Bloomberg Next Plc issued its second profit warning this year due to soaring inflation and a devaluation of the pound which has undermined consumer confidence. The British clothing and housewares chain said that profit for the year will total £840 million ($905 million), compared with previous guidance of £860 million. Full-price sales in the second half are expected to drop ...

  Bloomberg A Hermes handbag fetched a record price for a Sotheby’s auction, latest evidence that rare luxury items are increasingly seen as stores of value by investors and wealthy buyers. The Himalaya Retourne Kelly 25 bag sold for €352,800 ($346,802) in a Paris auction, Sotheby’s said. The crocodile-skin handbag in mother-of-pearl white, reminiscent of a snowy mountain landscape, sold ...

  Bloomberg The crash in the value of sterling has put Rolex and other luxury watches at discounts of as much as 19% for US visitors lucky enough to get their hands on the coveted timepieces. Promised policy changes by the new UK government including a plan to reintroduce Value Added Tax rebates on goods bought by tourists could even ...