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
Inditex Profit Jumps as Zara Owner Lifts Prices
Zara owner Inditex posted a 24 percent increase in net profit for the first nine months of its fiscal year, as price rises helped offset weakening global demand for clothing.
Retail
Primark Owner Sticks to Forecast of Lower Profit in 2022-23
Last month the group reported adjusted operating profit of £1.44 billion ($1.77 billion) for 2021-22.
Retail
Lululemon Raises Annual Revenue Forecast on Strong Demand for Sportswear
The company now expects full-year 2022 revenue between $7.94 billion and $7.99 billion, up from prior forecast of $7.87 billion to $7.94 billion.
Retail
Frasers Defies Retail Gloom as Profit Rises
British sportswear and clothing retailer Frasers stuck to its financial guidance for 2022-23 after reporting a 39 percent rise in first-half profit that reflected the success of its drive to take the group upmarket.
Luxury
Cucinelli Sees 28% Sales Growth This Year, Strong Demand in 2023
The group, best known for its everyday cashmere outfits, now expects its revenues to grow around 28 percent in 2022 from a previous forecast of around 25 percent made in October.
Retail
Abercrombie Sees Better Holiday-Quarter Sales, Posts Surprise Profit
The Ohio-based apparel retailer’s shares that have lost nearly half of their value this year were up about 19 percent after the company also reported third-quarter sales above Wall Street estimates, defying inflation’s impact on non-essential spending.
Luxury
Has the Luxury Watch Market Peaked?
An uncertain economy and freefalling resale prices have created a sense of unease in the category, but watch dealers and experts say the best is still ahead.
Retail
Superdry Seeks New Funds to Repay Bank Debt in Tough Market
The London-listed clothing company has been sounding out potential new investors to replace an asset-backed facility worth £70 million ($83 million), according to people familiar with the matter, who asked not to be named because the talks are private.
China
China’s JD.com Beats Revenue Estimates as Lockdowns Drive Online Shopping
E-commerce firm JD.com Inc posted an 11.4 percent rise in third-quarter revenue on Friday, beating analysts’ estimates as Covid-19 lockdowns in China led more consumers to shop online.
Retail
Gap Beats Quarterly Estimates on Steady Demand for Formal Clothing
Gap Inc beat Wall Street estimates for quarterly sales and profit on Thursday, helped by steady demand from affluent consumers for its formal clothing and dresses despite a surge in inflation, sending its shares up about 10 percent in extended trading.
Retail
How to Make Rental Work
After years of trial and error, rental platforms have found new ways to improve margins and acquire customers, such as focussing on niche categories. Profitability remains elusive, however.
Luxury
Tod’s Nine-Month Sales Rise More Than Expected
Revenues totalled €724.9 million ($738 million) in the period, above a €716 million forecast in an analyst consensus cited by Intesa Sanpaolo research.
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.