Hackett London has a new showroom in Munich. The British menswear brand will be presenting its entire product range, including the new shoe collection, in a 170 square metre space in Lodenfrey Park.
The new showroom is a strategically relevant step for the brand. Since the beginning of the year, Hackett has been managing the sales business for the German market on its own. Reinhardt Zenefels, who has represented the brand for over 17 years, will in future manage sales under the umbrella of the AWWG Group, to which the premium brand belongs.
Hackett recently opened a franchise store at Berlin’s Kurfürstendamm 201. The brand is also set to make its debut at Shoes Düsseldorf. With the new collections, the British label also wants to boost its presence in the footwear market.
Italian luxury goods group Salvatore Ferragamo said on Thursday its revenue dropped by 4% at constant currencies in the fourth quarter, flagging “encouraging results” from its direct-to-consumer sales which were overall flat in the last three months of the year.
Sales in the North American region, which accounted for 29% of total revenue, were up 6.3% in the quarter. However, the Asia Pacific area saw a 25% drop in revenue at constant exchange rates.
The slowdown in global demand for luxury goods, especially in China, has made the group’s turnaround harder. Overall preliminary revenues reached 1.03 billion euros in 2024, in line with analysts’ estimates, according to an LSEG consensus.
“January shows an acceleration in our DTC channel’s growth, albeit supported by the different timing of the Chinese New Year and a favourable comparison base versus last year”, Chief Executive Marco Gobbetti said in a statement.
Spanish fashion and fragrance company Puig reported a 14.3% rise in fourth-quarter sales on Thursday, beating analyst expectations for the key holiday period.
The Barcelona-based company behind perfume brands Rabanne, Carolina Herrera and Jean Paul Gaultier said net sales for the three months to Dec. 31 were 1.36 billion euros ($1.42 billion), above the 1.30 billion euro average forecast from analysts polled by LSEG.
Puig, which generates most of its revenue from fragrance sales, is heavily reliant on the holiday season, with analysts estimating that nearly half of its prestige perfumes are sold in the quarter that includes Black Friday and Christmas.
The company, which also owns luxury skincare and make-up brands Byredo and Charlotte Tilbury, said full-year sales reached 4.79 billion euros ($4.99 billion), up 11% from 2023, surpassing its goal of increasing sales faster than the 6-7% forecast for the global premium beauty market.
The average of analyst estimates was for sales of 4.72 billion euros in 2024, given that it is less exposed to sluggish demand in China and that more than half of Puig’s revenue comes from Europe, the Middle East and Africa while 18% comes from the United States.
The 2024 performance of larger rivals such as Estee Lauder and L’Oreal was hampered by muted demand from China, where a property crisis and high youth unemployment have curbed consumer spending.
Puig said sales in its core fragrance and fashion business grew by 21% in the holiday quarter.
Sales in the make-up division fell 7.2%, with its Charlotte Tilbury brand affected by a voluntary withdrawal of select batches of Airbrush Flawless Setting Spray in December over what Puig described as “an isolated quality issue in a limited number of batches” detected during routine product testing.
UK-based circular economy specialist Reconomy has named long-term Amazon fashion business exec Rakhshan Zahid as chief executive of its Re-use loop, effective immediately.
She will lead the division, made up of Advanced Supply Chain and ReBound, which offers “intelligent platforms and circular logistics through technology-led supply chain, logistics and fulfilment solutions”.
With a career spanning e-commerce and financial services, Zahid “brings extensive expertise in driving strategic growth, operational excellence and innovation”, Reconomy said, adding: “Her passion for fostering inclusive and collaborative workplaces aligns well with Reconomy’s values”.
Over 10 years at Amazon, she’s held leadership roles in fashion and marketplace businesses, most recently leading the fashion accessories business across Europe.
She succeeds Claire Webb who will continue in the business throughout this transition as executive chair, having been CEO and MD of Advanced Supply Chain for five years, leading the business through its acquisition by Reconomy in 2021.
Since her appointment as Re-use executive chair, Webb “has played a crucial role in the growth and success of Reconomy’s Re-use loop, including bringing together the leadership teams of ReBound and Advanced Supply Chain to facilitate closer collaboration, realise operational synergies and establish a market-leading global end-to-end returns offer”. She also led the business to open a facility in Nettetal, Germany to become a European superhub for returns and established the business’ Retail Ready service in Europe.
The Re-use businesses have also collaborated across Reconomy to develop its textile EPR solution to help brands and retailers comply with emerging regulations being introduced internationally. Webb now plans to pursue non-executive board-level opportunities.
Guy Wakeley, chief executive at Reconomy, said: “[Our] Re-use loop is one of our key divisions and counts many of the most successful, fast-growing retailers and e-commerce brands as customers. Rakhshan… brings an impressive track record and considerable experience of significantly scaling retail businesses, which will prove invaluable as we embark on the next phase of growth for Re-use.
Jelle Schoenmaker continues as MD of ReBound and Ben Balfour continues to lead Advanced Supply Chain, also as MD.