currency news and archive

The euro is at near parity against the US dollar, what this means for luxury fashion

On the day that the euro announced Croatia would be the 20th country joining the currency, its value slid to near parity with the dollar. While analysts are speculating how low the euro can go, it is the first time in its 20-year history that the dollar is nearly even, with the euro having lost more than 10 percent of its value since the start...

Fashion

Chinese luxury shoppers relish fall of Russian ruble

The fall of the Russian ruble has prompted Chinese shoppers to take advantage of cheaper luxury goods. Chinese shopping agents who shop for Chinese customers abroad were quick to buy Russian products to avoid higher import taxes payable at the official retail channels in mainland China. When the Russian currency slid over the last week at one...

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Apparel

Currency swings hit profits at luxury goods giant

Top global luxury goods giant LVMH, owner of Louis Vuitton and Givenchy, said on Thursday that its first-half profits have been hit by unfavourable exchange rates. Net profit in the first six months of the year slid 4 percent to 1.51 billion euros, the company said in a statement. The result fell short of the average forecast of 1.64 billion...