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The Star
3 days ago
- Business
- The Star
Less-expensive luxury fashion brands are slowly gaining ground, but why?
Ultra-luxury is losing its lustre – and mid-tier competitors are capitalising. Industry bellwether LVMH Moet Hennessy Louis Vuitton SE, which reported weaker-than-expected sales in the latest quarter, was accused of selling a Dior bag that costs about US$60 (approximately RM255) to make for US$2,800 (RM11,918). Meanwhile, Tapestry Inc's Coach is cashing in on cool with its US$495 (RM2,107) Tabby bag – a viral hit that costs a fraction of a similar shoulder bag from Dior or Chanel. That's just one example of how mid-tier luxury brands are weathering the current economic uncertainty better than their ultra-luxury and fast-fashion counterparts, as consumers seek quality and value without the sky-high prices amid a weaker global economy. "There's a bit of a backlash going on,' said Fflur Roberts, head of luxury goods at Euromonitor International. Consumers are questioning the true value behind the price, including how items are made and the cost versus what they're really worth, she said. Read more: Why Elf Beauty is banking big on Rhode, Hailey Bieber's fan-favourite brand As wealthy consumers trade down, mid-tier brands are performing increasingly well. Tapestry, which also owns the Kate Spade and Stuart Weitzman brands, recently raised its forecast for the year after reporting quarterly results ahead of analyst estimates. Amer Sports Inc, which owns premium sportswear brands Salomon and Arc'teryx, also increased its projections for the full year, while Michael Kors owner Capri Holdings Ltd and Hugo Boss AG both outperformed market expectations. Ralph Lauren Corp is another winner, offering a broad price range and maintaining appeal through its classic design, according to Bloomberg Intelligence senior retail analyst Mary Ross Gilbert. Same-store sales rose 13% in the three months through March 29, nearly double what analysts expected. Meanwhile, luxury giants Hermes International SCA and Gucci owner Kering SA joined LVMH in disappointing investors in the most recent earnings season, while privately-held Chanel Ltd's profit plunged. On the other end of the spectrum, fast fashion also struggling. "We've seen a more difficult environment,' said BI senior analyst Charles Allen. Higher Zara prices and fewer H&M promotions are deterring shoppers, he added. Zara owner Inditex SA, Hennes & Mauritz AB and Primark, owned by Associated British Foods Plc, all reported slower growth or missed targets, while JD Sports Fashion Plc's same-store sales fell 2% in the first quarter and are expected to drop again. Tariffs – a key reason for the luxury slowdown – leave retailers targeting value shoppers little wiggle room. Read more: Dior's first female head of womenswear, Maria Grazia Chiuri, steps down Uniqlo owner Fast Retailing Co already warned these could hurt future earnings, while H&M said it may raise prices to offset the impact, which could push shoppers further away. Still, some consumers may be returning to stores. Primark US sales grew in April – partly due to the Easter holiday shifting to the month, after shrinking the previous two months, according to observed sales data collected by Bloomberg. Meanwhile, US wages continued to grow in April, and the country is still at a full employment level with the unemployment rate at 4.2%. US spending in April, however, ground to a halt. "If people have money and see something tempting, they'll spend,' Allen said. "People don't always behave how they say they will.' – Bloomberg
Daily Express
08-05-2025
- Daily Express
Ex-Putatan Council executive cleared
Published on: Thursday, May 08, 2025 Published on: Thu, May 08, 2025 By: Cynthia D Baga Text Size: Awang (left) with his counsel Zahir after the proceedings. Kota Kinabalu: A 49-year-old Putatan District Council (MDP) Executive Officer won in his appeal against the sentence and conviction on the 14 bribery charges which involved the amount of RM50,500 in 2017 and 2018, when the High Court allowed his appeal on Wednesday. Judge Datuk Celestina Stuel Galid set aside both the conviction and sentence of Awang Saifudin Jumat who then was freed from the 14 charges. Awang had appealed against the decision by the Session Court which convicted and found him guilty of the bribery charges. According to counsel Zahir Shah, who represented Awang, the High Court judge stated that the Sessions Court judge had failed to consider the cross-examination of the prosecution's main witness. Zahir said the judge stated that during cross-examination, the witness testified that the monies transferred to the Awang's bank account was not related to the projects awarded to the said company, thereby refuting the elements of the 14 charges. On May 3, 2024, Awang was convicted and sentenced to one-year imprisonment and fined RM255,000 by the Special Corruption Court here after he was found guilty for 14 counts of receiving bribes. The court imposed one year imprisonment and a fine of between RM10,000 and RM50,000 for each charge. The Sessions Court Judge ordered for the jail sentences to be run concurrently from the date of Awang's conviction but his application to stay execution of the sentence had been granted pending appeal to the High Court. The charges stated that Awang, as an executive officer, he had accepted RM50,500 from a woman as an inducement to grant her the repair, supply and service work contract for the council from 2016 to 2018. The said money was deposited into Awang's bank account between Nov 15, 2017, and Feb 26, 2018, at a Maybank branch in Putatan. The offence under Section 17(a) of the Malaysian Anti-Corruption Commission (MACC) Act 2009, which is punishable under Section 24(1) of the same act that provides for a jail term of up to 20 years and a fine five times the bribe amount, upon conviction. Eighteen prosecution witnesses and three defence witnesses were called during the trial which started in June 2023. Malaysian Anti-Corruption Commission (MACC) Deputy Public Prosecutor Nurul Izzati Sapifee for the respondent. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Borneo Post
07-05-2025
- Borneo Post
Civil servant freed from 14 corruption charges
