The News In Brief
François Pinault Out of the Global 100 Richest
The Kering founder’s wealth has fallen from its August 2021 peak by two-thirds, as son François-Henri Pinault struggles to turn around the luxury group’s flagship Gucci label.
Olive & June To Be Acquired by Helen of Troy
Drybar owner Helen of Troy bets on DIY nail care with its acquisition of Olive & June.
Gap Lifts Outlook Ahead of Key Shopping Season
The operator of Old Navy and Athleta now sees sales up 1.5 percent to 2 percent this fiscal year, versus a previous view that the measure would climb less than 1 percent.
Canadian Fashion Company Groupe Dynamite Launches IPO
Shares of the Montreal-based retailer, which owns womenswear brands Dynamite and Garage, fell 2 percent following its debut on the Toronto Stock Exchange.
Crown Affair Closes $9 Million Series B Round
Prestige hair care brand Crown Affair has closed a $9 million Series B round led by investment firm True Beauty Ventures.
Temu Owner PDD’s Sales Slow Sharply After China Market Sputters
PDD Holdings missed third-quarter revenue and profit estimates as a price war and sluggish consumer confidence in China weighed on its sales.
Frasers Calls for Removal of Boohoo Director Mahmud Kamani
Mike Ashley’s Frasers Group has called for the removal of Boohoo’s co-founder from its board, accusing him of poor governance and financial mismanagement, in a fresh conflict between the two retail magnates.
JD Sports Shares Slump 14% After Profit Warning
Mild weather and aggressive discounting by competitors led to disappointing sales at JD Sports in October, with profits expected to be at the lower end of forecasts.
Clean Skin Club’s Face Towel Raises $32 Million
The investment will help the brand aggressively enter retail, as well as develop new versions of its hero product.
The Ordinary CEO Nicola Kilner to Step Down
Kilner, who co-founded the company in 2013 with Brandon Truaxe, confirmed she would step down from her role at the end of the year.
Reliance Brands Limited CEO Likely to Step Down
Darshan Mehta has led the company, which operates hundreds of mono-brand fashion and luxury stores across India, since 2007.
E.l.f Beauty Shares Drop Following Short Seller Report
Short sellers Muddy Waters’ Carson Block said in a conference in London on Wednesday that he was shorting the stock due to concerns over revenue and inventory.