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
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.
Beauty
L’Oréal Q1 Sales Rise 13%, Lifted by US, Europe
L’Oréal reported a 13 percent rise in first-quarter sales, beating expectations thanks to strong business in the US and Europe as shoppers shrugged off rising prices, but said it had not benefited yet from the end of Covid-19 curbs in China.
Luxury
Cucinelli Posts 33% Rise in Q1 Sales, Confirms 2023 Revenue Growth Forecast
Sales at Italian luxury group Brunello Cucinelli rose 33 percent at constant exchange rates in the first quarter, driven by strong growth in the Americas and a rebound in Asia.
Retail
David’s Bridal Files for Bankruptcy, May Close All Stores
David’s Bridal LLC filed bankruptcy for the second time and could close all of its nearly 300 stores if the company is unable to find a buyer in the coming weeks.
Luxury
LVMH Raises €1 Billion in Oversubscribed Bond Sale
Investors piled in for LVMH’s first debt sale in three years, as the luxury goods maker seized on stellar quarterly results as well as calmer conditions in Europe’s credit market.
Retail
Uniqlo Parent Raises Full-Year Outlook; Sees China Recovering
Uniqlo parent Fast Retailing Co Ltd reported a 16 percent jump in first-half profit and lifted its full-year outlook on Thursday, as the Japanese apparel retailer saw signs of recovery in China and strong sales growth in Europe and North America.
Luxury
Hermès Sees No US Slowdown as Sales Jump 23%
Sales at Birkin bag maker Hermès rose 23 percent in the first quarter, above market expectations, as wealthy shoppers in China and Europe splurged on luxury fashion and accessories despite higher prices and global market turmoil.
Retail
Rent the Runway Drops on Downbeat Full-Year Outlook
Rent the Runway Inc. fell after it reported a downbeat outlook for the remainder of the fiscal year and named a new chief financial officer.
Luxury
LVMH Sales Lifted by Strong Chinese Rebound in First Quarter
Sales at the world’s largest luxury company, which owns Louis Vuitton and Dior fashion houses as well as Hennessy cognac and US jeweller Tiffany, came to €21.04 billion ($23.10 billion) for the three months ending in March.
Retail
Uniqlo Owner Expected to Post 30% Profit Rise, as Investors Eye China Results
Second-quarter results from Japan’s Fast Retailing Co, owner of clothing brand Uniqlo, will on Thursday offer a window into how rapidly demand in China is recovering after the lifting of pandemic curbs.
Technology
ByteDance’s Profit Surges 79%, Exceeding Alibaba and Tencent
ByteDance Ltd.’s profit last year soared to a record, surpassing that of China technology giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd. for the first time, the Financial Times reported.
Retail
Walmart Maps Out Plan to Boost Market Share, Improve Efficiency
Walmart Inc.’s top executives predicted new market-share gains and showcased improvements in the retailer’s supply chain during two days of meetings, store visits and warehouse tours with financial analysts.
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.