Harper’s Bazaar to Launch Philippine Edition
Hearst Magazines International is partnering with Philippine media group AGC Power Holdings to launch the fashion title in November 2027.
earnings
Retail
Asos Reports Weak August Sales
“After having seen good growth in June and July, sales in August were weaker than anticipated,” it said on Friday.
Retail
American Eagle Earnings Disappoint as Inflation Hits Apparel Demand
The apparel maker would also freeze hiring, cut non-critical expenses and lower capital spending, chief executive officer Jay Schottenstein said in an earnings call, as the company looks to minimise damages from rising costs and slowing demand.
Retail
How Banana Republic Became a Bright Spot in Gap Inc.’s Portfolio
The mall retailer saw sales rise after swapping generic office clothes for a stronger point-of-view inspired by its safari-themed origins. The new look wasn’t for everyone – and that was the point.
Luxury
Ferragamo Sales Beat Forecasts in H1 Despite Slowdown in China
Underpinned by sound growth in Europe and United States, sales rose by 17 percent at constant exchange rates to €630 million ($624 million) in the six months to the end of June, versus an analyst average estimate of €621 million, according to a Reuters poll.
Retail
Amid US Retail Gloom, Uniqlo Shines on Covid-Triggered Revamp
Just as inflation ravages the big guns of US apparel retail, awash in high inventory and deep discounts to lure shoppers back to stores, Japan’s Uniqlo is set for its best year ever in North America after a Covid-imposed revolution in its business model.
Retail
Ted Baker’s Store Revenue Gains on Recovering Footfall, Formalwear Sales
The fashion retailer, known for its suits, shirts and dresses with quirky details, is benefiting from a turnaround plan, while growing demand for formal wear amid a return-to-office push by companies is also aiding performance, Ted Baker said.
Retail
Athleta Enters the Underwear Space
The Gap Inc.-owned activewear brand is relaunching intimates after a brief, unsuccessful stint in the competitive category in 2018.
Retail
Nordstrom Falls After Cutting Its Full-Year Earnings Forecast
The department-store operator lowered its forecast for full-year sales to a range of 5 percent to 7 percent.
Retail
Macy’s Warns of Discounts Hitting Annual Profit as Inflation Saps Demand
The company joined other top retailers, including rival Kohl’s Corp, in warning of a hit to profitability in recent weeks, as soaring prices of everyday goods made Americans wary of spending on apparel and other discretionary items.
Retail
Kohl’s Falls After Fresh Forecast Cut on Inflation Pressure
Inventories in the quarter ended July 30 rose 48 percent from a year ago because of lower sales and other factors, including investments to support the opening of 400 Sephora shops at Kohl’s locations in 2022.
Beauty
Estée Lauder Outlook Hit by China Lockdowns, Stronger Dollar
The fragrance and skin care company said Thursday that it expects an 8 percent to 10 percent drop in sales this quarter, compared with a year ago.
China
Tencent’s Sales Fall for First Time as China’s Economy Sinks
The country’s most valuable company slashed 5,000 jobs or nearly 5 percent of its workforce — the first quarterly drop in staffing since 2014 after layoffs rippling through the global tech sector finally hit the WeChat operator.
The News in Brief
Sycamore Said to Near Deal to Sell Boots
The private equity firm is nearing a deal, valued at $9 billion, to sell the UK health and beauty retail business to the Canadian branch of the billionaire Weston family, a source told Bloomberg.
Pandora Opens World’s Largest Jewellery Factory in Vietnam
The $150 million plant is the Danish jewellers first outside of Thailand, part of a bid to diversify its manufacturing footprint and boost supply-chain resilience.
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.
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.