Deloitte news and archive

Deloitte under investigation for handling of Joules audit

The Financial Reporting Council (FRC) in the UK has begun an investigation into the audit conducted by Deloitte of the consolidated financial statements of Joules Group for the year ended May 30, 2021. The investigation, which will be conducted by the FRC’s Enforcement Division, was decided upon during a meeting of the organisation’s Conduct...

Fashion |Technology

Deloitte helps brands deliver metaverse experiences

Global audit and advisory firm Deloitte has launched an immersive experience platform in partnership with technology provider Vatom. The two companies have created a tangible experience to enable brands (and other businesses) to build virtual spaces for their customers, partners and employees. In essence, they have made the Metaverse accessible....

Fashion Featured

Gen Z driving the second-hand luxury watch market

Swiss watches are in high demand these days, but sales of second-hand timepieces are also booming, driven by Generation Z buyers who want luxury goods but are also sustainability-minded. The global second-hand watch market is estimated at nearly 20 billion Swiss francs (21.7 billion dollars) and could reach 35 billion francs by 2030, according...

BusinessFeatured

Luxury's resilience: Top 100 luxury goods companies generated 250bn dollars in revenue in 2020

The world’s top 100 luxury goods companies generated revenues of 252 billion dollars in 2020, down from 281bn the previous year, but net profit margins of the top 81 companies was down only 5.1 percent. The data was released by Deloitte’s annual Global Powers of Luxury Goods 2021 report, which states the pandemic was the catalyst for change as...

Retail

Deloitte forecasts two potential holiday scenarios

Deloitte has released its annual holiday retail forecast report. It is expected that holiday sales are likely to increase between 1 and 5 percent, and Deloitte's overall sales forecast between 1,147 and 1,152 billion dollars during the period of November-January. E-commerce sales are projected to grow from 25-35 percent year-on-year (YoY) during...

BusinessFeatured

LVMH tops Deloitte’s list of Top 100 luxury companies; future looks positive for the sector

LVMH came first on Deloitte’s annual list of the world’s largest luxury goods companies once more, followed by Estée Lauder and Richemont. Kering and Luxottica switched places, with the French conglomerate moving up to the fourth position while the Italian eyewear giant fell to the fifth. The report, titled Global Powers of Luxury Goods, covers...

Retail

Deloitte predicts 11 percent decreased online shoppers during back-to-school season

In the U.S. college students prefer to do their back-to-school shopping the old fashion way, that’s it in person. As a result, Deloitte predicts an 11 percent decrease in intended online shoppers for this season. According to Deloitte's 2018 Back To College Study, while last year about 80 percent of shoppers said they would use their...

BusinessFeatured

France and Italy dominate Deloitte’s list of top 100 largest luxury companies

Businesses from France and Italy dominate Deloitte’s annual list of Top 100 luxury goods companies once again. The latest report covers the luxury goods sector in fiscal year 2016 (ending on June 30, 2017). Italy leads in number of companies making the list (24), but the nine French corporations that have made the top 100 represent almost 25...

Fashion Featured

LVMH tops Deloitte's Luxury Goods ranking

There’s no change in the top four companies in the latest Global Powers of Luxury Goods report conducted by audit and consulting firm Deloitte, which analyses the top 100 luxury companies in the world. Once again, the report ranked French conglomerate LVMH Moët Hennessy-Louis Vuitton, which includes luxury brands Louis Vuitton, Fendi, Marc...

Apparel

Volatility squeezing private label supply chain, says Deloitte Study

Volatile cost is one of retailers' top challenges in sourcing private label goods. While changes in consumer behavior fueled by mobility and online shopping are driving the strategic importance of private label sourcing, says a new Deloitte study, ‘Private Label Sourcing: Strategies to Differentiate and Defend.’ “Rapid population growth, skewed...

Apparel

Grocery, apparels top favourites of MNC retailers -- Deloitte

“Mass grocery and apparel are two of the fastest growing organised retail segments in the country today. In both these segments, there are large domestic retailers who can be potential joint venture partners for foreign retailers,” says senior director of Deloitte Touche Tohmatsu Gaurav Gupta said in a report. “Foreign retailers can enter the...

Apparel

Deloitte: Cloudy outlook for India’s retail

The future of retail in India that is very bright as suggested by a recent Boston Consulting Group (BCG) study. It had said that the country's organised retail is estimated at $28 billion with around 7 per cent penetration and is projected to become a $260 billion business over the next decade with around 21 per cent penetration. But as report...