The News In Brief
Retailer Temu’s Daily US Users Halve Following End of ‘De Minimis’ Loophole
US-based users of the PDD Holdings-owned e-commerce platform fell by 58 percent in May.
Nike CEO Finishes C-Suite Makeover With McDonald’s Executive
CEO Elliott Hill tapped Michael Gonda to lead communications amid turnaround efforts for the world's largest sportswear brand, Bloomberg reported.
Coach’s Hit Handbag Shows How Less-Expensive Luxury Is Gaining Ground
Masstige brands are outperforming expectations while luxury and fast fashion continue to struggle.
Beautycounter Set to Return With New Name and Look
The clean beauty label was bought back from a private equity firm last year by founder Gregg Renfrew, and will relaunch as Counter on June 25.
Dolce & Gabbana Gets Fresh Cash to Fund Bet on Beauty Products
The Italian fashion house obtained additional debt of €150 million from creditors to fund expansion in its beauty and property sectors, and agreed to refinance existing loans.
Natura CEO Bets on Mexico as Cosmetic Maker Recovers
CEO João Paulo Ferreira announced plans to expand its presence in the country from its current 16 stores and stands, saying, ‘We will grow disproportionately in Mexico.’
Rolex Lovers Splash Out on Used Watches Before Trump Tariffs
Fears of potential US tariffs spurred a surge in purchases of used Rolex and Patek Philippe watches in late April, mirroring a jump in Swiss watch exports to the US during the same period.
Ulta Beats Estimates as Beauty Demand Bucks Consumer Pullback
The beauty retailer raised its full-year outlook for sales and profit.
Gap’s Quarterly Sales Beat on Strong Demand for Old Navy, Namesake Brands
The retailer maintained its annual sales forecast of 1 percent to 2 percent growth, but the outlook does not reflect the potential effect of tariffs.
Appeals Court Allows Trump Tariffs to Stay in Effect for Now
A brief order granting the stay was issued Thursday by the US Court of Appeals for the Federal Circuit, putting an order blocking Trump’s tariffs on hold while the appeals court weighs a longer lasting stay sought by the government.
Kohl’s Posts Better-Than-Expected Sales as It Looks for New CEO
The department store operator’s first-quarter sales fell 3.9 percent, outpacing its earlier forecast, while the company maintained its full-year outlook.
Nike’s Longtime Design and Innovation Boss John Hoke to Retire
The chief innovation officer will remain with Nike until October. His successor has yet to be named.