The News In Brief
E.l.f Beauty Lifts Annual Forecasts on Resilient Cosmetics Demand; Shares Up
The company’s strategy of introducing “dupes” of luxury cosmetics and pricing its products between $2 and $10 has further bolstered demand.
Coty Sees Annual Profit at Low End of Forecast as Mass Beauty Demand Slows
Coty is also facing tight inventory management by retailers globally, while in the United States the company is grappling with soft sales at drug stores and pharmacy chains.
California Passes Tough-on-Crime Measure Backed by Big Retailers
Proposition 36 was leading with 70.5 percent support to 29.5 percent against the measure, with about 56 percent of precincts reporting, according to the Secretary of State’s website.
Farfetch Owner Coupang's Retail Sales Miss Estimates
Shares in the online retailer fell 9 percent as sales growth was slower than expected. Farfetch’s operating losses shrank to $2 million from $31 million the previous quarter.
Tom Ford Buys £80 Million London Mansion in Year’s Top Deal
The transaction is one of this year’s rare high points for London’s property market that’s suffered a slump in luxury-home deals partly due to highly anticipated reforms affecting wealthy UK residents.
Hugo Boss Says It Won’t Reach 2025 Revenue, Profit Targets
Quarterly earnings before interest and tax were down 7 percent on the year at €95 million ($103.3 million).
Shein’s European Entity Reports 68% Sales Growth in 2023
After-tax profit for the Dublin-registered entity more than doubled to €99.5 million from €45.8 million in 2022.
Valérie Leberichel to Join Gucci as Communications Chief
The former head of communications at Givenchy is slated to join the Italian megabrand as it seeks to break out of a deep sales slump.
The Vitamin Shoppe Owner Files for Bankruptcy
Franchise Group Inc, which owns brands including the Vitamin Shoppe and Pet Supplies Plus, has filed for bankruptcy protection after a slew of losses and a scandal connected to its backer B. Riley Financial Inc.
Fast-Fashion Retailer Groupe Dynamite Hires Bankers for IPO
The Canadian women’s clothing retailer has engaged banks for a potential initial public offering that could be launched in the coming weeks, aiming to invigorate the sluggish Canadian IPO market.
Blackstone In Talks to Acquire Retail Opportunity Investments Corp, Sources Say
The private equity firm is in advanced talks to acquire ROIC which owns over 90 shopping centres in the US, according to people familiar with the matter.
Pioneering Indian Designer Rohit Bal Has Died
Marrying traditional patterns and craftsmanship with modern sensibilities, Bal’s designs were popular with Indian society and celebrities.