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Italian luxury supplier plans creditor talks as demand slows

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Bloomberg

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March 27, 2025

Luxury supplier Altofare Group is preparing to kick off debt talks with its creditors as spending on high-end goods declines. 

Altofare Group

The company, which oversees a group of Italian suppliers to the luxury world, has hired KPMG and law firm Chiomenti for advice on its debt, according to people familiar with the matter, who spoke on condition of anonymity because the details aren’t public. Altofare is owned by private equity firm White Bridge Investments. 

One of Altofare’s main operating units, Lampa Srl, owed €145 million ($157 million) in loans to a pool of banks including Banco BPM SpA, Credit Agricole SA and Intesa Sanpaolo SpA as of the end of 2023, the latest available annual statements show. The debt comes due between 2028 and 2029, but there are amortization payments the company must make every six months, according to the document. 

Representatives for Banco BPM, Credit Agricole and KPMG declined to comment. Altofare, Chiomenti and Intesa didn’t immediately return a request for comment. 

The market for personal luxury goods experienced its first contraction in 15 years in 2024 as economic uncertainty and rising prices dented spending, according to a recent report by Bain & Co and Fondazione Altagamma, the trade association of Italian luxury goods manufacturers. Over the years, Altofare assembled a stable of brands — including button- and accessories-maker Lampa — specializing in metal finishes, jewels, resins and shoe accessories.

The company had previously been in conversations with the banks about a covenant breach at the end of 2023, but that was resolved by modifying the terms, according to the annual statements.
 



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Physical retail gets footfall boost from Mother’s Day

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Big hugs all round following a Mother’s Day (30 March) that turned out to be a bigger boost than expected for UK retail.

Not only did related footfall leap, but shoppers were tipped to have spent £2.4 billion on Mother’s Day this year, up 5% year-on-year, according to global retail solutions provider Sensormatic Solutions.

Data from its ShopperTrak Analytics insights platform showed high streets were happiest on Sunday, with a 13.4% footfall hike compared to last year, as total retail footfall on the day lifted 7.3% compared to 2024.

Shopper count on the Saturday (29 March) was also up an impressive 13.1% year-on-year with shopping centres the top performing destination that day with footfall rising 15.3% year-on-year.

Footfall in the week leading up to Mother’s Day (23-30 March) delivered an 8.2% boost to store visits compared to the week prior. 

Andy Sumpter, Sensormatic Solutions’ EMEA Retail Consultant, said:  “As a popular gifting day, retailers will have welcomed the ambient boost to footfall from Mother’s Day after shopper traffic performance experienced a bumpy few months of late.”
 
He added: “Gifting occasions, like [this] not only serve as seasonal revenue drivers, but with consumers shopping for others, they also attract new cohorts of shoppers, who perhaps are infrequent or new customers, in to store.  And that presents a valuable engagement opportunity to open up your brand to new audiences, making the delivery of compelling in-store buying journeys and enhanced CX all the more important, helping to turn first-time shoppers into repeat buyers.”

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Redical appoints HUB to spearhead next phase in transformation of The Liberty Romford

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The Liberty Romford mall is about to undertake the next phase of its transformation with owner/operator Redical appointing developer HUB to oversee the work for the town’s shopping centre.

The Liberty Romford

It’s part of the wider plan by the local Havering Council to create a “vibrant, mixed-use town centre, with a key element being the creation of new places for people to live in the heart of the town”. That, of course, will boost the number of consumers in the immediate catchment area for the mall.

HUB will now engage with the local community and other stakeholders, including retailers at The Liberty, “to develop proposals to enhance the properties and land surrounding The Liberty Romford.  The plans could also include “the creation of modernised retail space adjacent to the residential”.

“Adding residential to The Liberty will build upon the already significant multi-million pound enhancements implemented by Redical since it acquired the centre in 2022”, the operator said.

This includes having strengthened the centre’s retail mix, such as the arrival of Rituals and Miniso, and a revitalised brand identity and destination refresh, soon to be revealed through new entranceways and wayfinding signage.
 
Taking a phased approach, the plans will complement Redical’s improvements to date, “which have seen The Liberty’s strong performance continue to grow, while also driving the regeneration of the surrounding area”.
 
Stephen Daniels, head of Asset Management and Regeneration at Redical, added: “Building on our work to transform The Liberty Romford, the addition of residential will bring a different dimension to the centre, one with the potential to significantly enhance the contribution it makes to Romford, economically, socially, and practically.  HUB shares our vision and commitment to getting this right for Romford, and the team’s experience will be vital in realising The Liberty’s full potential and delivering the Council’s vision.”
 

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Coty France promotes Nadège Vignaud to MD role

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Translated by

Nicola Mira

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March 31, 2025

US cosmetics group Coty, whose licence portfolio includes Chloé, Burberry and Boss, has recently promoted Nadège Vignaud to the role of managing director of Coty France. She succeeds Mathieu Dufresne, who took charge of Coty’s operations in China a few months ago.

Nadège Vignaud – Coty

Vignaud joined the Coty group in 2019 as global consumer & market insights director for the luxury division. In December 2022, she was appointed vice-president global commercial strategies, portfolio and business development in the same division.

“Nadège Vignaud has played a key role in our relationship with international selective [perfumery] distributors, implementing a solid portfolio management approach, and has boosted the operational quality of the Prestige division’s innovation plans,” said Coty in a press release.

Before joining the group, Vignaud worked from 2016 to 2018 at Harvey Nichols, where she was in charge of cosmetics purchasing at the department store’s Doha branch in Qatar. Prior to that, she worked at the Nestlé group, notably as head of marketing in France.

“Coty’s brand portfolio currently includes over 35 iconic cosmetics, skincare and perfume brands, and its mission is to create avant-garde beauty at the service of innovative, high-performing products. Science is our best ally. I am proud of taking the helm of Coty France, and to be able to contribute to accelerating our growth,” said Vignaud.

France is a major and long-established market for Coty, home to its fragrance production site. In September 2023, the NYSE-listed group was also listed on the Paris Stock Exchange. And in Paris, where the brand was founded in 1904 by François Coty, the group unveiled the Infiniment Coty Paris perfume brand in March 2024.

In Q2 (October-December) of the current fiscal year, the Coty group recorded a revenue of $1.67 billion, up 3%, driven by perfumes, which accounted for over 60% of the business.

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