Lagos Fashion Week Continues to Flex its Pan-African Muscle
The buzzy Nigerian fashion event has attracted a cohort from across the continent, with designers from South Africa, Uganda and Morocco presenting their collections in the Nigerian city.
financial-results
Retail
Adidas and Puma Forecast Sales Decline in China Amid Coronavirus Outbreak
Shares in Adidas and Puma, already pummelled in the last few weeks, declined 6 percent and 4.4 percent respectively.
Luxury
Despite Coronavirus Concerns, Italian Owner of Margiela and Diesel Is Standing By Annual Sales Target
OTB — which stands for Only The Brave — says it expects sales to grow 12-13 percent this year, even though the recent lockdown in Italy has caused a slowdown.
Financial Markets
Stocks Hit As Oil Prices Slump
Trading on US stock exchanges was halted immediately after opening, as the benchmark S&P 500 fell to its lowest since June 2019.
Retail
L Brands Predicts Losses Amid Victoria's Secret Sale
The deal with investment firm Sycamore Partners looks unlikely to curb the company's quarterly net loss of $192.3 million.
Technology
Shopify Forecasts Full-Year Revenue Above Estimates
For 2020, the e-commerce company predicts revenue in a range of $2.13 billion to $2.16 billion.
Luxury
Kering Halts Spending in China on Coronavirus Fears
The luxury conglomerate remained upbeat about longer-term prospects as it beat fourth-quarter sales forecasts.
Beauty
Coty's Sales Beat Wall Street Expectations
The cosmetics company's net revenue fell to $2.35 billion, surpassing analysts' estimates amid its turnaround attempt.
Luxury
Tod’s Fourth-Quarter Results Show Promise Despite Continued Decline in Sales
The luxury shoes and leather goods company announced sales fell by 2.6 percent in 2019 but beat analyst expectations.
Workplace & Talent
H&M Chief Executive Steps Down, Succeeds Father as Chairman
The news came as the fast fashion retailer reported its first rise in annual profit since 2015.
Retail
John Lewis Boss to Exit After Weak Christmas Sales
Sales at one of Britain's best known store chains fell by 2 percent during the holiday period.
Retail
Next's Strong Christmas Boosts Hopes for UK Retail Sector
The first major stock market-listed retailer to update on Christmas trading also forecast sales and profit growth for its 2020-21 financial year.
Financial Markets
Superdry Sees First Half Profit Wiped Out
Missteps by previous management has led the British retailer's CEO to caution that a turnaround will take up to three years.
The News in Brief
Estée Lauder Raises Outlook, Buoyed by Perfume Demand
Demand for the US conglomerate’s luxury fragrance brands like Le Labo, Tom Ford and By Kilian offset weaker performance from its makeup and haircare divisions.
Bangladesh Sets Up Wage Board as Garment Worker Unrest Shuts Factories
Violent protests over pay levels forced the closure of more than 500 factories over the weekend.
Premium Skincare Brand Colorescience Names New CEO
Former Kiehl’s general manager John Reed will lead the label, which was acquired by Roundtable Healthcare Partners earlier this year.
Proya Third-Quarter Revenue Grows, Profit Dented by Marketing Spend
The Chinese beauty conglomerate’s revenue grew 29.8 percent in the latest quarter, but its profit decreased by double digits due to increased promotional expenses as it expands overseas.
Michael Kors Owner Capri Soars After Raising Annual Forecasts
Shares jumped after the group raised its annual revenue and profit forecasts and said it expected sales to return to growth.
Puma Sales Slow Less Than Expected as Anta Partnership Advances
The German sportswear business is attempting to reboot its brand appeal to better compete with larger rivals Adidas and Nike.
Indian Fashion Retailer Trent Jumps as Quarterly Profits, Sales Rise
The Tata Group-owned business beat expectations, shoring up confidence in its fashion business after a period of sluggish performance.