Swiss Watch Exports Jump in April Ahead of Threatened US Tariffs
Swiss watch exports to the US saw a significant increase in April, driven by a surge in shipments ahead of anticipated tariff hikes.
Bloomberg
Apple Plans Smart Glasses for 2026 as Part of AI Push
Apple Inc. is aiming to release smart glasses at the end of next year as part of a push into AI-enhanced gadgets.
Estée Lauder Companies, L’Oréal Suffer as China Duty-Free Spend Continues to Fall
The once-promising Chinese travel retail market is showing little signs of recovery, causing global beauty giants to reevaluate their strategies and reduce promotions.
OpenAI and Jony Ive Strike $6.5 Billion Deal to Design AI Devices
The world’s leading artificial intelligence lab has acquired the former Apple design chief’s one-year-old startup, io, in a push to create a new family of products for the next era of computing.
Target Cuts Sales Forecast on Shopper Pullback, Tariff Hit
The retailer now expects net sales to decline by a low single digit this year, down from previous guidance for an increase of about 1 percent.
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The News in Brief
Trump Extends Deadline for 50% Tariffs on EU Goods to July 9
The US president told reporters the decision to push the deadline came after he had a ‘very nice’ phone call with Commission President Ursula von der Leyen.
As Rolex Shrinks Retail Near New NYC Flagship, Patek Philippe Expands
Wempe will end its partnership with Rolex at the end of 2025 and partner with Patek Phillippe to open a showroom next year.
LVMH Relinquishes Place Among Europe’s Top Five Biggest Stocks
The French conglomerate’s shares fell 3 percent on Thursday, taking their decline this year to 25 percent.
Chanel Spent $133 Million on Paris Building Near Flagship Store
The luxury fashion house splurged on a property near its main boutique in Paris last year as ‘part of the record level of investment made during the year, including in real estate,’ a representative said.
LVMH Said to Signal Continued Weakness on China Woes
The French luxury behemoth is warning investors and analysts that demand remains soft this quarter amid lacklustre consumer confidence, particularly in China, sources told Bloomberg.
Victoria’s Secret Adopts Poison Pill to Thwart Investor BBRC
After BBRC significantly increased its shares, the undergarments, sleepwear and beauty brand introduced a new shareholders rights plan with the goal of preventing a hostile takeover.
Nike Lays Off Some Workers in Shakeup of Technology Division
The cuts are the latest in an ongoing move to reset priorities and management seeks to execute on a turnaround strategy.