Luca de Meo Says Italy Remains Key, Rules Out Production Shift
The Kering CEO also denied any interest in buying a minority stake in Armani, adding that the group was focusing on other challenges.
earnings
Retail
THG Warns on Profit After Major Revenue Miss
The British group, which owns beauty and nutrition brands, said it expected to report adjusted core earnings of £70-80 million for 2022.
Retail
Uniqlo Parent Says Profit Slid 2% As Japan, China Drag Growth
A day after announcing plans for big wage rises, the company said operating profit had been 117.1 billion yen ($889.82 million) in the three months to the end of November, compared with 119.4 billion yen a year earlier.
Retail
Asos Identifies Cost Savings After Christmas Sales Slide
Asos said operational changes would help deliver a £300 million benefit to its current financial year, giving the group a much-needed lift after sales fell over Christmas.
Luxury
Cucinelli Tops Forecast With Near 30% Sales Jump in 2022
Italian luxury group Brunello Cucinelli on Monday posted a 29.1 percent increase in 2022 revenue at current exchange rates, a touch above its latest guidance and market expectations.
Retail
Abercrombie & Fitch Lifts Holiday Quarter Sales Forecast
The Ohio-based apparel retailer said it now expects net sales to rise between 1 percent and 2 percent in the fourth quarter, compared with its prior forecast for a 2 percent to 4 percent fall.
Retail
Lululemon Tumbles After Lowering Profitability Forecast
Lululemon Athletica Inc. shares tumbled after the maker of fitness wear lowered its guidance for gross margin, stoking fears about profitability for a second-straight quarter.
Beauty
Morphe Brand Once Valued at $2 Billion Closing All US Stores
On Thursday, the company listed about twenty locations on its website.
Retail
Why 2023 Will Set a New Baseline for Retail
As pandemic-driven disruptions subside, brands and retailers have a brand new slate with which to measure growth and progress.
Retail
Britain’s Next Sees Lower Profit in 2023 as Consumer Outlook Darkens
British clothing retailer Next forecast lower profit in its 2023-24 year, reflecting uncertainty over whether consumers would keep spending during a recession and as the group’s costs rise.
Retail
Why 2022 Wasn’t So Bad — and 2023 Might Be Better
A global recession may still be on the table, but even now there are reasons for hope.
Retail
Superdry Positive on Second Half as Jacket Sales Surge to Record
Britain’s Superdry on Thursday signalled a strong start to the second half as online jacket sales hit a record high amid the Black Friday shopping spree and a recent spell of colder weather, sending its shares about 17 percent higher.
Retail
H&M Shares Drop as Sept-Nov Sales Fail to Impress
H&M last month became the first big European retailer to lay off staff in response to the cost-of-living crisis as it tries to save 2 billion Swedish crowns ($196 million) a year.
The News in Brief
H&M, Adidas and Inditex Back New Effort to Address ‘Waste Colonialism’
The new initiative will explore how the industry can take responsibility for the millions of used and unsold garments exported to secondhand markets around the world.
Dyson’s $499 AI Toothbrush Sees Rocky Debut
The UK firm blamed a production error resulting in ‘water seepage’ for the disappearance of its newly launched camera-equipped toothbrush from stores.
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.
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.