The News In Brief
Hermès Faces Slowest Quarter in Years as Luxury Woes Spread
The Birkin bag maker is expected to report its weakest quarterly revenue growth since the end of 2021 when it releases sales figures on Thursday.
Astier de Villatte Sells Majority Stake to Vesper
Founders Ivan Pericoli and Benoît Astier de Villatte will now focus on the creative direction of the Paris-based ceramics and fragrance brand.
Gatemore Seeks Watches of Switzerland Buyback, US Listing
Gatemore Capital Management has acquired a stake in Watches of Switzerland Group Plc and is urging the luxury watch retailer to implement an aggressive share buyback of £25 million to £50 million and consider a US listing.
Amazon Sets Ultra-Low Pricing Plans for Temu Rival Store, The Information Reports
Amazon is reportedly implementing strict price caps for a new low-cost storefront, limiting items like jewellery to $8 and guitars to $13, in an effort to compete with discount rivals such as Temu and Shein.
L’Oréal Third Quarter Sales Miss Expectations as China Buys Less
The North Asia region, dominated by China, accounts for a quarter of group sales, but persistently weak demand in the world’s No. 2 economy has curbed consumer spending.
Zegna Group’s Third Quarter Sales Fall 7 Percent
The Italian menswear group was heavily impacted by a 22% revenue drop in Greater China. Sales at the Zegna brand grew slightly while Thom Browne and Tom Ford posted double-digit declines.
Ex-Abercrombie CEO Arrested Amid Sex Trafficking Investigation
Jeffries was arrested with his British partner, Matthew Smith, and a third man, Jim Jacobson, as authorities investigate allegations that the men sexually exploited and abused young men.
Europe’s Textile Recycling Sector Warns of ‘Unprecedented Crisis’
Geopolitical disruptions and a growing glut of low-value ultra-fast fashion are creating an unsustainable market dynamic, even as regulators are pushing to tackle clothing waste, according to two major lobby groups.
Interparfums Sales Rise 15%, Buoyed by Fragrance Demand
The European fragrance licensee beat analyst expectations in its third-quarter earnings, with sales lifting to $425 million.
Chanel to Sponsor Oxford-Cambridge Boat Race
Chanel is set to sponsor the annual rowing competition between Oxford and Cambridge universities.
Venrex and the British Beauty Council Launch Beauty Venture Fund
The fund, Venrex BBCo I, will make investments of around $130,000 to $1.3 million in a variety of consumer and B2B beauty businesses.
Marie Leblanc Named Courrèges CEO
The former Victoria Beckham chief executive will succeed Adrien Da Maia, who led the Space Age brand’s turnaround with designer Nicolas Di Felice.