The News In Brief
Global Stock of Rolex Submariner Watches Worth Nearly $50 Billion
The combined value of all 4 million Rolex Submariners ever produced is nearing $50 billion, analysis of the watchmaker’s production data suggests.
Global Luxury Sales to Fall 2% in 2024, Bain Says
Sales of personal luxury goods are projected to fall 2 percent this year, marking one of the weakest performances on record, as price hikes and economic uncertainty shrink the industry’s customer base, particularly in China.
Anna Sui Launches New Fragrances for Brand’s 25th Anniversary
The fashion designer is releasing five new scents with the hope of targeting multi-generational customers.
Buy Now, Pay Later Firm Klarna Files for US IPO
The Swedish firm has confirmed it will stage its IPO in the US, ending months of speculation, and undercutting hopes of a European listing.
On Boosts Outlook on Record Sales for Sneaker Upstart
CEO Martin Hoffmann said the company, which sells $160 sneakers and $130 hoodies, isn’t planning on widespread discounts during the year-end holiday season.
Shopify Surges After Third Quarter Revenue Beats Estimates
The company saw its stock jump nearly 14 percent after reporting stronger-than-expected third-quarter sales, signalling growing momentum as more consumers shift spending from brick-and-mortar stores to e-commerce.
Alibaba, JD Tout Singles’ Day Highs While China Economy Sags
Independent tracker Syntun estimates transactions across all e-tailers in the weeks running up to the shopping festival rose 27 percent, but many platforms started promotions much earlier than usual this year.
Groupe Dynamite Aims for $1.7 Billion Valuation in Canadian IPO
The company seeks to raise C$300 million in its Canadian IPO, positioning CEO Andrew Lutfy for a potential $1.7 billion valuation and billionaire status.
Moncler Not in Talks to Take Over Burberry, Sources Say
Burberry CEO Joshua Schulman is expected to announce a strategy update after the brand suffered significant sales declines when it reports results on Thursday.
Vietnam Says Temu, Shein Must Register With Government or Be Blocked
The country has given Shein and Temu until November’s end to register with the government or face a ban, citing market and regulatory concerns.
British Hairdressing Icon Trevor Sorbie Has Died
Sorbie was one of the British hairdressing industry’s most recognisable names, having created some of the ‘80s and ‘70s most iconic looks.
Meta’s Zuckerberg Not Liable in Lawsuits Over Social Media Harm to Children
A judge ruled Meta CEO Mark Zuckerberg isn’t personally liable in lawsuits claiming the company addicted children to social media, citing lack of evidence.