Sephora to Launch at Marks & Spencer
‘Sephora at M&S’ will roll out in M&S stores and online starting next spring, with plans to expand to 100 locations by the end of 2028.
earnings
Beauty
Coty Raises Profit Forecast on Resilient Demand, Price Hikes
The company’s shares rose about 4 percent to $10.80 in premarket trading after also beating expectations for second-quarter revenue and profit.
Luxury
Capri Cuts Forecasts as Demand Slows, Shares Plunge 20%
High-end fashion companies weathered decades-high inflation better than other industries for most of last year as affluent shoppers dipped into pandemic savings, but persistently increasing prices have now prompted even high-end spenders to stem their splurging on designer labels.
Retail
Pandora Expects Organic Sales Growth Between -3% And 3% In 2023
Analysts had expected the firm’s sales growth forecast to come in at 1 percent on average.
Technology
Snap Forecasts First Quarterly Revenue Decline; Shares Fall
Snap Inc. is forecasting its first ever quarterly revenue decline, citing a flurry of changes to Snapchat’s advertising products that may be disruptive to the social media app’s business.
Retail
H&M Drops as Surging Costs Nearly Wipe Out Earnings
Operating income dropped 87 percent to 821 billion kronor ($80 million) in the three months through November, H&M said Friday, far off analysts’ estimates. The stock fell as much as 7.9 percent.
Retail
Superdry Cuts Full-Year Profit Forecast to Breakeven
The fashion retailer has earlier forecast an adjusted profit before tax of between £10 million and £20 million ($12.37 million to $24.74 million) for the year.
Retail
The RealReal Names New CEO
The fashion resale platform has named John Koryl as chief executive and a member of its board of directors.
Luxury
LVMH Chairman Remains ‘Quite Confident’ Despite Slowing Growth
The world’s biggest luxury conglomerate is counting on China’s reopening to boost sales after quarterly growth slowed to a single-digit rate for the first time since 2020.
Retail
Primark Cautious on 2023 After ‘Very Strong’ Christmas
Primark reported better-than-expected trading over the Christmas quarter as shoppers returned to stores, parent Associated British Foods said on Tuesday, but cautioned economic headwinds may dent consumer spending in 2023.
Beauty
P&G Relies on Price Hikes to Prop Up Sales as Volumes Shrink
The total volume of goods sold fell 6 percent in the three months ended in December, worse than the 2.6 percent decline that analysts had estimated.
Retail
Dr. Martens Warns on Profit, Shares Slide More Than 20%
British bootmaker Dr. Martens Plc issued a profit warning on Thursday, citing significant operational issues at its new distribution centre in the United States that sent its shares plunging by more than a fifth.
Luxury
Richemont, Burberry Say China Sales Slumped Amid Covid Surge
Luxury goods makers Richemont and Burberry Group Plc lost almost a quarter of their sales in China as customers were kept at home by strict pandemic controls and a viral surge as the government loosened restrictions.
The News in Brief
Novo Buys Rights to Early Obesity Pill For $2.6 Billion
The Wegovy maker has signed a deal to license an experimental obesity pill from China’s Jiangsu Hengrui Pharmaceuticals as it seeks to regain share of the global GLP-1 market.
Oura Delays US IPO
The smart ring maker said on Tuesday it has delayed its US initial public offering, citing market uncertainty.
Maxhosa Africa Brings Pan-Africanism to Paris Fashion Week
Creative director Laduma Ngxokolo’s label is the first South African brand to stage a full runway show on the official Paris Fashion Week calendar.
Shein Shares Sink to Record Low After Profit Plunge
The ultra-fast-fashion giant’s share price fell 12 percent after it reported a steep drop in first-half operating income in its inaugural earnings as a public company.
Revolve Launches Annual Print Magazine
The annual publication, whose inaugural issue features Kendall Jenner, Alex Consani and Teyana Taylor, will be available digitally and in stores.
Scarlett Johansson’s Skincare Brand The Outset Closes
As of Monday, the premium brand’s website has been updated with a message announcing its closure.
The CFDA Appoints Hildy Kuryk as Interim CEO
The trade body temporarily appointed Kuryk as it searches for a permanent replacement for former chief executive Steven Kolb, who resigned following a viral altercation with PETA protesters.