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
Boohoo Sees Tough Year Ahead as Profit Falls 28%
The group said on Wednesday it made adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of £125 million ($156 million) in the year to Feb. 28 — in line with guidance and down from £173.6 million in 2020-21.
Beauty
Estée Lauder Cuts Profit Forecast on China Covid Curbs, Ukraine Crisis
The maker of MAC lipsticks and Bobbi Brown foundations also missed third-quarter sales estimates. Full-year net sales now projected to rise between 7 percent and 9 percent, down from its prior forecast of an increase in the range of 13 percent to 16 percent.
Financial Markets
Fashion’s Bumpy Road Ahead
This week, everyone will be talking about the Met Gala, earnings season and the BoF Tech Summit.
Global Markets
Wildberries Sees Q1 Turnover Increase as Russian Sanctions Cloud Outlook
In spite of sanctions imposed on the company by some countries where it once operated and the exit of many foreign brands from its marketplace, Q1 turnover is up 95 percent year-on-year at the Russian e-commerce giant.
Global Markets
K-Beauty Giant Amorepacific Group’s First Quarter Profits Slump on Asia Challenges
The South Korean beauty conglomerate says its global revenue fell by 9 percent to 1.3 trillion won ($1 billion), with operating profit down 13.4 percent year-on-year to 171.2 billion won.
Sports
How Puma Became a Rare Wholesale Success Story
For years, the German sportswear maker lacked a distinct identity. But Puma has found success in multi-brand retail and has gained a foothold in markets where Nike and Adidas aren’t dominant.
Luxury
Gucci’s Sales Missed Estimates As Lockdowns in China Weigh
Sales at Gucci, which generated more than half of Kering’s revenue in the period, rose about 13 percent on a comparable basis, missing analyst expectations.
Luxury
Bernard Arnault Says LVMH’s 2022 Outlook Is “So Far, So Good”
LVMH last week posted a forecast beating 23 percent rise in first quarter like-for-like sales, with growth driven by fashion and leather goods, its largest division and home to Louis Vuitton and Dior, among other labels.
Retail
THG Rejects ‘Numerous’ Approaches, Warns on Profit This Year
British e-commerce company THG said it had rejected “numerous” approaches that failed to reflect its value as it warned inflationary pressure would result in broadly flat earnings this year, missing market forecasts by 22 percent.
Retail
Lululemon Aims to Double Sales by 2026
Lululemon Athletica Inc. outlined a new five-year plan intended to double sales to $12.5 billion by 2026, in part by expanding its offerings to men.
Luxury
Prada CEO Says First 4 Months Strong Despite Russia, China
Italian luxury group Prada posted strong results in the first four months of the year as its US business offset the impact of suspending operations in Russia and coronavirus lockdowns in China, CEO Patrizio Bertelli was quoted as saying.
Global Markets
Uniqlo Operator Reports Record Half-Year Profit Despite China Slowdown
Clothing brand Uniqlo’s Japanese owner reported a record half-year profit on Thursday, even as Covid-19 lockdowns in China hampered sales in its biggest overseas market.
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.