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’PPR’s grosse acquisition
There’s ripple of excitement in the luxury goods sector on Tuesday morning, following reports that Gucci and Puma-owner PPR is on the prowl.
Having seen arch rival LVMH swoop for Bulgari, PPR is in talks to make une grosse acquisition in the luxury goods sector,
Snap news
Breaking pre-market news on Tuesday,
- Resolution to return £500m to shareholders; £250m share buyback starts Wednesday — statement and statement.
- PPR in talks to make large acquisition in luxury sector — report.
Luxury (not) for the masses
So, it seems Tiffany’s and Abercrombie & Fitch, two of the most stubborn retailers in refusing to lower their prices during a global recession, have got their comeuppance.
Tiffany’s reported yesterday that holiday sales fell a whopping 21 per cent,
Recession at Tiffany’s
Sharp on the heels of Wednesday’s disastrous US December retail numbers (plunging twice as much as expected) come sales figures from jewellery-maker Tiffany. Prognosis? Ouch ouch ouch.
Apparently demand for diamonds isn’t holding up well at all.