MILAN — Cost-cutting at Bulgari boosted third-quarter profitability despite flat sales for the period while watch sales bounced back after double-digit declines in the past two quarters.Net profit for the three months ended Sept. 30 rose 74 percent to $14.1 million from $8.1 million the year before. (Dollar figures have been converted from the euro at current exchange rates.)Sales dropped slightly, by 0.7 percent, to $181.3 million from $182.3 million the year before. On a constant-currency basis they would have risen by 4 percent, Bulgari said.Specifically, watch sales recuperated substantially in the quarter, up 11 percent, after falling 29 percent and 13 percent in the first and second quarters, respectively. Also helping growth were easy comparisons with the year-ago period, as watch sales in the third quarter of 2001 fell 17 percent.As reported, Bulgari has a tough time competing with more established brands like Cartier and Patek Philippe in an already-depressed market for timepieces.Chief executive Francesco Trapani said Bulgari was especially penalized in a weak market because other watch brands had more leverage with retailers. Although he declined to release current order figures, he expressed confidence that conditions are improving."The order book for watches is very strong," Trapani said. "Things are going in the right direction."Elsewhere, jewelry sales fell by 7 percent and perfume sales decreased by 13 percent on strong comparisons with the year-ago period. Accessories also saw strong growth, rising 11 percent.Worldwide, sales in Italy and the U.S. grew, 10 percent and 9 percent, respectively. Sales in the rest of Europe fell 17 percent, hurt by weakness in the German and French markets. Japan’s sales dipped 4 percent.On another note, Trapani dismissed market speculation that Bulgari’s slumping stock price has made it a takeover target. He said potential investors have not contacted the Bulgari family, which controls the Rome-based jeweler."We have not received offers or even had mere contacts with interested buyers for some eight years," he said.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim