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Hong Kong retail coronavirus
Hong Kong Retail Sales Plummet 79% in February
Sales of jewelry and other hard-luxury items in Hong Kong slumped to an all-time low in February due to the coronavirus, according to government data.Revenues from jewelry, watches, clocks and other valuable gifts dropped 79% year on year...
Retail Mar 31, 2020 Rapaport News
Gucci credit Shutterstock
China Showing Positive Signs, Says Kering
Kering, the owner of Gucci, Saint Laurent and Boucheron, said demand in China was starting to recover, even as the effects of the coronavirus intensified in other locations.“The group is observing encouraging signs in mainland China, where the...
Retail Mar 22, 2020 Rapaport News
Chow Tai Fook Hong Kong store
Coronavirus Pummels Chow Tai Fook’s Sales
Sales at Chow Tai Fook dropped 60% in Hong Kong and Macau and 42%in mainland China in the first two months of the year as stores shut for muchof the period.“In response to the measures of local...
Retail Mar 11, 2020 Rapaport News
Macys Rancho Cucamonga CA
Macy’s Notes Solid Quarter for Jewelry
Jewelry was among the best-performing categories at Macy’s during the fourth fiscal quarter, even as overall sales declined at the department-store chain.Group revenue dropped 1.4% year on year to $8.34 billion in the three months ending...
Retail Mar 03, 2020 Rapaport News
Michael Hill store
Online Growth Boosts Michael Hill Sales
Revenue at Michael Hill grew 4.4% year on year to AUD 329.5 million ($216.7 million) in the Australian jeweler’s first fiscal half, as investments in digital platforms paid off.Same-store sales — at retail locations open for at least a year...
Retail Feb 27, 2020 Rapaport News
jewelry tariffs
US Trade Continues to Downsize
The US jewelry industry contracted in 2019 as the number of businesses closing shop continued to exceed new entrants.The sector shrank 3.3% to 24,565 companies active in the fourth quarter, compared with 25,400 a year earlier, according to data...
Retail Jan 20, 2020 Rapaport News
Enzo
Chow Tai Fook Buys Chinese Retailer Enzo
Chow Tai Fook has acquired Enzo Jewelry, a colored-gemstone brand with around 60 retail locations in mainland China.Enzo, founded in 2004, targets “modern, sophisticated and self-confident women who demand fashionable jewelry with a highly distinctive...
Retail Jan 19, 2020 Rapaport News
HK protest
Chow Tai Fook to Shut Stores in Hong Kong
Chow Tai Fook intends to close up to 15 stores in Hong Kong as street protests and a tourism slowdown have hit sales.Leases on more than 40 of the jeweler’s 91 retail locations in the municipality are due to expire during the fiscal...
Retail Jan 14, 2020 Rapaport News
Alexander Laut earrings set with untreated aquamar
Jewelry Connoisseur: Your Source for Essential Jewelry Updates
RAPAPORT PRESS RELEASE, January 9, 2020, Las Vegas… Jewelry Connoisseur by Rapaport is launching a weekly newsletter to help you keep up to date with all the latest news and trends in the diamond and jewelry sector. Whether...
Retail Jan 09, 2020 Sonia Esther Soltani
Signet Kay
Signet Takes Hit Following Wells Fargo Report
Signet Jewelers is losing market share to competitors and faces risks from its credit operations, according to an analyst’s report that sent the retailer’s stock tumbling.Ike Boruchow, senior analyst at Wells Fargo, raised concerns that...
Retail Jan 08, 2020 Rapaport News
Shopping mall marlborough ma
US Consumer Spending Unlikely to Grow Soon
Consumer confidence fell slightly in December, The Conference Board reported, forecasting that spending would not improve significantly in early 2020.The business-data provider’s Consumer Confidence Index decreased marginally in December to 126.5 from 126.8 in November,...
Retail Jan 06, 2020 Rapaport News
Titan
Titan Revenue Grows During Diwali Season
Jewelry sales at Titan Company strengthened during the third fiscal quarter amid solid bridal demand, the Indian retailer said Saturday.Revenue grew 11% year on year for the three months ending December 31,...
Retail Jan 05, 2020 Rapaport News
Martin Siegel
Hamilton Jewelers Mourns Martin Siegel
Martin Siegel, the chairman of Hamilton Jewelers who wasinstrumental in growing the US retailer’s brand, died on December 17, thecompany announced. He was 86. Born in New Jersey, Siegel joined his father’sfine-jewelry business on leaving the army...
Retail Dec 19, 2019 Rapaport News
Singles Day
Alibaba Sees Record Singles’ Day Sales
Singles’ Day has continued to grow as a major onlineshopping occasion in China, with Alibaba Group reporting record sales through itse-commerce sites. The total value of transactions on the Chinese retailgiant’s platforms rose 26% to CNY 268.4...
Retail Nov 12, 2019 Rapaport News
Bailey Banks & Biddle store Houston Texas
Bailey Banks & Biddle Files for Chapter 11
The parent company of Bailey Banks & Biddle, whichclaims to be the US’s oldest nationwide jeweler, has filed for Chapter 11bankruptcy in Texas, according to a court document. Houston-based BBB Group estimated both assets andliabilities of up to $50,000...
Retail Nov 11, 2019 Rapaport News
Pandora
Pandora Slashes Sales Forecast
Shares in Pandora dropped 18% Tuesday after the Danish jeweler lowered its full-year revenue outlook. The retailer reduced its forecast to a decline of 7% to 9%,from its earlier range of -3% to -7%, despite efforts to reignite sales...
Retail Nov 05, 2019 Rapaport News
Engagement
Couples Prefer Customization over Size
Couples are prioritizing personalization and overall costand quality rather than size when buying engagement rings, according to asurvey by wedding-planning resource The Knot. Some 45% of engagement rings contain custom-designedelements, the publication noted...
Retail Nov 05, 2019 Rapaport News
De Beers Insight Report Oct 2019
More Brides Buying Their Own Engagement Rings
US women increasingly buy engagement rings forthemselves, and spend more on them than their partners do, De Beers said Mondayin its annual Diamond Insight Report. The proportion of engagement rings financed solely by brides rose...
Retail Oct 29, 2019 Rapaport News
Tiffany necklace
LVMH Proposes Tiffany Takeover
LVMH Moët Hennessy Louis Vuitton has approached Tiffany & Co. about acquiring the US jeweler for almost $15 billion, according to media reports. The Paris-based luxury group submitted a non-binding offerto Tiffany earlier...
Retail Oct 27, 2019 Rapaport News
NRF September
US Consumer Spending Dips
US retail sales stalled between Augustand September, indicating that consumer confidence may be waning in light ofthe escalating trade war. Total purchases for September —excluding automobiles, gasoline and restaurants — dipped 0.1% compared to theprevious...
Retail Oct 17, 2019 Rapaport News
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