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Tag: Cerruti 1881

  • Designer Parfums acquires Cerruti 1881 fragrance licence

    Designer Parfums acquires Cerruti 1881 fragrance licence

    UK Designer Parfums has acquired the fragrance licence of the Cerruti 1881 brand, chairman/CEO Dilesh Mehta has announced.

    Nino Cerruti founded the brand in Paris in 1967, which is known for its quality products in the world of fashion, accessories and fragrance.

    Cerruti 1881 executive VP Laurent Grosgogeat says scents have been a major category for the brand in the past 40 years. When the Cerruti brothers founded the house in Biella, Italy, in 1881, they were known for making quality wools and textiles.

    Twenty-year-old Nino Cerruti took up the baton in the 1950s and in 1967 founded Cerruti 1881 with its focus on men’s ready to wear. Today, the brand has nearly 100 directly run stores globally and is stocked by leading retailers.

    It launched its first fragrance in 1978, and since April 2011 has been part of Hong Kong-based Trinity Limited, which specialises in high-end men’s pret a porter. Jason Basmajian was appointed chief creative officer in October 2015.

    Designer Parfums offers a range of premium fragrances and beauty products either wholly owned or run under licence. Covering more than 80 countries, its portfolio includes such brands as Aigner Parfums, Ghost, Jean Patou and Jean-Louis Scherrer.

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  • Trinity Group confident despite loss

    Trinity Group confident despite loss

    With revenue totalling HK$1.9 billion (US$245 million), Hong Kong-listed retailer Trinity Group lost HK$88.5 million last year.

    Trinity Group, which sells premium menswear brands in greater China and Europe, says it continued to be dragged down by the dampened consumer spending environment in China, but has implemented business reforms as well as restructuring aimed at improving its position long term.

    As well as the slower growth in China, its main market, the group also lost money with one-off restructuring costs and the impact of the RMB’s depreciation.

    Trinity Group, a Fung Retailing company, owns the Cerruti 1881, Kent & Curwen and Gieves & Hawkes brands and manages D’Urban under long-term licence in Greater China.

    CEO Richard Cohen says while the group took measures to mitigate against the expected lower consumer spend, the impact on same-store sales in the last quarter was far more significant than the retail sector predicted. However, the group’s overall performance was in line with that experienced by the wider high-end and premium retail sectors.

    “Our results, along with others in the industry, are disappointing but not wholly unexpected. Looking forward, we believe there are significant international wholesale, franchising and retail opportunities for the group in the long term.”

    Efficiency measures by the group last year included improvements to sourcing and inventory management. This involved a consolidation restructure, including moves to further reduce staff costs, which resulted in one-off full-year costs of HK$60 million.

    Fifty non-performing stores were closed, reducing the group’s outlets from 399 at the end of 2014 to 349.

    Cohen says the group was able to maintain gross-profit margins above 70 per cent despite the difficult retail environment.

    While maintaining its focus on the Chinese consumer, Cohen says the Trinity Group has revised its global strategy.

    “The growing middle class in China is increasingly travelling abroad, so our strategy is to continue to engage with these core customers when they travel, while also reaching out to new clientele.”

    Related to this strategy, the group signed an exclusive five-year agreement in September that will see international sports icon David Beckham play a multifaceted role in driving Trinity’s Kent & Curwen business globally.

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  • Trinity warns of looming loss

    Trinity warns of looming loss

    Menswear model Trinity has warned it expects to submit a loss within the half yr to June based mostly on preliminary buying and selling figures.

    The Hong Kong listed retailer and producer, majority owned by Li & Fung, says it has confronted challenges adapting to the weak retail market within the Chinese language mainland and a lower within the variety of mainlanders visiting Hong Kong and Macau.

    In a inventory trade submitting, the corporate stated it had incurred greater one time restructuring prices to mitigate these on-going unfavourable circumstances.

    “As well as, whereas unit gross sales remained comparatively secure, common promoting costs have been adjusted, putting strain on margins and mixed with the restructuring prices, the group’s efficiency was adversely affected.”

    In March, Trinity reported revenues of HK$2.6 billion (US$335.2 million) and a gross revenue of HK$1.9 billion ($244.95 million). The gross revenue margin was 74.1 per cent representing a 1.four proportion level decline as a consequence of liquidation of extra stock, a administration precedence within the second half.
    In Monday’s warning, Trinity stated administration is taking “vital actions” to enhance second half yr efficiency however expects the subdued retail market surroundings in Larger China will proceed.

    Trinity retails high-end menswear in Larger China and Europe. Its manufacturers embrace D’City, Gieves & Hawkes, Cerruti 1881, Intermezzo and Kent&Curwen.

    In March, CEO Richard Cohen stated Trinity was on monitor with its medium-term technique.
    “We goal globally and assume regionally,” he stated. “We’re optimistic for the close to and medium-term, and stay assured about the long run potential for our enterprise.
    He stated the corporate was setting up “the best retail technique and construction” to ship constant, sustainable returns into the longer term.
    “We’ve considerably strengthened our groups up and down the organisation and proceed to enhance stock administration. Up to now six months we’ve got developed centralised shared providers throughout all departments and improved our provide chain to make it less expensive and versatile.”

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