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
Ralph Lauren Results Top Estimates
Ralph Lauren Corp beat profit estimates and reported a surprise rise in fourth-quarter revenue on Thursday as its new seasonal collections resonated with affluent shoppers at a time when luxury spending has cooled in the United States.
Beauty
E.l.f. Reports 48 Percent Increase in Net Sales For Fiscal Year 2023
On Thursday, E.l.f. announced its fourth-quarter earnings and full fiscal year earnings for 2023; reporting a 48 percent increase in year-end net sales to $578.8 million.
Luxury
Chanel to Double Capital Investments, Bolster ‘Ultimate Luxury Experience’ as Sales Surge
The privately-held fashion and beauty giant’s sales rose 17 percent to $17 billion in 2022. Private salons for top-spending clients, emerging technologies and a new London headquarters are on new CEO Leena Nair’s agenda.
Retail
When It Comes to Fashion, M&S Is on the Right Wavelength
Reliable sizing, sweet-spot pricing and contemporary – but not faddish – styles are helping high street retailer stand out.
Retail
Express, Inc. Completes Acquisition of Bonobos, Posts 15 Percent Sales Dip
Express, Inc. completed its joint acquisition of the menswear brand Bonobos in partnership with WHP Global for a combined purchase price of $75 million, the company announced Wednesday.
Luxury
LVMH, Kering Slide Again as Cracks Appear in Luxury’s Bull Case
European luxury goods makers came under pressure for a second day, extending a rout that’s wiped out about $60 billion in market value, in early signs of a turn in sentiment for a sector that’s been “priced for perfection.”
Retail
Kohl’s Rises on Profit Beat as CEO’s Fixes Start to Pay Off
Kohl’s Corp. soared after it reported a surprise profit and reduced its stockpile of merchandise in the first quarter — early signs that the new chief executive officer is bolstering performance.
Retail
Abercrombie & Fitch Raises 2023 Sales Forecast
Abercrombie & Fitch Inc on Wednesday reported a surprise quarterly profit and raised its annual sales forecast, as the apparel retailer bets on its efforts to stock shelves with in-demand products, sending its shares up 18 percent.
Retail
VF Corp Beats Quarterly Profit Estimates on North Face Demand
The company has been lifting prices of its apparel and footwear to protect its profit margins from higher supply and distribution costs. However, air freight and ocean rates declined during the quarter in a boost to its bottom line.
Luxury
Luxury Stocks Lose $30 Billion in One Day on Demand Fears
A blistering rally in luxury goods stocks this year powered by international demand, particularly from China, has taken a hit, wiping out more than $30 billion from the sector on Tuesday.
Retail
Inditex CEO Optimistic About 2023
Zara owner Inditex has started the year at “full throttle”, its chief executive Oscar Garcia Maceiras told Expansion newspaper in an interview released on Tuesday, adding that he is optimistic about the year.
Retail
Foot Locker Slumps as Weak Demand, Heavy Discounts Drive Annual Forecast Cut
Shares of Foot Locker Inc plunged 25 percent premarket on Friday after the footwear retailer cut its annual sales and profit forecasts.
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.