Aspinal of London has filed its accounts for the year to the end of March 2020 and they show how tough the climate was becoming even pre-pandemic. But it also said 2021 is a key year as it heads towards profitability.
The Hut Group (THG) swung to an operating loss in its 2020 financial year as one-off items drove it into the red. However, the company’s revenues surged during the period as all divisions outperformed.
Luxury consumers seek out more information than ever online before making a purchase, relying especially on YouTube videos and giving particular importance to brand image, according to a study from Google and Kantar.
The pandemic has forced luxury goods companies to use social media, video and virtual showrooms to woo their wealthy customers in Europe when tourists, especially from China, have been absent for more than a year.
Womenswear brand Hobbs has filed its accounts for the year to the end of March 2020 and said that prior to the impact of the pandemic, the company had been performing in line with its forecast expectations.
The private equity firm has taken a majority stake in the digital-native clean beauty brand, an investment that values the Santa Monica, California-based company at $1 billion and sets it up for accelerated growth.
Surging sales at Louis Vuitton and Dior helped French luxury giant LVMH make a very strong start to 2021, with overall revenues returning to growth in the first quarter despite new coronavirus lockdowns in Europe.