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
Target Misses Lowest Profit Estimate, Still Predicts Rebound
Adjusted earnings tumbled to 39 cents a share during the three months ending July 30, hit by an aggressive push to reduce inventory, Target said in a statement Wednesday.
Retail
On Lifts Forecast on North America
Net sales will probably reach 1.1 billion Swiss francs ($1.2 billion) in 2022, up from a previous target of 1.04 billion Swiss francs, the Zurich-based company said in a statement Tuesday.
Retail
Zalando Stock Jumps as Online Retailer Sees Stronger Growth
The German retailer now expects improved profitability and a return to growth in the second half of the year, according to a statement Thursday.
Retail
The New Rules of Off-Price Retail
Downturns typically mean a boom for discount retailers. But a glut of unsold merchandise and a surging resale sector are creating new pressures in the market.
Luxury
EssilorLuxottica Improves Margin in Challenging Market
The maker of Oakley and Ray-Ban sunglasses said its adjusted operating margin rose by 100 basis points to 18.4 percent in the six months to June 30.
Luxury
Hermès Demand for Luxury Watches and Clothes Soars, Boosting Profit
The French company’s shares soared as much as 8.5 percent after it said its recurring operating margin reached a historical high of 42 percent, up from 41 percent a year earlier.
Beauty
L’Oréal Bucks Trend With Chinese Sales Growth in Q2
The group said on Thursday overall sales for the three months to June came in at €9.31 billion ($9.46 billion), an increase of 13.4 percent on a like-for-like basis.
Luxury
Prada First-Half Revenue Rebounds on Europe, Americas Sales
The Italian fashion house said in a statement Thursday that it remains confident on medium-term targets despite macroeconomic uncertainty, citing the global health situation, the rate of recovery in Chinese consumer spending, and global geopolitical developments as risk factors.
Luxury
Kering Hurt by Bigger China Exposure Amid Lockdowns
Gucci continues to suffer from repeated Covid-19 lockdowns in China, where Kering SA’s biggest brand has a greater exposure than other luxury labels.
Retail
Adidas Issues Profit Warning Amid China Lockdown Woes
Adidas AG issued a profit warning after its sales were hit by lockdowns and consumer boycotts in China, offsetting strong momentum in its key western markets.
Luxury
LVMH Sales Jump Despite China Slowdown
Fashion and leather goods revenue rose 19 percent in the second quarter, beating analyst estimates.
Retail
Mike Ashley’s Frasers Says Profit Will Rise Next Year After Record-Breaking 2022
The company, owner of Sports Direct, forecast adjusted profit before tax of £450 million to £500 million ($600 million) for the next financial year.
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.