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Business

HanesBrands appoints group president, global innerwear

HanesBrands has announced that Joe Cavaliere has been named to the newly created role of group president, global innerwear, effective February 8, 2021. The company said that Howard Upchurch, group president, innerwear Americas, has announced his retirement after 34 years with the company. “I am pleased to name Joe group president of our global...

10 hours ago

Business

American Eagle expects low single digit drop in holiday sales, announces growth strategy

American Eagle Outfitters (AEO) has announced that the company expects fourth quarter adjusted operating income to exceed 95 million dollars compared to reported operating income of 0.5 million dollars and adjusted operating income of 77 million dollars last year and fourth quarter revenue is expected to decrease in the low single digits. The...

10 hours ago

Business

Selfridges profits fell 10 percent pre-Covid, but sales rose

Selfridges has reported a 10 percent drop in operating profit to 88 million pounds for the year ending 2 February 2020, just prior to the pandemic took a grip on the UK’s retail industry. Sales during the period increased 7 percent to 1.97 billion pounds, the company revealed in an update on Thursday. It came amid “a challenging retail backdrop...

12 hours ago

Business

Apricot to switch stores to turnover-based rent

British fashion brand Apricot has reportedly switched the majority of its UK stores to a turnover-based rent model following the approval of its company voluntary arrangement (CVA). The move will affect 13 of Apricot’s 14 standalone stores, Drapers reports. The closure of the brand’s store or concessions are not part of the CVA. The company...

13 hours ago

Business

Mytheresa raises IPO price to 26 dollars a share

Mytheresa has upped the pricing of its shares ahead of its IPO. The German luxury e-tailer plans to sell around 15.6 million American depositary shares (ADS) which will now cost 26 dollars apiece, compared to the range of between 16 and 18 dollars it announced last week. The company, which first announced plans to go public late last year, will...

15 hours ago

Business

White Stuff launches review of store estate

White Stuff has reportedly called in advisors to conduct a review of its 115-store estate amid a challenging trading environment. The British fashion and lifestyle brand has appointed PHD Property to run the review as it explores a number of options going forward, Property Week reports. “In light of the current trading environment, we have taken...

20 Jan 2021

Business

Fashion platform Goat secures investment from Groupe Artemis

Sneaker and apparel platform Goat has secured a strategic investment from Groupe Artemis, the holding company founded by Kering boss François-Henri Pinault. The amount of the investment was not disclosed, but Goat said it will use it to support its continued expansion in fashion apparel and new categories. The investment follows Goat's Series E...

20 Jan 2021

Business

Frasers Group increases Hugo Boss stake to 15.2 percent

Mike Ashley’s Frasers Group has upped its stake in German label Hugo Boss in its latest move to reposition itself in a more upmarket segment. The group announced Wednesday that it’s increased its stake in the label to 15.2 percent through stocks and derivatives, up from the 5.1 percent stake it acquired back in June 2020. Frasers Group, which...

20 Jan 2021

Business

Arcadia to permanently close 31 more stores, cut 714 jobs

Administrators of Arcadia are reportedly set to permanently close 31 of the group’s stores by the end of January, resulting in some 714 redundancies. The closing stores include the entire 21-strong store estate of Arcadia’s Outfit brand, The Times reports. Arcadia called in administrators from Deloitte at the end of November after its sales took...

20 Jan 2021

Business

Alibaba's shares surge following the reappearance of Jack Ma

China-economy-Alibaba-technology Alibaba's shares surge as Jack Ma reappears ATTENTION - RECASTS with share price surge in HK trade /// Beijing, Jan, 2021 (AFP) - Shares in internet giant Alibaba soared more than eight percent Wednesday after billionaire founder Jack Ma made his first public appearance since November, ending weeks of speculation...

20 Jan 2021

Business

Burberry Q3 comparable sales decline by 9 percent

In the third quarter, Burberry Group Plc said, despite reduced operating hours and the closure of up to 62 stores, it achieved a high single-digit full-price sales increase. However, reported retail revenue fell 4 percent to 688 million pounds with Covid-19 related store closures averaging 7 percent impacting trading. The company said in a...

20 Jan 2021

Business

Growth in Asia drives 5 percent sales increase at Richemont

For the third quarter to December 31, 2020, sales at Compagnie Financière Richemont SA increased by 1 percent at actual exchange rates and by 5 percent at constant exchange rates to 4,186 million euros compared to the prior year period. In the nine-month period, the company recorded sales decrease of 16 percent at actual exchange rates and by 14...

20 Jan 2021