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.
earnings
Retail
Can Zara Owner Inditex Hold the Line on Pricing?
Investors will closely watch Zara owner Inditex’s profit margins for any signs of weakness after a stellar series of results confirmed its lead over smaller Swedish rival H&M.
Retail
Lululemon Beats Expectations, Raises Full-Year Outlook
The activewear brand’s revenue rose 24 percent year-over-year to $2 billion, reflecting growth driven by China, a successful loyalty programme and new categories
Retail
Macy’s Falls After Cutting Outlook as Demand Trends Worsen
Macy’s Inc. said earnings will be weaker than previously expected for the full year, underscoring the uncertainty around US consumer spending through the remainder of 2023.
Retail
Nordstrom Beats Quarterly Sales Estimates as Apparel Demand Holds Up
Nordstrom Inc beat market estimates for first-quarter sales on Wednesday as demand from wealthy shoppers cushioned a wider, inflation-driven slowdown in spending on clothing and accessories.
Luxury
Capri Cuts Revenue Forecast as US Demand Wavers
Michael Kors parent Capri Holdings Ltd on Wednesday cut its annual sales forecast as demand for its handbags and shoes weakens in the United States, sending its shares down nearly 9 percent in early trading.
Beauty
Space NK Bets on Experiential Stores, Viral Brands for Growth
The British beauty retailer is doubling down on its growth focus with more stores, brand exclusives and Gen-Z shoppers .
Retail
Pinduoduo Owner PDD Rides Discount Wave to Beat Revenue Estimates
PDD Holdings Inc beat analysts’ estimates for first-quarter revenue on Friday as more price-conscious customers turned to its discount e-commerce platforms including Pinduoduo.
Retail
Asos Raises Funds After £291 Million Loss
Asos is raising £80 million from shareholders and borrowing £275 million from Bantry Bay Capital, the specialist lender which recently bailed out troubled retailers Superdry and Matalan, as it struggles to secure a turnaround after falling nearly £300 million into the red.
Beauty
Ulta Beauty Cuts Annual Operating Margin Forecast on Cost, Inventory Woes
Cosmetics retailer Ulta Beauty Inc cut its annual operating margin forecast on Thursday, signaling pressure from higher inventory shrink and supply chain costs.
Retail
Gap Inc Posts Surprise Profit
Gap Inc on Thursday reported a surprise profit in the first quarter, and its shares jumped 16 percent in extended trading as the apparel retailer cited restructuring efforts and easing supply chain costs.
Retail
Boohoo Founders Get Hefty Bonuses Despite Missing Sales and Profit Targets
The founders of fast fashion retailer Boohoo doubled their pay to about £1m each last year as they were handed hefty bonuses despite missing financial targets.
Luxury
Armani Sales Up as Asia Rebounds
Italy’s Armani Group said on Thursday its sales jumped 18 percent in the first quarter thanks to a rebound in Asia and more modest growth in the United States, where a slowdown is expected in the coming months.
The News in Brief
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.
Record Global Fibre Production Pushes Fashion’s Environmental Footprint Higher
Planet-warming emissions associated with the raw materials used to make fashion, footwear and home textiles have risen 30 percent since 2019, according to a new report.
Novo Nordisk Looks to Target Hair Loss in Consumer Push
The maker of Ozempic and Wegovy seeks to expand its direct-to-consumer pharmaceutical business as rival Eli Lilly outpaces in weight-loss drugs.
On Targets High-Teens Growth Through 2029
The Swiss brand revealed its plan to keep up its momentum with new products in sports such as golf and its Mbappé-supported entry into football ahead of its investor day Tuesday.
Reference Festival to Host ‘Freie Kunst’ Event at Art Basel Paris
The event runs from Oct. 22 to 25 and will mix participants from art, fashion, music and technology as part of the festival’s tradition of a ‘radical and unhinged exchange of ideas,’ said Mumi Haiati, founder of the event’s organiser Reference Studios.