Freshly Squeezed: 25.10.19

Ally Feiam By Ally Feiam | 25 Oct 2019

Amazon’s profits fall for the first time in two years and Kering’s sales increase by 14.2 per cent. Get a healthy dose of news as we uncover the day’s top stories in e-commerce and retail.

Kering Sales Rise 14.2 Per Cent

Kering, the French international luxury fashion house that owns Gucci, Alexander McQueen and Balenciaga, has risen in sales by 14.2 in its last quarter, This comes as Gucci is named the fastest-growing luxury brand in the world. In the last quarter, Gucci brought in USD 2.63 billion and therefore represents 62.9 per cent of the Kering revenue. “We achieved another strong quarter, and all our segments contributed to our solid top-line gain,” explained François-Henri Pinault, CEO and Chairman of Kering. Luxury fashion accounts for two per cent of all online transaction within Australia and remains one of the most exclusive categories within the industry. Find out more about the complex industry here.

JB Hi-Fi Grows in Sales

JB Hi-Fi’s sales have jumped 4.7 per cent in the last quarter, with its shares rising 4.7 per cent to $36.45 per share. “As we have said before, retailing is a dynamic and exciting industry and JB Hi-Fi and The Good Guys are market leaders in their respective sectors,” said Richard Murray, JJB Hi-Fi’s Chief Executive. “With a customer-focused business model built on a diverse product offering, deep relationships with our suppliers, a high-quality multichannel offer and exceptional customer service, we are confident we will maintain our market-leading competitive position.”

Amazon Falls in Profit for the First Time in 2 Years

Amazon has fallen in profits and sales shares for the first time in two years. This is due to the aggressive approach to its same-day delivery for Prime customers. “Customers love the transition of Prime from two days to one day – they have already ordered billions of items with free one-day delivery this year. It’s a big investment, and it’s the right long-term decision for customers,” Jeff Bezos, Chief Executive of Amazon explained. “We are ramping up to make our 25th holiday season the best ever for Prime customers — with millions of products available for free one-day delivery,” said Mr Bezos. “Customers love the transition of Prime from two days to one day — they’ve already ordered billions of items with free one-day delivery this year. It’s a big investment, and it’s the right long-term decision for customers.” Read more about Amazon’s last quarter here.

Catch up on yesterday’s Freshly Squeezed news here.

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