Edward Buchanan Opens New Creative Hub in Milan
A new space called The Situation will host exhibitions and residencies and provide resources to Black, queer and other under-represented creatives.
Cincinnati, United States
Retail
Macy's to Cut 3,900 Jobs to Help Counter Covid-19 Losses
The department store chain said it expects to save about $365 million in fiscal 2020 as a result of the layoffs.
Retail
Macy's Warns of up to $1 Billion Quarterly Loss
The department store operator forecast first-quarter sales between $3 billion to $3.03 billion, down from $5.50 billion a year earlier.
Retail
Macy’s Sales Beat Estimates
The positive results follow the department store's announcement that it will close several offices and stores to cut costs and boost growth.
Retail
Macy's Cuts Forecast After Sales Drop
The department store chain posted a 3.5 percent decline in same-store sales for Q3, compared to the 1 percent drop analysts had expected.
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Retail
Macy's Sees Savings of up to $550 Million
As the retailer spends heavily on remodelling stores and building online businesses, targeted promotions and better pricing have projected large savings in the next two to four years.
Retail
Macy’s CEO Assures Tariffs Will Only Hit Profits by 5 Cents a Share
Chief Executive Jeff Gennette said looming US tariffs will reduce per-share profits by a maximum of five cents and assures it is not a big impact.
Beauty
P&G Shares Rise After Posting Best Sales Growth in at Least a Decade
The grooming business increased sales by 4 percent, shoring up a key area of concern for the company that had failed to keep pace with other units.
Beauty
P&G Sales and Profit Beat Estimates
The beauty business saw a 9 percent rise in organic sales, helped by the premium SK-II brand.
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Retail
Macy's Shares Rise as Investors Applaud Plan to Streamline Business
While the company said it can achieve growth in comparable-store sales, it won’t come immediately.
Retail
Macy’s CEO on Reinventing the Store
In a bid to thwart off-price competitors and refresh the store experience, Jeff Gennette is focused on removing pain points and friction while tapping into the magic of radiated sales.
Retail
Macy's Boosts Annual Earnings Forecast Ahead of Holiday Season
Despite increasing competition online, the retailer surpassed expectations last quarter and has upped its adjusted earning forecast to $4.10 to $4.30 per share.
Beauty
Procter & Gamble Posts Sales Rise
The company reported a surprise rise in first-quarter sales to $16.69 billion after strong demand for its beauty products and cleaning supplies.
The News in Brief
L’Oréal Joins Forces With Nykaa to Invest in Indian Beauty Brands
BOLD, the French conglomerate’s venture capital fund, will collaborate with retailer Nykaa to invest in the next generation of Indian beauty brands.
Private Equity Firm Inflexion Invests in Manucurist
The European investor, which previously backed Medik8, has taken a 49 percent stake in the premium French nail line.
H&M Profit Rises on Tariff Refunds as Sales Remain Sluggish
US tariff refunds drove an increase operating profit, even as the fast-fashion retailer has struggled to deliver consistent sales growth.
Arnault Clan to Change LVMH Holding Structure to Ensure Control
Under the plan, the world’s biggest luxury group will be controlled by one entity, Agache SCA, after Christian Dior SE, one of the current holding companies of LVMH, is delisted.
JD Sports Says Nike Turnaround Is Only a Matter of Time
Dominic Platt, chief financial officer of the British sportswear retailer, told Reuters, ‘Much as there's a lot of talk about Nike, it's still the most popular brand out there and it's still a very strong brand.’
Chanel Plans to Keep Investing in China Despite Demand Downturn
CEO Leena Nair pointed to the brand’s recent renovation of its Plaza 66 boutique in Shanghai, calling China ‘a market where the clients understand sophistication, refinement.’
Meta Expected to Unveil Smart Glasses Without Camera
Smart glasses have become a target of criticism in recent months amid growing concerns they can be used to record people without their consent.