Dutch Eyewear Chain Hans Anders Halts Sale of Meta Glasses, Citing Privacy Concerns
A growing Dutch outcry over the glasses mirrors a broader backlash against smart glasses equipped with cameras.
earnings
Luxury
Kering’s Game Plan for 2022
With flagship brand Gucci turning a corner and the French group’s smaller brands still surging ahead, chairman François-Henri Pinault laid out a roadmap for Kering’s next chapter.
Global Markets
Russian Retail Giant Familia Sees Revenue Increase 36% in 2021
Russia’s leading off-price retailer reported annual revenue of 34 billion roubles ($453 million) last year, reflecting a 36 percent rise over 2020.
Global Markets
Dubai’s Emaar Malls See Sales Rise 42% in 2021
The owner of retail properties including Dubai Mall and Dubai Marina Mall recorded sales of 4.9 billion dirham ($1.33 billion) with a net profit of 1.8 billion dirham last year.
News & Analysis
Sportswear Brand Under Armour Beats Revenue Estimates
The company’s net revenue rose to $1.53 billion in the fourth quarter ended Dec. 31, from $1.40 billion, a year earlier.
Retail
Canada Goose Cuts Annual Forecast as Omicron-Related Curbs Weaken Traffic
Canada Goose Holdings Inc cut its full-year revenue forecast on Thursday, as Omicron-related restrictions weigh on demand for the company’s luxury parkas and footwear, sending its US shares down nearly 6 percent in premarket trade.
Retail
Tapestry Lifts Annual Forecast as Luxury Demand Booms
Tapestry Inc raised its full-year revenue and profit forecast on Thursday as consumers splurge on luxury handbags and apparel in the United States and Europe, boosting the Kate Spade owner’s shares 3 percent in premarket trade.
Beauty
Shiseido Sees Double-Digit Sales Growth in ‘Challenging’ Year
The cosmetic giant’s net sales were up 12.4 percent year-on-year in 2021, and EBITDA, or earnings before interest, taxes, depreciation and amortisation, rose 141.7 percent, to 172.56 billion yen ($1.5 billion).
Global Markets
K-Beauty Giant Amorepacific Sees Profit Jump 727% in 2021
The South Korean company, a subsidiary of Amorepacific Group, reported a net profit of 180.9 billion won ($151.2 million) in 2021, with revenue up 9.7 percent year-on-year to 4.86 trillion won.
Topics
OTB Returned to Pre-Pandemic Level of Sales in 2021
The Italian fashion group, which owns Maison Margiela, Diesel and Jil Sander, among others, saw net sales reach just south of €1.5 billion ($1.71 billion) in 2021, up 18 percent compared to 2020 and about in line with 2019 levels.
Beauty
L’Oréal Beats Q4 Sales Forecasts Fuelled by China, US Demand
Holiday spending in the US and China helped L’Oréal beat growth expectations over the crucial end-of-year period as consumers splurged on beauty products.
Global Markets
South Korea’s Shinsegae Sees Strong Fashion, Luxury Performance Drive Quarterly Profit
The retail behemoth reported $80.7 million in consolidated net profit for the period ending Dec. 31, an increase of $54.4 million year-on-year.
Global Markets
Saudi Retail Giant Alhokair Swings Back to Profit
Fawaz Abdulaziz Alhokair Co. reported a net profit of 82.7 million riyals ($22 million) during the nine-month period ending Dec. 31, according to a Saudi Stock Exchange filing.
The News in Brief
Harper’s Bazaar to Launch Philippine Edition
Hearst Magazines International is partnering with Philippine media group AGC Power Holdings to launch the fashion title in November 2027.
Sycamore Said to Near Deal to Sell Boots
The private equity firm is nearing a deal, valued at $9 billion, to sell the UK health and beauty retail business to the Canadian branch of the billionaire Weston family, a source told Bloomberg.
Pandora Opens World’s Largest Jewellery Factory in Vietnam
The $150 million plant is the Danish jewellers first outside of Thailand, part of a bid to diversify its manufacturing footprint and boost supply-chain resilience.
Luca de Meo Says Italy Remains Key, Rules Out Production Shift
The Kering CEO also denied any interest in buying a minority stake in Armani, adding that the group was focusing on other challenges.
H&M, Adidas and Inditex Back New Effort to Address ‘Waste Colonialism’
The new initiative will explore how the industry can take responsibility for the millions of used and unsold garments exported to secondhand markets around the world.
Dyson’s $499 AI Toothbrush Sees Rocky Debut
The UK firm blamed a production error resulting in ‘water seepage’ for the disappearance of its newly launched camera-equipped toothbrush from stores.
Sephora to Launch at Marks & Spencer
‘Sephora at M&S’ will roll out in M&S stores and online starting next spring, with plans to expand to 100 locations by the end of 2028.