The News In Brief
Levi Sees Full-Year Revenue at Low End of Its Guidance Range
Sales in the company’s fiscal third quarter, which ended Aug. 25, fell just short of the average analyst estimate, and Levi’s Americas division posted a revenue decline.
EU Moves to Delay Deforestation Rule After Huge Pushback
The commission suggested a 12-month delay to rules aimed at curbing forest clearance in nations that send products such as coffee, cocoa, soy and beef to the bloc.
Everlane Hires Former Fear of God Executive as its New CEO
The apparel brand hired Alfred Chang to replace Andrea O’Donnell, who left the company in January after leading Everlane’s return to profitability.
JD Sports’ UK Business Hit by Bad Weather and Red Sea Disruption
The retailer’s UK business has suffered from falling sales due to delivery disruptions in the Red Sea and poor weather conditions, which dampened demand for outdoor products.
CVS to Lay Off 2,900 Employees, Considering Company Breakup
The drugstore chain is implementing a restructuring plan and has retained bankers to review a possible split of its stores and insurance businesses.
Condé Nast Names New UK Chief Business Officer
As chief business officer, Luke Robins will be tasked with generating revenue growth for the publisher’s UK business amid a tough landscape for traditional media.
Patagonia Cuts 41 Jobs Amid Major Restructuring
While the company remains profitable, it is also ‘vulnerable to the same economic headwinds’ facing the wider apparel sector, CEO Ryan Gellert said in a LinkedIn post.
Mulberry Wants to Go It Alone, Rejects Frasers Takeover Bid
Mulberry Group Plc has rebuffed a 130 pence-a-share takeover bid from Mike Ashley’s Frasers Group, asserting confidence in its new CEO’s ability to revitalise the brand.
Kering Stock Rating Cut to ‘Sell’ as Goldman Doubts Luxury Rally
Goldman Sachs analysts warn that last week’s rally in luxury-goods stocks, spurred by China’s stimulus measures, is built on shaky ground.
FIFA to Launch Fashion Line in Partnership with VFiles
Football’s global governing body is set to launch its inaugural ‘FIFA 1904′ collection in spring 2025.
California Governor Signs Textile Recycling Bill into Law
The legislation will make brands responsible for establishing and funding a programme to collect and recycle old clothes.
Estée Lauder Companies Announces Leadership Changes
The beauty conglomerate names two replacements for its North America group president, who will retire in 2025.