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Luxury Goods
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Harvey Nichols warns it could stop trading within a yearDirectors filed accounts on a break-up basis, and Mike Ashley's Frasers Group is now favourite to buy the chain after Next walked away, with bidders reportedly being asked to commit £50m-£60m in tu…Manchester's mayor is boxed in on borrowing, and Barclays just piled onAndy Burnham wants more fiscal room to spend, and two separate voices just told him no in the same week. A think tank has warned Greater Manchester has no scope to increase borrowing under current …Aston Martin pushes through a £550m debt deal despite creditors saying noAston Martin has secured a £550m loan deal in the face of explicit creditor objections, which means the carmaker judged its cash position urgent enough to override the people it owes money to. Cred…Frasers crosses 30% in Hugo Boss and the takeover clock starts tickingMike Ashley's Frasers Group has pushed its Hugo Boss stake past the 30% threshold that triggers a mandatory takeover offer under German securities law, forcing a decision it's been dodging for two …Mike Ashley won't let a good distressed asset go quietlyGatecrashing the Harvey Nichols auction is pure Ashley: he's built Frasers Group's entire strategy on picking up prestige retail names at the point of maximum distress, from House of Fraser to Spor…Kering is paying $400 million to take Gucci Beauty back from Coty ahead of schedule. That is either strategic clarity or distress signalling.Coty has agreed to hand the Gucci Beauty licence back to Kering for $400 million, ending the arrangement earlier than the contract required. Kering's motivation is straightforward in theory: bringi…Chanel acquires Charvet, Paris's 190-year-old bespoke shirtmakerChanel has bought Charvet, the Place Vendôme shirtmaker that has dressed heads of state since 1838, in a move that extends its control over French luxury craft supply chains rather than its consume…Treasury Wine shares surge on US operations reviewThe Australian winemaker announced a strategic review of its underperforming US business, with asset sales and exits from lower-margin labels under consideration.Waitrose cuts prices on 1,000 products as M&S gains middle-class shoppersBritain's poshest grocer just invested £20 million in price cuts averaging 12% across 160 own-label lines, admitting it's losing the battle for cost-conscious middle-class customers. Waitrose has n…Shiseido's profit surge can't mask collapsing salesCost-cutting can only paper over so many problems. Shiseido's core operating profit jumped 21% while net sales fell 8.5% in Q1, exposing the hollowing out of its business model. Drunk Elephant sale…UK advertising ban validates natural diamond industry's disclosure pushThe Advertising Standards Authority's ruling against Skydiamond marks a regulatory win for natural diamond producers fighting lab-grown marketing tactics. The ASA banned phrases like "mined from th…Prada launches €750 Indian sandals after cultural appropriation backlashTen months after Milan Fashion Week backlash, Prada has turned cultural controversy into a collaboration. The Italian house launched sandals inspired by traditional Kolhapuri chappals, priced at €7…Hermès posts worst day ever as war hits luxury demandHermès just suffered its worst single-day drop on record, signalling luxury's invincibility myth is cracking. The €200bn handbag empire that survived every previous downturn is finally feeling the …