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
Luxury
Armani Returns to Profitability, Trading Above Pre-Pandemic Levels
The closely-held Italian fashion giant reported consolidated revenues of over €2 billion for 2021, meeting its rebound target a year earlier than owner and CEO Giorgio Armani had forecast.
Retail
Why Fashion’s Inventory Problem Is Back (And How to Solve It)
A combination of shipping delays and misjudging consumer demand has caused stockpiles to come roaring back. Retailers are using discounts and more creative measures to bring them back down.
Luxury
Burberry Holds Outlook Steady Amid China Lockdowns
The British fashion brand continues to target high-single digit revenue growth and a 20 percent margin at a constant currency in the medium term, as it “actively manages” the impact of lockdowns in China and soaring inflation in its home UK market, the company said in a statement Friday.
Retail
Gap Inc. CEO Sonia Syngal to Exit
The mall retailer has also tapped Horacio “Haio” Barbeito as chief executive of its Old Navy brand.
Retail
JD Sports Annual Profit More Than Doubles
Britain’s JD Sports Fashion on Wednesday said independent probes and a governance review into its regulatory issues stressed on the need to bolster the board and improve internal controls.
Retail
Primark to Trial Click & Collect, Parent AB Foods Maintains Guidance
The group said revenue for its third quarter to May 28 increased by 32 percent.
Retail
H&M Sales Jump as Shoppers Return After the Pandemic
Net sales were up 17 percent year-on-year, or 12 percent when measured in local currencies, at 54.5 billion crowns ($5.4 billion) in its fiscal second quarter, the Swedish company said in a statement on Wednesday.
Luxury
Kering Outlines Plans to Grow Gucci Sales to €15 Billion in Mid-Term
Sales at Gucci, the group’s main label and profit engine, totalled €9.73 billion in 2021.
Retail
Zara Owner Inditex’s Quarterly Profit Jumps 80% On Post-Covid Wardrobe Renewal
Net profit for the February-April quarter rose to €760 million ($812.06 million), in line with analysts’ expectations as the company surpassed pre-pandemic levels while its gross margin hit a 10-year high, the company said.
Retail
Lululemon Raises Full-Year Revenue Forecast on Strong Athleisure Demand
Lululemon Athletica raised its full-year revenue forecast on Thursday, benefiting from strong demand for its high-priced yoga pants and running shorts from affluent US customers.
Retail
Dr. Martens Gains as Bootmaker Hikes Prices for Signature Boots
The company reported adjusted pretax profit rose 43 percent to £214.3 million ($270 million) in the year through March.
Luxury
Capri Raises Full-Year Profit Forecast
Shares of the company, which owns Versace and Jimmy Choo, rose about 6 percent to $51.51 in premarket trading.
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.