Mining firm Petra Diamonds said on Thursday it would raise $178 million (£133 million) from investors to cut debt after it was hobbled by a strong South African rand, delays in production, strikes and confiscation.
Fashion search platform Lyst has confirmed a new round of financing on the part of luxury giant LVMH. While the terms weren’t disclosed, various reports put the amount both at “over” or “below” $60 million.
Christian Dior has named Charles Delapalme to be its new managing director of commercial activities. The appointment takes effect on June 15, 2018. He replaces Serge Brunschwig, who left Dior to become CEO of Fendi.
Global consumer demand for diamond jewellery hit $82 billion in 2017, up 2% from the previous year, with the US leading growth for the fourth consecutive year, according to a De Beers Group study published on Thursday.
Online luxury retailer Yoox Net-a-Porter (YNAP) will be delisted from the Milan Stock Exchange on June 20 after Cartier owner Richemont reached nearly 95 percent of YNAP’s ordinary shares after a takeover.
Tom Athron has been appointed as new chief operating officer, and Lea Cranfield will take up the role of commercial director. Kim Hartlev will become new chief technology officer at the luxury company.
The Global Brand Counterfeiting Report 2018 was published on Monday, revealing a growing problem in the luxury industry, where online sales of fake goods accounted for 31% of total counterfeiting-related losses in 2017.
A Farnese Blue diamond, which was passed down through European royal families for 300 years, sold at auction in Geneva on Tuesday for 6.7 million Swiss francs, beating auctioneers Sotheby’s estimate of 3.5-5.0 million.
Q1 wasn't an undiluted triumph for Yoox Net-A-Porter as the off-price business proved a little slow. But full-price Net-A-Porter and designer e-stores powered ahead, even though exchange rates had a negative effect.