News From The World Of Luxury Fashion And Retail
It’s now time for our regular check-in with the major players from the world of luxury fashion and retail. At a time when brands of all sizes are facing significant challenges, it is positive to see some businesses choosing to expand, launch new products and celebrate new collaborations.
For those of us working in fashion photography in London and across the UK, this helps us to understand the current trends that matter the most. In light of this, we’ve selected four huge brands from the luxury fashion and retail world to see how they are performing right now.
The Liverpool ONE shopping centre has seen significant investment from major brands in recent times and LVMH is no different. They have announced a joint concept boutique, bringing David M Robinson and Tag Heuer together in a 3,600 sq ft store.
This is the third store for the jewellery retailer DMR but the first for LVMH and it is expected to open in October 2023 alongside their Rolex and Omega stores. They will be joining major brands including Hollister, On and Abercrombie & Fitch who all opened stores in the past year.
Moving on to financial results now, luxury fashion powerhouse Chanel has announced promising financial results for the year ending 31st of December 2022. With a headline figure of £13.9 billion in revenue, representing a 17% increase on the year before it is clear they continue to connect with consumers.
Having worked in clothing photography for many years, the continued demand for luxury goods is no surprise and Chanel has benefitted from this by increasing operating profits year-on-year by 5.8%.
Flannels is a luxury retailer synonymous with London’s Oxford Street and at their flagship store, they have embraced the concept of pop-up stores like no other. They have chosen to create a pop-up that celebrates the Renaissance world tour of superstar Beyonce.
Lasting until the 5th of June 2023, Flannels claim the pop-up will allow audiences to immerse themselves in the energy and storytelling of Beyonce’s current tour via a multimedia showcase. What this means in terms of financial performance and sales, remains to be seen but there is clearly a demand for such connections between artists and luxury brands.
Victoria’s Secret & Co has been in the news frequently in recent years as the luxury brand attempts to reinvent itself and move in a new direction. Most recently, it announced results for the quarter ending 29th of April 2023.
The headline figure of £1.13 billion in net sales is a 5% decrease. Looking deeper into the statistics, we can see that sales in North America dropped by a significant 18.7%. However, the leadership team have reiterated their confidence in their growth plans despite expectations of continued decreases in net sales as we move into Q2 and the rest of the year. The full year for 2023 is expected to result in net sales that are relatively flat when compared to the previous year.