Estee Lauder Cos. Inc., the beauty-products maker, said Friday that its profit for the first-quarter would be much higher than forecast earlier owing to better-than-expected sales.

Tough operating conditions of the Canadian operations of Michael Hill International declined its total same store sales by 0.4 per cent to $77.2 million during the first quarter of current financial year.

Australian same store sales, on the other hand, surged 0.2 per cent to $54.5 by September end based on NZ dollar.

While reporting a 16% plunge in five-month sales, luxury goods maker Compagnie Financiere Richemont SA, on Wednesday, met forecasts and specified it is careful in spite of the indications of slowdown in the fall of its demands.

The UK fashion chain, the team behind Jaeger led by clothing entrepreneur Harold Tillman, is mulling to purchase 158-year-old British luxury brand Aquascutum.

It was forwarded by Harold Tillman, the chairman and majority owner of 125-year-old Jaeger, and Belinda Earl, the group chief executive of Jaeger, that they were buying majority of Aquascutum for an undisclosed sum.

The quarterly profit of the New York-based jewelry retailer Tiffany & Company plunged a whopping 62 percent, largely because consumers cut back on luxury purchases leading to a sharp drop in sales, especially in the US. 

Reporting a deeper-than-anticipated first-quarter loss, Abercrombie & Fitch Co. (ANF) – apparel retailer, which had though reduced its prices during the quarter, but had resisted as drastic price-cuts as the other retailers - intends reviewing its earlier stand with regard to price reductions.

According to the American Society for Aesthetic Plastic Surgery (ASAPS), breast enlargements beat liposuction as the top choice for women who went under the scalpel, though overall the demand for cosmetic surgery saw a decline.

Zale Corporation Inc., which operates as a specialty retailer of fine jewelry, on Wednesday revealed its plans to shut down 115 underperforming stores and layoff 245 jobs during the year.

The company intends to save about $34 million in expenses through fiscal 2010 by closing about 115 underperforming stores, which will be closed as leases mature.

In a VC funding round, which was led by LFE Capital and included return supporters like The Grosvenor Funds, a 2004-founded online marketplace Portero.com has managed to raise a handsome amount of $6.6 million. The funds will go towards the accomplishment of Portero’s aim of becoming an eminent player in the online sales of luxury merchandise.

After 15-years of holding runway shows under a big tent in Bryant Park, New York's Fashion Week will move the event to Lincoln Centre, beginning 2010.