Naomi Campbell Wins Appeal Against Charity Trustee Ban
A London tribunal ruled that the misuse of funds at the charity the supermodel founded had been concealed from her.
earnings
China
Mall Owner Hang Lung Properties Saw Rental Income Rise 31% in Mainland China Last Year
The Hong Kong-based property group reported revenue of HK $10.32 billion ($1.34 billion) and operating profit of HK $7.37 billion ($958 million) last year, up 15 percent and 14 percent respectively.
Retail
H&M CEO Sets Target to Double Retailer’s Sales by 2030
Hennes & Mauritz AB chief executive Helena Helmersson is also targeting an operating margin of more than 10 percent within three years.
Luxury
Ferragamo’s Sales Grow 31.4% In 2021
The leather goods maker said on Thursday 2021 revenues totalled €1.136 billion ($1.27 billion), in line with a Refinitiv consensus of €1.135 billion.
Retail
Pace of Sales Growth Slows at Dr. Martens, Sinking Shares 13%
Dr. Martens said revenue growth slowed in its third quarter, hammering its share price, after a drop in its wholesale business as it prioritised scarce inventory for online and retail stores channels.
Luxury
Tod’s Sales Jump 40% in 2021, Beating Expectations
Sales at Italian fashion group Tod’s in 2021 rose by almost 40 percent, the first increase after five years of consecutive declines, beating market expectations.
Retail
Swatch Group Returns to Profit, Sees Strong Sales Ahead
Swiss watchmaker Swatch Group said it expected double-digit sales growth in local currencies this year after sales and profits recovered in 2021.
China
Chinese Fast Fashion Giant Peacebird Sees Profit Plunge in 2021
The Ningbo-based group released its 2021 financial review, which showed net profit attributable to shareholders dropped by 660 million yuan ($104.31 million) or 7 percent year-on-year.
Retail
Retail’s Rough Start to 2022
This week, everyone will be talking about the slump in retail stocks, Haute Couture Week in Paris, LVMH’s end-of-year results and some very expensive sneakers.
Luxury
Dissecting Luxury’s Love for Streetwear
Signs of streetwear’s importance to the luxury business model were everywhere this week, from Virgil Abloh’s last collection for Louis Vuitton to LVMH’s Aimé Leon Dore deal to Bally’s appointment of Rhuigi Villaseñor.
Technology
Report: TikTok Owner ByteDance’s Revenue Growth Slowed to 70% In 2021
TikTok owner ByteDance saw its total revenue grow by 70 percent year-on-year to around $58 billion in 2021, according to two people familiar with the matter, slower growth than a year earlier as China tightens its regulation of big tech companies.
Luxury
Are Department Stores Still Relevant?
Selfridges’ sale for a lofty $5.4 billion suggests there is still life in the department store model. But how to grow in a shrinking category?
Luxury
Richemont, Burberry Signal That Luxury Market Is Thriving Again
Richemont had its fastest holiday season sales growth in at least a decade and Burberry Group Plc forecast 35 percent earnings growth this year, the latest signs that the luxury-goods market is thriving again.
The News in Brief
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.
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.