The News In Brief
Kering Sells Majority Stake in Three Paris Properties to Ardian
A new joint venture with Ardian will hold three Kering properties — at Hôtel de Nocé on place Vendôme, and two buildings on Avenue Montaigne.
TikTok Prepares for US Shutdown From Sunday, Sources Say
Under TikTok’s plan, people attempting to open the app will see a pop-up message directing them to a website with information about the ban.
India to Promote Its Textiles as Political Crisis Hits Bangladesh’s Exports, Say Sources
An ongoing political crisis in neighbouring Bangladesh, has prompted global retailers to explore alternatives, including India, for garment imports, exporters told Reuters.
US Bans Imports From 37 More Chinese Companies Over Uighur Forced Labour
The US has added 37 Chinese companies, including major textile, mining, and solar firms, to a blacklist over their alleged involvement in forced labour linked to human-rights abuses against the Uyghur population in Xinjiang.
TikTok Ban Fears Drive US Users to Other Chinese Apps
As TikTok faces an impending US ban, Chinese apps Xiaohongshu and Lemon8 have surged to the top of the iPhone download charts, drawing a wave of new users searching for alternatives.
Abercrombie Shares Drop Despite Strong Holiday Sales
Shares of Abercrombie were down 7.4 percent in Monday premarket trading in New York. The retailer’s shares soared 69 percent last year.
Brunello Cucinelli’s Revenues Rose 12% in 2024, Sees ‘Very Strong’ Profits
The group, the first in the luxury sector to report 2024 preliminary sales, said on Monday its revenues rose to €1.28 billion ($1.31 billion) last year, boosted by a double-digit sales growth in the Americas and Asia.
Macy’s Trims Sales Outlook After Holidays Didn’t Deliver
The retailer’s has lowered sales forecast for the current quarter signalled that its expectations for a strong holiday season may have been too optimistic, as comparable sales remained flat through early January.
Lululemon Regains Momentum on Strong Holiday Sales
The company has raised its fourth-quarter sales outlook, expecting a revenue increase of 11 percent to 12 percent, signalling resilience against rising competition and slowing consumer spending.
Ronald S. Lauder Retires from Estée Lauder Board
Lauder, who is the son of the cosmetics company’s founder Estée Lauder, joined the business in 1964 and has served on its board for over 45 years.
Amazon Is Halting Some of Its Diversity and Inclusion Programmes
In a memo to employees, Candi Castleberry, a senior human resources executive, said last month that Amazon was ‘winding down outdated programmes and materials.’
Senior UK Lawmaker Flags Concerns About Shein to LSE and Regulator
The lack of response by Shein’s general counsel for questions about its supply chain at a committee hearing on Tuesday made lawmakers “profoundly concerned,” British parliamentary committee chair Liam Byrne said.