Wednesday, 24 March 2010

Tiffany & Co. And Versace Both Reveal Rising Profits – 24/3/10

Announcing their fiscal fourth quarter earnings, Tiffany & Co. has reported a higher profit, which was lower than Wall Street’s predictions.

Tiffany’s sales increased across all product categories and price points in the fourth quarter. Other big news is that the company has revealed plans for further expansion in 2010, including opening 17 stores. You can read more at The Wall Street Journal and Business Week.

After some hard luck last year (closing its Japanese stores, axing a quarter of its workers, etc), Versace believes it is on the right track to become profitable in 2010.

Versace’s CEO, Gian Giacomo Ferraris, said the brand has had a strong start to the year and he sees sales rising (between 7 and 10 percent) this year, if markets continue to recover.

He also said the fashion house had pre-sold nearly all of its next winter/autumn collection to wholesalers. Click here to read more at Reuters.

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Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury,