Among its five main business divisions, fashion and leather goods — the largest — saw revenue fall 8%. Selective retailing was flat year on year. Watches and jewelry declined 1% in reported terms but rose 3% organically, while perfumes and cosmetics, and wines and spirits, fell 3% and 9%, respectively.
Michael Buchanan,Social affairs correspondentand
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"That will need to be paid off at some point," says Quilter Cheviot's Ben Barringer. "Having more debt means you've got more burden, and that means you've got less to spend on content."
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