The News In Brief
US Retail Sales Post Surprise Gain, Helped by Online Stores
US retail sales unexpectedly rose by 0.1 percent in August, driven by a boost in online purchases, even as mixed results across other categories and declining receipts at gas stations highlighted broader economic challenges.
Burberry’s New CEO Pledges He Won’t Take Brand Down Market
Joshua Schulman has pledged to maintain the brand’s elevated positioning while improving price balance, countering speculation that he might steer the iconic British label down market.
Hermès Stock Defensive Trade to Counter Luxury Slowdown, Exane Says
BNP Paribas Exane analysts have upgraded Hermès shares to “outperform,” citing the luxury goods maker’s resilient business model and robust growth prospects as a safeguard against current downturns in the luxury sector.
Swiss Watchmakers Call on SNB to Act on Franc as Exports Slump
‘With inflation currently well below 2 percent, the Swiss National Bank has room to manoeuvre and act on the foreign exchange market,’ the Federation of the Swiss Watch Industry and the Employers Federation of the Swiss Watch Industry said Tuesday.
THG Plans to Demerge Tech Arm, Focus on Beauty and Nutrition in Push for FTSE Inclusion
The British e-commerce firm plans to split off its technology platform, Ingenuity, and refocus its business around its beauty and sports nutrition segments to allow it to upgrade its listing and boost its share price.
World Afro Day Urges UK Parliament to Adopt Hair Discrimination Policy
Celebrities and advocates have penned an open letter campaigning to reform the 2010 Equality Act to include Black hairstyles to be protected against discrimination.
New York State Launches Fashion Grants for Sustainability and Innovation
The state’s Fashion Innovation Center will dole out up to $10,000 in funding to support start-ups, farmers and researchers in their efforts to develop new materials, manufacturing technologies and agricultural processes.
Shein Says Move to Close US De Minimis Loophole Won’t Hurt Competitive Advantage
The company’s on-demand business model gives it “not just a few points advantage, but a significant advantage,” executive chairman Donald Tang said in an interview.
Fearless Fund to End Grant Programme for Black Women Founders, Settles Lawsuit
The investment firm focused on women of colour agreed to end one of its grant programmes, bringing to a close year-long litigation with the American Alliance for Equal Rights. The fund will continue to operate other similar initiatives.
US Looks to Curb Low-Value Chinese Shipments Under $800 ‘De Minimis’ Exemption
The White House announcement comes two days after Democratic lawmakers in Congress urged President Joe Biden to use executive powers to close the de minimis provision, which they called a “loophole” that has allowed Chinese imports to evade tariffs.
India Probe Finds Amazon, Walmart’s Flipkart Breached Antitrust Laws
The Competition Commission of India in 2020 ordered an investigation into Amazon and Flipkart for allegedly promoting certain sellers with which they had business arrangements and giving priority to certain listings.
L’Oréal Joins $38.6 Million Funding Round For Biotech Start-up Abolis
The French cosmetics conglomerate has backed a number of biotech firms as it looks to secure a fresh crop of future-proofed ingredients.