China agreed to cut import tariffs on Swiss watches by 60 percent in 10 years as the two nations seek to expand trade, a move that may boost sales by retailers such as Hong Kong-based Hengdeli Holdings Ltd.
Cie. Financiere Richemont SA, the maker of Cartier jewelry and IWC watches, said full-year net income rose about 30 percent, more than analysts expected, as the dollar’s strength against the euro boosted sales growth.
LVMH Moet Hennessy Louis Vuitton SA said it’s not seeking a takeover of Hermes International SCA after agreeing to buy a 17.1 percent stake for 1.45 billion euros ($2 billion). Analysts aren’t convinced.
LVMH Moet Hennessy Louis Vuitton SA, the maker of Celine handbags and TAG Heuer watches, sees no sign of a slowdown in demand for luxury goods after reporting first- half profit that beat analysts’ estimates.
Burberry Group Plc , the U.K.’s largest luxury retailer, surged in London trading after reporting that three-month sales rose 27 percent and saying that adjusted full-year profit will exceed its previous estimate.
PPR SA, the French owner of the Gucci luxury brand and online fashion retailer Redcats, reported first-half profit that beat analysts’ estimates and said it expects to achieve better results this year than last.
Burberry Group Plc , the U.K.’s largest luxury retailer, reported fiscal fourth-quarter sales that beat analysts’ estimates and confirmed that adjusted full- year profit will be near the top end of market expectations.