Luxury

How rapid change is reshaping the tradition-soaked luxury sector in Europe and beyond.












THE NEWS IN BRIEF

Luxury Fortunes Lose $58 Billion as Pandemic Era Splurge Ends

The fortunes of France’s luxury billionaires — Bernard Arnault, Francoise Bettencourt Meyers, and Francois Pinault — have plummeted by a combined $58 billion this year as consumer demand for high-end goods declines, particularly in China.


Gatemore Seeks Watches of Switzerland Buyback, US Listing

Gatemore Capital Management has acquired a stake in Watches of Switzerland Group Plc and is urging the luxury watch retailer to implement an aggressive share buyback of £25 million to £50 million and consider a US listing.


Zegna Group’s Third Quarter Sales Fall 7 Percent

The Italian menswear group was heavily impacted by a 22% revenue drop in Greater China. Sales at the Zegna brand grew slightly while Thom Browne and Tom Ford posted double-digit declines.


Marie Leblanc Named Courrèges CEO

The former Victoria Beckham chief executive will succeed Adrien Da Maia, who led the Space Age brand’s turnaround with designer Nicolas Di Felice.