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Luxottica Sales Soar as Ray-Ban Maker Forecasts Revenue Growth

MILAN, Italy — Luxottica Group SpA gained the most in more than seven years after the maker of Ray-Ban sunglasses said sales growth will accelerate in 2017. Revenue will probably rise by a mid-single-digit percentage next year, chief financial officer Stefano Grassi said on a call with analysts Monday. Third-quarter sales rose 3.5 percent at constant exchange rates, the Milan-based company also said. The stock rose as much …

Building Great Bowery, Fashion's Super-Agency

NEW YORK, United States — 190 Bowery is one of the most mythic buildings in all of Gotham. Erected in 1898 as the Germania Bank, it was abandoned and decrepit by the time the photographer Jay Maisel raised $102,000 — less than half of what it cost to build — to purchase the building in 1966. Maisel and his family lived and worked in its …

Burberry Shares Soar After Report That Coach Is Considering Merger

LONDON, United Kingdom — Burberry Group Plc shares rose as much as 4.8 percent after Betaville, a financial blog, said Coach Inc. is considering merging with the British trench coat maker. The US maker of purses and accessories has been working with financial advisers at Evercore for several weeks on a possible deal, the website said, citing two people familiar with the situation it didn’t name. Earlier …

US Retail Sales Rose in September by the Most in Three Months

NEW YORK, United States — Retail sales climbed in September by the most in three months, showing American shoppers began to spend freely again after shying away from merchants earlier in the quarter. The 0.6 percent advance followed a revised 0.2 percent decline in August, Commerce Department figures showed Friday. So-called core sales, used to calculate gross domestic product, rose a smaller-than-projected 0.1 percent. Years of …

Amazon to Hire 120,000 Temporary Workers for Holiday Season

NEW YORK, United States — Amazon.com Inc said on Thursday it would hire more than 120,000 seasonal employees across its fulfilment centres, sortation centres and customer service sites in the United States in the upcoming holiday season. More than 14,000 seasonal positions were transitioned to regular, full-time roles after the holidays last year, and the company expects to increase that number this year, Amazon said. …

Blue Diamond Cartier Ring Could Fetch $25 Million at Sotheby's

LONDON, United Kingdom — A diamond ring that’s the ultimate in bling is set to go under the hammer, with an estimated price of $15 million to $25 million. Sotheby’s auction house says the Cartier ring holds an 8.01 carat blue stone named the Sky Blue Diamond. It will be displayed in London on Thursday through Monday before a sale in Geneva on November 16. …

Alibaba Pictures, Amblin to Co-Produce Films

BEIJING, China — Steven Spielberg’s Amblin Partners and Alibaba Pictures Group Ltd, the film studio unit of Chinese e-commerce giant Alibaba Group Holding Ltd, said on Sunday they will co-produce and finance films for global and Chinese audiences. They will also collaborate on the marketing, distribution and merchandising of Amblin Partner films in China, the companies said in a joint statement. Under the terms of …

Ralph Lauren Promotes Founder’s Son to Help Make Brand Hip Again

NEW YORK, United States — David Lauren, the son of fashion designer Ralph Lauren, has reached the C-suite after being promoted to chief innovation officer and vice chairman of the company his father founded almost 50 years ago. The 44-year-old’s innovation position was created to drive the Ralph Lauren brand across all channels, the New York-based company said Friday in an e-mailed statement. The appointment is part …

Where Have All the Unicorns Gone?

LONDON, United Kingdom — Privately-held start-ups valued at $1 billion or above were once as rare as unicorns, hence the label widely used for such companies in Silicon Valley and beyond. But in 2015, unicorns weren’t such an uncommon beast. In fashion alone, Warby Parker, Farfetch and Rocket Internet-backed Global Fashion Group earned a valuation of $1 billion or above for the first time last …

No Growth but No Panic in the Luxury Sector

LONDON, United Kingdom — Both the Savigny Luxury index (SLI) and the MSCI World Index (MSCI) ended up flat this month, with the SLI posting a small gain whilst the MSCI tipped slightly into negative territory. Valuations are stable despite unappealing growth prospects, underpinned by the defensive nature of a number of luxury goods stocks benefitting from strong balance sheets, the absence of pension issues …