stores in Santa Monica. Standard & Poor will review Barney’s corporate credit rating this week. Hugo Boss will keep their Cleveland factory open after reaching an agreement, saving the factory’s 300 jobs. Gucci and Chanel resolved that embarrassing law suit over website mypurseworld.com, a website formerly selling counterfeit Chanel and LVMH bags. Both sides aimed to gain control over the site, but Chanel rightfully owns it and the issue has been muted. And in a luxury stretch, Etam is going glam. Glam as glam can be apparently as the French department store aims to insert luxury jewelry, luxury lines and remodel their image in Europe.
All of this luxury had retail stocks up over 2% last week…in shopping.
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