The News In Brief
Report: Saks Global to Sell $1 Billion Stake in Bergdorf Goodman
The retailer is seeking an investor to take on 49 percent of the New York luxury retailer, according to the Wall Street Journal. Proceeds will go towards easing a heavy debt load less than a year after acquiring Neiman Marcus.
China’s ByteDance Will Get 1 of 7 Board Seats for TikTok’s US Operations, Official Says
This week's progress towards a deal marked a rare breakthrough in months-long talks between the world's two biggest economies.
LVMH’s Arnault Slams Proposed Billionaire Tax
He deemed the proposal an assault on France’s economy, denouncing the plan’s architect as a far-left ideologue.
British Fashion Model Agents Association Puts Out Petition to Protect Models from AI
The BFMA and modelling agency The Milk Collective have petitioned against the unauthorised use of model likenesses by AI.
Saks Is Exploring Options for Bergdorf Goodman, WWD Reports
The company is looking to sell a minority stake that would value Bergdorf Goodman in the range of $1.5 billion to $2 billion.
Ferragamo Family Reiterates It Is Not Interested in Any ‘Extraordinary’ Deals
Low stock prices have triggered speculation about possible mergers or acquisitions.
Novo Nordisk Reports Positive Test Results For GLP-1 Pill
The Danish drugmaker jumps by about £9bn as trial shows ‘significant weight loss’ with tablet version of Wegovy.
AI-Powered Shopping App Secures $8 Million, Hailey Bieber Backing
Phia, a price-comparison platform co-founded by Phoebe Gates, daughter of Microsoft co-founder Bill Gates, raised a seed round led by prominent venture firm Kleiner Perkins and a host of celebrity backers.
Burberry Revival Faces Fresh Runway Test
New CEO Josh Schulman has overhauled the brand’s messaging to broadcast a more relatable take on Britishness.
Hermès Again Defeats Class Action Over Access to Birkins
A US judge dismissed for a second time claims that the French brand violates antitrust law by forcing buyers to spend heavily on other products to earn access to a Birkin bag.
Swiss Watch Exports Plunge on Weak China Demand, US Tariffs
Swiss watch exports tumbled in August as Chinese demand remained weak and stiff US tariffs went into effect.
Record Levels of Polyester Production Are Making Fashion’s Emissions Worse
Global fibre production hit record highs last year, with fossil-fuel-based polyester extending its market dominance, helping push up the industry’s carbon footprint, according to a new report.