The News In Brief
Former Harrods Boss Al Fayed Raped, Abused Women, BBC Says
Five women have accused former Harrods owner Mohamed Al Fayed of rape, while over 20 others claim sexual assault during his tenure at the luxury department store.
Hong Kong’s K11 Musea Mall Expands Luxury Offering
Luxury brands owned by LVMH and Kering are among those expanding or upgrading their presence at the mall as owner New World Development bets on a rebound in the premium retail sector.
British Fashion Council CEO Caroline Rush to Step Down
On Thursday, the British Fashion Council (BFC) announced that CEO Caroline Rush will step down from her position from June 2025, ending a 16-year run.
Next Ups Profit Guidance on International Growth
The British retailer forecast annual profits £15 million higher than previously expected.
Dazed Media Names New Executive Director
Dan Fitzgerald will lead the company’s commercial partnerships across its digital and print publications.
Fed Cuts Rates by Half Point in Decisive Bid to Defend Economy
The Federal Reserve is aiming to bolster the labour market while signalling a cautious approach to future adjustments amid mixed economic indicators.
UK Warns 17 Fashion Brands on Greenwashing
The country’s Competition and Markets Authority has written to ‘well-known’ labels advising them to review their practices after issuing a new compliance guide for the fashion sector.
Zegna CEO Still Betting on China Despite Uncertain Growth
The Italian fashion house remains committed to its medium-term expansion strategy in China, prioritising marketing and made-to-measure services despite economic uncertainties.
Chanel Buys 42 Avenue Montaigne Amid Real Estate Arms Race
The French fashion giant purchased the property as European luxury players battle to secure landmark locations for their boutiques.
Ozempic ‘Very Likely’ to Face Drug Price Negotiations, Novo Says
The US Centers for Medicare and Medicaid Services will announce the next set of 15 retail prescription drugs selected for negotiation by February 1, 2025.
EssilorLuxottica Extends Smart Glasses Partnership With Meta
Although the launch of the first smart glasses struggled to gain traction among consumers, the latest version, introduced in late 2023, has sold more units in a few months than the previous ones did in two years.
US Retailer Holiday Hiring Set to Be Lower Than Last Year
US retailers are set to hire fewer seasonal workers this holiday season — 520,000 versus 564,200 last year — reflecting a softer labour market and tighter consumer spending, according to a Challenger, Gray & Christmas report.