Boots Acquired by Canada’s Weston Family for $8.9 Billion
The Westons agreed on Wednesday to buy the UK's Boots from Sycamore Partners and the Pessina family, pledging to invest in the retailer's stores and online and expand healthcare services.
earnings
Luxury
What the Potential Richemont Deal Means for Farfetch
The fast-growing luxury marketplace’s latest results disappointed some investors, putting more pressure on the a tie-up with Richemont that could boost Farfetch’s platform ambitions.
China
Perfect Diary Parent Reports Slight Revenue Increase, $100 Million Share Buyback
Yatsen Holdings, the Chinese beauty conglomerate which owns brands including Perfect Diary, Abby’s Choice, Eve Lom and Galénic, reported net revenues for its third quarter, ending Sept. 30, of 1.34 billion yuan ($208.4 million), a year-on-year increase of 6 percent.
Global Markets
Russian Retailer Familia Sees Revenue Grow By Almost 50%
Russian off-price retailer, Familia, increased its revenue by 47.8 percent in the first nine months of 2021 compared to the same period last year and by 30.6 percent compared to pre-pandemic levels in the first nine months of 2019. Revenue for the period reached 24.9 billion roubles ($342 million).
Luxury
Farfetch Shares Plunge in After-Hours Trading on Revenue Miss
Shares were down 24 percent in after-hours trading, after the luxury marketplace reported a 33 percent increase in revenue to $583 million in the three months ending September 20, 2021, short of the average analyst forecast for $591 million.
Luxury
Patrizio Bertelli on Prada’s Next Chapter
After a lengthy turnaround, CEO Patrizio Bertelli outlines his growth plans for the Milanese fashion giant.
China
Alibaba Misses Quarterly Revenue Expectations
China’s Alibaba Group Holding Ltd on Thursday missed market expectations for second quarter revenue, as consumption in the country slowed and its e-commerce business took a hit from supply chain constraints.
China
China’s JD.com Reports 25% Jump in Quarterly Revenue
Chinese e-commerce firm JD.com Inc reported on Thursday a 25.5 percent rise in quarterly revenue, boosted by sustained demand for online shopping.
Retail
Asos CEO Nick Beighton Steps Down as Sales Growth Slows
Beighton stepped down after 12 years at the UK online clothing retailer, which warned that sales growth is slowing amid global supply-chain disruptions.
Retail
H&M Lags Zara-Owner Inditex in Race to Regain Lost Sales
When the fast fashion giants announce quarterly sales on Wednesday, Inditex is seen back to pre-pandemic levels, while H&M still has some way to go.
Retail
Primark Sales Miss Expectations in Latest Quarter on Covid Hit
Associated British Foods said fourth quarter sales at its Primark fashion business were lower than expected, with shopper numbers hurt by public
Luxury
Ferragamo Retail Sales Close to Pre-COVID Levels in July, August
Italy’s Salvatore Ferragamo said on Tuesday its retail sales in July and August were close to pre-coronavirus levels, after returning to operating
Retail
Ted Baker Enjoys Sales Surge as Dressing up Returns to Fashion
Upmarket fashion retailer Ted Baker’s sales surged during the second quarter as customers returned to shops after months of coronavirus restrictions
The News in Brief
Vogue Arabia to Launch Annual Ball
The magazine’s inaugural ball will take place in November, the latest in a growing portfolio of live events hosted by publisher Condé Nast.
Lacoste Fired CEO Ahead of Paris Runway Show, Sources Say
The French tennis and lifestyle brand quietly fired its chief executive, Eric Vallat, shortly before the brand’s latest Paris fashion show, sources told Reuters.
Frasers Group Acquires 8.8% Stake in Under Armour
The move extends British company’s push into sports brands following a recent purchase of Puma stock.
US Luxury Spending Slows, Citi Data Shows
US credit card spending on luxury brands fell for a third consecutive month in September, according to data from Citi.
Frasers Group Steps Up Luxury Push With New Division, Larger Burberry Stake
The British retail group has brought its stakes in Burberry, Hugo Boss and Mulberry together with its luxury retail operations.
Asos Customers Receive ‘Hack’ Notification Threatening Leak
The retailer is investigating after users of its mobile app received a notification claiming hackers had ‘fully compromised’ company data.
Report: L’Oréal Explores Unloading Chemical-Related Liabilities
The French company has engaged restructuring advisers to explore options for rising US legal liabilities linked to its use of talc and other chemical ingredients in some of its cosmetic products, the Wall Street Journal reported on Monday.