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
Retail
Puma Expects Q2 Sales Growth Below Full-Year Target
German sportswear maker Puma on Wednesday said it expected second-quarter sales to grow at a low- to mid-single-digit percentage rate, below its full-year target, due to high inventory levels and ongoing challenges in the market.
Luxury
Luxury's Record High Stock Prices, Explained
Kering’s first-quarter sales were a stress test for luxury demand after strong momentum at LVMH and Hermès pushed shares in the sector to dizzying heights.
Luxury
Kering Sales Edge Up 1%, Lagging Rivals
Sales at French luxury group Kering rose by just 1 percent in the first quarter, as star label Gucci benefited less than rivals from a rebound in China, and revenues fell sharply in the US.
Retail
Gap to Cut Hundreds of Jobs in New Round of Layoffs
Gap Inc is eliminating hundreds of jobs from its global workforce, the Wall Street Journal reported on Tuesday, citing people familiar with the situation.
Retail
Primark Under Pressure From Inflation and Weak Sterling
Primark’s margin shrank to 8.3 percent in the first half from nearly 12 percent a year earlier, owner Associated British Foods Plc said Tuesday.
Retail
Authentic Brands Group Acquires Vince IP
The licensing group — which also owns Brooks Brothers and Juicy Couture, among others — will have a majority stake in a new Vince entity, with will license the brand back to Vince to operate its existing wholesale, retail and online business.
Luxury
LVMH’s Market Value Exceeds $500 Billion, a First in Europe
LVMH’s market value surpassed $500 billion, becoming the first European company to reach that milestone, thanks to booming sales of luxury goods in China and a strengthening euro.
Luxury
Valentino Reports 10 Percent Rise in Annual Sales
Having rebounded from the worst of the pandemic in 2021, the Italian couture house continued its growth last year.
Luxury
Luxury Fortunes Jump $93 Billion on Demand Boom for Hermès, Dior
A global shopping splurge on luxury goods and beauty products is making some of the world’s richest people even richer.
Luxury
LVMH Is Shifting Out of Hong Kong as Luxury Shoppers Stay Home
LVMH is shifting resources out of Hong Kong, reflecting waning interest in what used to be Asia’s premium shopping hub as mainland Chinese consumers switch to shopping at home.
Beauty
P&G Says Consumer Demand Is Stabilising Despite Higher Prices
Procter & Gamble Co. raised its sales projection for the fiscal year ending in June, citing higher prices and a slight increase in demand for some of its products. The shares rose the most in three years.
Luxury
Ferragamo Sales Decline Slightly in Q1 as US Weighs
Sales at Italian luxury group Salvatore Ferragamo declined by 6.5 percent at constant exchange rates in the first quarter, hit by a slowdown in the US market, the company said on Thursday.
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.