The News In Brief
Amazon Prime Day Set to Lift US Online Sales to $23.8 Billion, Adobe Estimates
Year-on-year sales from July 8 to 11 are expected to rise 28.4 percent across US retailers.
Trump Sets August 1st Start for Tariffs Ahead of Wednesday Deadline
New trade deals and tariff warnings are set to be announced, with negotiations ongoing to avoid punitive measures on exports to the US.
Birkenstock Cracks Down on Fakes in India
Indian court-appointed representatives recently inspected factories to seize suspected counterfeit footwear, after the German brand launched an infringement lawsuit, sources said.
US Close to Several Trade Deals, Bessent Says
Announcements are expected in the coming days ahead of a July 9 deadline for higher tariffs, according to the US Treasury Secretary.
H&M Releases First Images With AI Digital Twins
The company debuted the images on Instagram on Wednesday, in a post that explained its approach to AI imagery.
France Fines Retailer Shein €40 Million for Misleading Discounts
Fast-fashion retailer Shein has been fined €40 million for deceptive business practices, after a nearly year-long investigation found that a significant percentage of advertised deals were not genuine.
Reliance Retail Invests in Facial Chain Facegym
The partnership will bring Facegym’s signature treatments to the Indian market through both standalone studios and spaces within its Tira beauty stores.
Japan’s Department Store Shares Lag as Tourist Splurge Slows
Low confidence stemming from economic uncertainty has crimped tourist budgets with data compiled by the Japan Department Stores Association showing tax-free inbound sales at over 80 department stores across the country fell by 41 percent in May from a year earlier.
Watches of Switzerland Warns US Tariffs to Weigh on Margin
The UK-based luxury watch retailer said its margin on earnings before interest and taxes risks slipping by as much as 100 basis points compared with the previous 12 months.
Giorgio Armani Posts 24% Profit Drop in Tough 2024, Steps Up Investments
The Milanese group was hit by declining revenues and a slight increase in operating costs but said it retained a long-term approach amid a sharp downturn in luxury demand.
E-Commerce Firm Jumia Draws Takeover Interest From Axian
A deal between the biggest e-commerce platform in Africa and telecommunications company Axian would help both company expand across the continent.
Billionaire H&M Founding Family Speeds Up Share Purchases
The Persson family and its related companies owned over 60 percent of H&M's shares at the end of May, prompting speculation the company may return to private ownership.