The News In Brief
Shein Adds More Banks to Arrange London Listing
Shein has added more banks to help arrange its potential initial public offering that could value the online fashion retailer at £50 billion ($65 billion), potentially one of the biggest listings in London in recent years, people familiar with the matter said.
Adidas Raises 2024 Guidance Again, Citing Good Brand Momentum
Adidas on Tuesday raised its full-year sales and profit guidance, citing better than expected performance in the third quarter and good brand momentum as it benefits from demand for its retro three-striped Samba and Gazelle shoes.
Walgreens Plans to Shutter 14% of US Stores Over Three Years
As part of ongoing cost-cutting measures, the drugstore chain will trim 1,200 locations from its north American store footprint.
Coty Lowers First-Quarter Sales Outlook
Citing tighter retail inventory management and strained consumer spending, the cosmetics giant lowered its first-quarter sales estimates slightly ahead of its earnings on Nov. 6.
Keir Starmer Says Listings Like Shein’s to Face Labor Rights Scrutiny
All companies looking to sell shares in London will face scrutiny over workers’ rights, UK Prime Minister Keir Starmer told Bloomberg Television, in response to questions about whether his new Labour government would welcome a listing by online fashion giant Shein.
LVMH Investors Jittery Over Anaemic China Demand
Investors in French luxury group LVMH, opens new tab are eager for signs that China’s new fiscal stimulus measures can finally pull wealthy and middle-class Chinese shoppers out of their funk, inspiring them to splash out on $4,300 designer leather handbags ahead of Singles Day, China’s largest annual shopping spree.
Nail Care Brand Nails Inc Acquired by Private Equity Firm
The British nail care brand has been acquired by American private equity group Pacific World Corporation, the company announced Monday.
Glossier Launches Swing State Ad Campaign
The brand will run billboard and digital ads urging voter registration in Georgia, Michigan, and elsewhere until Nov. 5.
Mulberry’s Owner Rejects Increased £111 Million Bid From Mike Ashley’s Frasers Group
It’s the second time in the past month that Challice, Mulberry’s parent company, has rejected an offer for the leather goods maker.
Bytedance’s TikTok Cuts Hundreds of Jobs in Shift Towards AI Content Moderation
The move that reflects the company’s ongoing efforts to streamline operations amid rising regulatory pressures.
Nike Replaces North America Boss Ahead of New CEO’s Arrival
Tom Peddie will become the vice president and general manager for North America.
Proenza Schouler Names New CEO
Former Shopbop brand president Shira Suveyke Snyder is stepping into the top executive role at the company.