The News In Brief
Mulberry Bets on Lower Handbag Prices
CEO Andrea Baldo plans to turn the struggling British brand around by targeting customers looking for more affordable price points amid a wider downturn in demand for luxury goods.
Salomon and Arc’teryx-Owner Amer Sports Reports Growing Sales and Profits
The group cited the continued strength of its flagship brand, Arc’teryx, and strong performances across its portfolio in China.
UK Retailers Warn Reeves of £7 Billion Hit From Budget Tax Rises
Large UK retailers including Marks & Spencer and Next have written to Rachel Reeves to say that a £7 billion increase in annual costs after last month’s budget would lead to job cuts and higher prices.
Mulberry Restructures as Sales Slump
The company, which last month rejected a £111 million bid from 37 percent shareholder Mike Ashley’s Frasers Group, is in the process of cutting 85 roles from the 350 staff employed in corporate functions.
Revolution Beauty Sales, Profits Slide in First-Half Results
The embattled British cosmetics company reported a 20 percent slide in revenue, but says turnaround efforts will start to pay off in the second half.
UK Creative Industries’ Union Rings Alarm on Fashion Sector Work
Creatives are pressured to work for free and frequently face payment delays and toxic working environments, according to a survey by Bectu and Fashion UK.
Novo Nordisk Launches Wegovy in China With Prices Well Below US
The company is aiming to capture a share of the country’s expanding weight-loss market despite the drug not being covered by national health insurance.
Harper’s Bazaar Debuts New Podcast ‘The Good Buy’
The publication will be releasing the first episode of its new weekly fashion-focussed podcast on Nov. 22.
Balenciaga CEO Set to Lead Yves Saint Laurent
According to sources, Cédric Charbit is poised to replace Francesca Bellettini, who became co-deputy CEO of owner Kering in 2023.
Telfar to Open Its First Flagship Store
The cult apparel and accessories label’s 10,000-square-foot outpost in New York will include a year-round selection of its popular “Bushwick Birkins” and a television studio.
Hims Drops Most Ever as Amazon Enters Hair-Loss Drug Market
The telehealth company’s shares plummeted 18 percent after Amazon announced plans to market hair loss treatments, a key part of Hims’ business.
Second-Hand Marketplace Vinted Rules Out IPO for Now, CEO Says
Vinted is postponing plans for an IPO as it focuses on expanding into new product categories and international markets.