Latest Articles in Business

Italy: Audit system for luxury companies raises questions

Following the scandal surrounding working conditions at certain subcontractors of luxury brands based in Italy, Reuters is shedding light through an investigation on the audit system of large luxury groups that is deemed to be "failing". Last June, Dior, Armani and many other luxury brands were accused of collaborating with subcontractors who do...

Business

Zalando's impact on the European economy

A new report has looked back at online fashion retailer Zalando's impact on the European economy and performance it had achieved during the year 2023. Titled 'The Economic Impact of Zalando in Europe', the report, conducted by international research and consulting firm Oxford Economics for Zalando, assessed the company’s direct and indirect...

Business

SMCP founders and executives hold 10.3 percent of the capital after the conversion of preferred shares

Paris - Around a hundred "executive and managerial executives" of SMCP (Sandro, Maje, Claudie Pierlot), including its founders Evelyne and Ilan Chétrite and Judith Milgrom, hold 10.3 percent of the capital of the textile group following a conversion of preferred shares, according to a press release on Friday. Between 2016 and 2017, the group,...

Business

The Or Foundation donates one million dollars in emergency relief to affected Kantamanto market

American-Ghanaian non-profit organisation The Or Foundation will donate at least one million dollars to the reconstruction of the Kantamanto Market in the Ghanaian capital Accra, a press release from the organisation revealed. The market, one of the largest second-hand clothing markets in the world, was hit hard on January 1 by a fire that...

Business

Daily Paper to sell New York store as it takes steps to ensure profitability

Dutch streetwear brand Daily Paper has revealed plans to divestiture its New York store, the first overseas retail location opened by the label. The process is expected to be completed in early 2025. Details of the decision were outlined in Daily Paper’s annual report for the financial year 2023/24, in which the fashion brand revealed steps to...

Business

Rolex's latest price increase signals industry-wide cost pressures

Rolex's latest price increases, reaching up to 8 percent on some models, signal a broader industry challenge as precious metal costs continue to pressure luxury watchmakers' margins. The move comes as gold prices maintain their upward trajectory, forcing high-end watch and jewellery manufacturers to reassess their pricing strategies. Last year...

Business

Blaze destroys Ghana's largest used clothes market

A raging inferno that swept through the bustling Kantamanto Market in the Ghanaian capital Accra has reduced the sprawling hub of the country's informal economy to ashes, officials said. The fire, which erupted late on Wednesday, consumed vast sections of the largest used clothes market in the West African country, displacing thousands of...

Business

British lawmakers to question Shein over working conditions

As Shein looks to list on the London Stock Exchange, a British parliamentary committee plans to probe the company over the rights of workers in its supply chain, Reuters reported on January 2, adding that the all-party Business and Trade Committee will also probe the Temu marketplace . On January 7, Yinan Zhu, Shein’s general counsel for Europe,...

Business

Revolution Beauty comes to settlement agreement with former investor

Revolution Beauty has announced entry into a confidential settlement with Chrysalis Investments Limited after it was met with a legal challenge from the former investor at the beginning of 2024. In January last year, Chrysalis said it had potential claims against Revolution due to “causes of action of deceit, negligent misstatement and/or...

Business

End. swings to loss in 2024 as it undergoes restructuring

The holding company of End., Ashworth & Parker, has posted the results of the British streetwear retailer’s financial year ended 31 March 2024. During this time, the company said that the retail landscape had “remained challenging as macroeconomic pressures persisted both in the UK and abroad”. It could be this that caused the company to slip...

BusinessFeatured

Inditex in 2024: Transformation, innovation and global challenges

From its position as the parent company of Zara, Zara Home, Massimo Dutti, Oysho, Lefties, Pull&Bear, Stradivarius, and Bershka, the Spanish giant Inditex continues to set the pace with its capacity for innovation and strategic expansion. FashionUnited analyses the key milestones, challenges, and movements that defined 2024 for the group,...

Business|fashion Featured

Marquee Brands acquires British heritage brand Laura Ashley

New York-based Marquee Brands, the brand accelerator and owner of 17 brands, including Ben Sherman, has acquired British fashion and lifestyle heritage brand Laura Ashley from global asset experts Gordon Brothers. In a statement, Marquee Brands said the acquisition of Laura Ashley, known for its romantic English floral aesthetic and...