Sales at luxury fashion’s second-biggest group fell 4 percent in the holiday quarter, putting it significantly behind key rivals. The Gucci and Saint Laurent owner is expecting another year of lacklustre growth amid a long-term plan to push its brands upmarket.
Sales at luxury fashion’s second-biggest group fell 4 percent in the holiday quarter, putting it significantly behind key rivals. The Gucci and Saint Laurent owner is expecting another year of lacklustre growth amid a long-term plan to push its brands upmarket.
CFO Matt Puckett announced that he will be stepping down later this year.
CFO Matt Puckett announced that he will be stepping down later this year.
The beauty giant announced layoffs and plans to regain profitability, measures to restore faith in investors and customers alike.
The beauty giant announced layoffs and plans to regain profitability, measures to restore faith in investors and customers alike.
The move is part of a much-anticipated restructuring plan to bring the firm back to growth after six quarters of decline.
The move is part of a much-anticipated restructuring plan to bring the firm back to growth after six quarters of decline.
The stock, which had fallen 89 percent in a year, rose 2.5 percent in early trading after the retailer avoided another downgrade.
The stock, which had fallen 89 percent in a year, rose 2.5 percent in early trading after the retailer avoided another downgrade.
Investors dived back into top luxury shares on Friday, adding some $70 billion to their market value as LVMH’s latest sales figures reassured investors about the sector’s resilience to economic headwinds, particularly in China.
Investors dived back into top luxury shares on Friday, adding some $70 billion to their market value as LVMH’s latest sales figures reassured investors about the sector’s resilience to economic headwinds, particularly in China.
Shares of the company fell more than 5 percent in extended trading.
Shares of the company fell more than 5 percent in extended trading.
Revenues reached €1.16 billion in 2023, a touch above the €1.15 billion estimated by analysts according to an LSEG consensus.
Revenues reached €1.16 billion in 2023, a touch above the €1.15 billion estimated by analysts according to an LSEG consensus.
The French group seen as a bellwether for the sector expressed tempered optimism for 2024.
The French group seen as a bellwether for the sector expressed tempered optimism for 2024.
Globally Primark’s sales rose 7.3 percent to £3.4 billion in the period, helped by store openings in the US and Europe.
Globally Primark’s sales rose 7.3 percent to £3.4 billion in the period, helped by store openings in the US and Europe.
The company’s net sales rose 3.2 percent, missing LSEG estimates, due to slowing demand for products including beauty brand SK-II in its second-largest market China.
The company’s net sales rose 3.2 percent, missing LSEG estimates, due to slowing demand for products including beauty brand SK-II in its second-largest market China.
Chief executive officer Oliver Reichert has argued that Birkenstock still has plenty of room for growth following the rapid expansion of the past decade.
Chief executive officer Oliver Reichert has argued that Birkenstock still has plenty of room for growth following the rapid expansion of the past decade.
The brand plans to buy back more than €800 million ($932 million) of stock, seeking to bolster investor confidence after a slide in its shares and the exit of an heir of the eyewear maker’s founder from his management roles.
The beauty retailer’s fiscal second-quarter growth was driven by fragrance, K-beauty and store expansion, said CEO Kecia Steelman.
Jane Ewing, who was most recently interim chief executive officer for Sam’s Club in China, will join Nike on Sept. 7.
Former Target and Walmart veteran Michael Francis, known in the industry as a marketing guru, will succeed current Old Navy CEO Horacio Barbeito on Nov. 2.
The low-cost clothing brand opened its first UK store in Liverpool on Thursday, with shops in Newcastle and Essex due to follow later this year.
The UK fashion trade body has yet to name a successor.
The Swiss watchmaker initially sought about $170 million from the Korean technology giant for failing to prevent apps that mimicked its luxury brands on its smartwatch displays.
Kohl’s turnaround attempt showed some progress after the retailer raised its annual earnings outlook, but it still doesn’t see sales growth this year.