Awang Saifudin (left) shakes hands with his counsel Zahir after winning his appeal on Wednesday. KOTA KINABALU (May 7): A High Court here on Wednesday overturned a conviction and sentence of a civil servant and freed him from 14 corruption charges. Justice Datuk Celestina Steul Galid reversed Awang Saifudin Jumat's jail sentence and a total fine of RM255,000 when allowing his appeal against conviction and sentence on Wednesday. On May 3, 2024, a lower court sentenced Awang Saifudin to a total of 14 years' jail and the said amount of fines for the 14 charges after a full trial. The lower court judge sentenced him to one year's imprisonment for each of the charges but all the jail sentences were ordered to be served concurrently which he will only serve one year's jail. However, at the lower court, Awang Saifudin obtained a stay of his execution pending Wednesday's appeal. As for fine punishment, the lower court fined Awang Saifudin between RM10,000 and RM37,000, in default, a total of 53 months behind bars. The charges stated that Awang, as an executive officer (Grade 41) at the Putatan District Council, had corruptly accepted a total of RM50,500 from a woman as an inducement to grant her the repair, supply and service work contract for the Council for 2016 to 2018. The alleged said money was allegedly deposited into Awang Saifudin's bank account between November 15, 2017 and February 26, 2018 at a bank branch in Putatan. The charges were under Section 17(a) of the Malaysian Anti-Corruption Commission (MACC) Act 2009, punishable under Section 24(1) of the same Act. During trial, the prosecution had called 18 witnesses to testify against Awang Saifudin since it commenced in June 2023. Awang Saifudin, who opted to give unsworn evidence, had produced three witnesses, including himself to testify for his defence. Counsel Zahir Shah represented Awang Saifudin.
New Straits Times
07-05-2025
- New Straits Times
Sabah civil servant acquitted of 14 bribery charges
KOTA KINABALU: The High Court today acquitted a civil servant previously convicted of 14 bribery charges, ruling that the lower court failed to consider key cross-examination testimony. Judge Datuk Celestina Stuel Galid set aside both the conviction and sentence of Awang Saifudin Jumat, discharging and acquitting him. Awang, 48, had appealed against the decision of the lower court which found him guilty of bribery. Counsel Zahir Shah said the judge found the lower court failed to weigh the cross-examination of the prosecution's main witness. The witness had testified that the funds deposited into Awang's account were not linked to contracts awarded to her company, undermining the core of the charges. On May 3, 2024, Awang was convicted and sentenced to one-year imprisonment and fined RM255,000 by the Special Corruption Court here after he was found guilty for 14 counts of receiving bribes totalling RM50,500. The court imposed one year imprisonment and a fine of between RM10,000 and RM50,000 for each charge. The sentences were ordered to be run concurrently starting from the date of conviction, but Awang's stay of application pending appeal to the High Court was granted. The charges stated that Awang, as an executive officer (Grade 41) at the Putatan District Council, had accepted RM50,500 from a woman as an inducement to grant her the repair, supply and service work contract for the council from 2016 to 2018. The said money was deposited into Awang's bank account between Nov 15, 2017, and Feb 26, 2018, at a Maybank branch in Putatan. The offences fall under Section 17(a) of the Malaysian Anti-Corruption Commission (MACC) Act 2009, which is punishable under Section 24(1) of the same act that provides for a jail term of up to 20 years and a fine five times the bribe amount, upon conviction. Eighteen prosecution witnesses and three defence witnesses were called during the trial which started in June 2023. Counsel Zahir Shah represented the appelant while Malaysian Anti-Corruption Commission (MACC) prosecuting officer Nurul Izzati Sapifee for the respondent.
Malay Mail
03-05-2025
- Business
- Malay Mail
Opec+ set to accelerate oil output in June as prices hit four-year low
Online meeting set for 1000 GMT today Full ministerial meeting scheduled for May 28 Oil prices have fallen to four-year low LONDON, May 3 — Eight Opec+ countries meeting today will likely agree a further accelerated oil output hike for June, four sources with knowledge of the matter told Reuters, the latest step in a plan to unwind the group's most recent layer of output cuts. Last month, the eight countries made a larger-than-planned output hike of 411,000 barrels per day for May, a decision that, together with US trade tariffs, helped to drive oil prices below US$60 (RM255) a barrel to a four-year low. The countries are due to hold an online meeting to decide June output at 1000 GMT, having brought the meeting forward from Monday. The four sources said a hike along the same lines as the one agreed for May was likely to be approved for June. Oil prices fell over 1 per cent on Friday as traders braced for more Opec+ supply when concerns of an economic slowdown caused by a trade war between the US and China have prompted forecasters to lower demand growth expectations for this year. Brent crude futures on Friday closed down 84 cents, or 1.4 per cent, at US$61.29 a barrel. Reuters reported this week that officials from Saudi Arabia, the de facto leader of Opec+, have briefed allies and industry officials that they are unwilling to prop up oil markets with further supply cuts. Riyadh has been angered by Kazakhstan and Iraq producing above their Opec+ targets, sources have said. Analyst Helima Croft of RBC Capital Markets also she did not think a final decision had been made, but 'discussions appear to be leaning in the direction of another three-month increase'. 'Compliance again appears to be the key focus, with Kazakhstan and Iraq continuing to miss their compensation targets, alongside Russia to a lesser extent,' Croft said further. Opec+, which includes the Organisation of the Petroleum Exporting Countries and allies such as Russia, is cutting output by over 5 million bpd and many of the cuts are due to remain in place until the end of 2026. The group plans to hold a full ministerial meeting on May 28. — Reuters
