L’Oréal Joins Forces With Nykaa to Invest in Indian Beauty Brands
BOLD, the French conglomerate’s venture capital fund, will collaborate with retailer Nykaa to invest in the next generation of Indian beauty brands.
earnings
China
JD.com Beats Estimates for Quarterly Revenue
US-listed shares of the Beijing-based company rose nearly 4 percent in trading before the bell.
Direct-to-Consumer
At Warby Parker and Allbirds, Signs of Progress
The eyewear maker’s results were consistent with its recent outings. Sales rose 12 percent year-over-year in the first quarter of the year on the strength of its growing store fleet. It also decreased its losses by $23 million and increased its adjusted earnings before interest and taxes by $17 million.
Retail
ThredUp and The RealReal Inch Closer to Profitability
Despite making progress on their respective profitability goals, investors for both online resale sites were hardly impressed Tuesday afternoon when the companies reported first-quarter earnings.
Workplace & Talent
Robert Triefus Appointed Stone Island CEO
After nearly 15 years at Gucci, the executive will join the Moncler Group-owned Italian label on June 1.
Retail
Zalando Nears Break Even in Quarter Amid Profitability Push
The Berlin-based e-commerce platform reported an adjusted loss before interest and taxes of €700,000 ($776,000) for the period, Zalando said in a statement Thursday.
Luxury
Hugo Boss Lifts Profit Outlook After Q1 Sales Jump
The company expects its operating profit (EBIT) to rise between 10 percent and 20 percent to €370-400 million ($410-$443 million) in 2023, compared with the previously expected 5 percent to 12 percent growth.
Retail
Next Keeps Profit Guidance After Quarterly Sales Edge Lower
British fashion retailer Next maintained its guidance for annual profit after reporting a smaller decline in first-quarter sales than it expected, saying it was too early in the year to change its outlook.
Retail
Amazon Reports Quarterly Revenue Above Estimates
Amazon Inc reported first-quarter revenue above Wall Street estimates on Thursday, helped by resilient demand for online shopping and its cloud services businesses.
Retail
Gap Says Latest Job Cuts Will Eliminate About 1,800 Positions
Gap Inc said on Thursday it would cut about 1,800 jobs in a second round of layoffs, joining a set of big U.S. companies that are downsizing in earnest as high inflation eats into consumer wallets.
Beauty
Germany’s Symrise Q1 Sales Rise as Demand Stays Strong
German flavour and fragrance maker Symrise on Wednesday posted a jump in first-quarter sales broadly in line with forecasts, citing robust demand across the board as it continued to offset inflation with increased prices.
Retail
SMCP’s Bondholders Expect Initial Bids for Their Stake by Mid-May
Bondholders in French fashion group SMCP, the owner of labels such as Sandro and Maje, are expecting first-round, non-binding bids for their 37 percent stake in the company by mid-May.
Luxury
Ferragamo CEO Gobbetti’s Pay Backed by Shareholders Despite Criticism
Salvatore Ferragamo shareholders gave the green light to its proposed remuneration policy, which gives the luxury goods group’s chief executive officer a bumper pay package, despite a recommendation from the world’s top two proxy advisers to vote against it.
The News in Brief
Private Equity Firm Inflexion Invests in Manucurist
The European investor, which previously backed Medik8, has taken a 49 percent stake in the premium French nail line.
H&M Profit Rises on Tariff Refunds as Sales Remain Sluggish
US tariff refunds drove an increase operating profit, even as the fast-fashion retailer has struggled to deliver consistent sales growth.
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.
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.