Kate Spade Opens NYC Flagship Store
Kate Spade is planning on opening a flagship store at 789 Madison Avenue in New York City. It will be located on the prime shopping block between 66th and 67th streets. Kate Spade will be located in a townhouse that has 7,500 square feet of available space. The multilevel store has a ground level, mezzanine, third floor and full basement.
Craig Leavitt, Kate Spade’s chief executive officer said, “New York City is such an important part of our heritage. We were founded here almost 20 years again. I see the new location as a testament to the incredible growth of our company over the last new years. This store is part of the significant expansion of our retail fleet, both domestically and internationally, in the coming months.”
Moody Predicts Better Back to School Sales
According to a report by Moody’s Investors Service, retailers are going to have an increase in sales during back-to-school season. Sales are expected to increase 2 to 3 percent in the third-quarter. Last year, sales were up about 10 percent, but operating costs were flat because of high cotton prices.
Companies that are will benefit the most are Gap Inc., Justice, Hanesbrands Inc. and Levi Strauss & Co. This is because they use a great deal of cotton in their clothing, and have significant sales in the children and young adult category.
LVMH and PPR Strong Sales
Despite the sluggish economy, France’s luxury conglomerates LVMH Moët Hennessy Louis Vuitton and PPR reported strong sales. Bernard Arnault, Chief executive officer of LVMH said, “We approach the second half of the year with confidence.”
The dramatic difference in price between Asia and Europe continue to drive sales in Europe. Chief financial officer Jean-Jacques Guiony noted that 55 percent of luxury goods bought by Chinese residents are bought while abroad.
Image: Kate Spade
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Tags: Craig Leavitt, Kate Spade Opens NYC Flagship Store, Kate Spadeâ€™s chief executive office, LVMH and PPR Strong Sales, LVMH MoÃ«t Hennessy Louis Vuitton strong slaes, Moody Predicts Better Back to School Sales