NEW YORK - From breeding their own crocodiles to tapping new low-cost centers for raw materials, luxury retailers are stepping up efforts to improve sourcing of goods, labor and expertise in the global economic slowdown.
PARIS/LONDON - China may become the world's biggest luxury market in some years but cultural challenges to win customers' hearts for certain types of products remain, industry executives said this week.
PARIS/LONDON - Luxury goods groups need to brace themselves for at least two more years of pain, with big-ticket items such as cars and watches suffering most, even if some U.S. brands and retailers are seeing signs of recovery.
NEW YORK - In style this recession -- haggling at Tiffany & Co.
DUBAI - Dubai Culture and Arts Authority said on Wednesday it was aiming to build a fashion and design district and change legislation to persuade foreign artists to take up residence in a new arts neighborhood.
LONDON - The jewelry industry will only see a pickup in 2011 with this year being the "worst," Italian jewelry designer Roberto Coin said on Wednesday.
PARIS - Luxury groups are turning to films, the Internet and private dinners to attract customers as they search for more cost-effective ways to advertise to fight falling sales, executives told the Reuters Global Luxury Summit.
PARIS - Luxury goods groups with their own network of shops are weathering the downturn better than those relying on wholesalers or third-party distributors, executives told the Reuters Global Luxury Summit in Paris.
PARIS - China will overtake Italy as the second-biggest market behind the United States for iconic sportscar maker Lamborghini within three to five years, the group's chief executive said on Wednesday.
PARIS - Luxury sports carmaker Lamborghini sees no recovery in its markets until 2011 after a 30 percent drop in sales in the first five months of this year, Chief Executive Stephan Winkelmann said on Wednesday.
DUBAI - Abu Dhabi Aviation Co affiliate Royal Jet said on Wednesday it had slowed its expansion as the global financial crisis had hit the corporate sector, but saw recovery signs ahead of the busy summer period.
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