A booming market in counterfeit goods racked up sales of 7.1 billion euros in Italy last year, undermining high-end fashion brands and prized food products that Italy's economy thrives on, a study showed on Wednesday 22 April.
Coach Inc reported a lower quarterly profit on Tuesday 21 April as consumers cut back on discretionary purchases, but the U.S. handbag and accessories maker said sales were stabilizing at its North American stores, and it initiated a quarterly cash dividend.
The European Council has adopted a new plan of action for customs offices fighting counterfeiting - a phenomenon which now effects every industry. The plan aims to “protect the health and security of our citizens, as well as protecting innovation; economic activity, competition and jobs”.
Upscale retailer Saks Inc posted a much deeper-than-expected quarterly loss on Wednesday as its customers headed to sales racks or just cut spending outright in the worst holiday season in nearly 40 years.
Recession-hit brides looking for that something borrowed to complete their outfit can rent gold tiaras from a major Japanese jeweler which unveiled pieces worth over a million dollars despite the faltering economy.
The haute couture shows for spring-summer 2009, which begin on Monday, have slimmed down in response to the global financial crisis, spread over three days instead of four and with fewer catwalk presentations.
U.S. handbag maker Coach Inc reported lower quarterly profit on Wednesday, hurt by the slowdown in consumer spending that made the 2008 holiday season the retail industry's weakest in decades, and cut back on expansion plans.