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It was handbags at dawn in the City today as the luxury goods peddlers faced off. Troubled brand Mulberry issued its third profit warning of the year as retail sales in the UK slumped 12% in the six months to the end of September.
The UK luxury sector has not been helped by a reduction in tourists travelling from China, the Middle East and Russia due to political instability while the strong pound has also deterred overseas shoppers from coming to London.
This has also taken its toll on Mulberry’s rival Burberry which warned today the outlook for the sector was getting tougher despite a rise in sales. Shares in both have fallen today.
Elsewhere, the Office for National Statistics has revealed that the UK rate of inflation fell to 1.2% in September from 1.5% the month before. The rate is the lowest since September 2009, when it was 1.1% and could cause the much talked-about hike in interest rates to be pushed back.
Finally, the godfather of punk Iggy Pop has spoken out against the music industry. At the annual John Peel lecture in Salford last night, the former Stooges frontman hit out at tech giant Apple for forcing U2’s latest album on iTunes users.Reuse content