Latest Articles in Business

Crocs reports positive Q3 but adjusts full year outlook

Consolidated third quarter revenues at Crocs were 1,062 million dollars, an increase of 1.6 percent or 2 percent on a constant currency basis. Crocs forecasts full year revenues for the Crocs brand to grow approximately 8 percent versus growth of 7 percent to 9 percent prior. Revenues for the Heydude brand are expected to be down approximately...

Business

Boot Barn Q2 sales increase, CEO transition plan outlined

Second quarter results for Boot Barn Holdings showed promise for the footwear retailer, and came as it outlined its leadership transition plan for the months ahead. For the quarter ended September 28, 2024, the company reported a net sales growth of 13.7 percent over the prior-year, amounting to 425.8 million dollars, while its net income came...

Business

Harrods launches new e-commerce platform

Department store chain Harrods has unveiled a new e-commerce platform developed in partnership with and powered by enterprise commerce provider Scayle. The “strategic partnership” between the duo aims to “elevate the online purchasing experience”, Harrods said in a release, providing a “seamless journey” across the retailer’s product assortment....

Business

French group SMCP keeps turnover almost the same in third quarter

French fashion group saw its turnover fall by 0.8 percent in the third quarter. After a dip in turnover in the previous quarters of the financial year, turnover in the third quarter remains virtually the same, according to the financial update. Turnover amounts to 292.6 million euros. The brands Maje and Sandro both show a modest plus in the...

Business

Asos and Hirestreet partner on subscription rental service

In an expansion of an existing relationship, Asos and Hirestreet are coming together on a new collaboration that will involve the introduction of a subscription rental service. The duo have worked together on a rental offer before, with Hirestreet having previously offered up 180 womenswear Asos pieces as part of its rental service in early...

Business

Esprit's US subsidiaries file for bankruptcy

Following the collapse of activities in key European markets, the wave of bankruptcies at clothing retailer Esprit Holdings Ltd. has continued. On Monday, the group announced that its US subsidiaries Esprit US Distributions Limited (USDS) and Esprit US Retail Inc. (USRI) filed for bankruptcy on October 25. According to the company, USDS is...

Business

Forget China, Chanel exec warns of luxury fatigue risk

A slowdown in the key Chinese market is currently lashing the financial performance of luxury houses but a Chanel executive warned Monday it faces an even greater risk from oversaturation and "luxury fatigue". Frederic Grangie, head of the watch and jewellery division at Chanel, told the Swiss daily Le Temps that 2025 and 2026 will be...

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Adidas records strong Q3 led by 14 percent growth in footwear

Adidas reported currency-neutral revenue growth of 10 percent during the third quarter. In euro terms, revenues grew 7 percent to 6.438 billion euros. For the year ahead, Adidas expects currency-neutral revenues to increase at a rate of around 10 percent, and operating profit to reach a level of around 1.2 billion euros. “The third quarter was a...

BusinessFeatured

Myer to acquire Premier’s Apparel Brands business

Australian retailer Myer is all set to acquire Premier’s Apparel Brands business in Australia and New Zealand consisting of Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E in exchange for the issue of new shares in the company. As part of the agreement, Premier will distribute its existing and new shareholding in Myer to shareholders and...

Business

VF posts Q2 profit, sales decline by 6 percent

Second quarter revenue at VF Corporation of 2.8 billion dollars, was down 6 percent, The North Face declined by 3 percent or 4 percent in constant dollars and Vans declined by 11 percent versus the same quarter last year. However the company reported earnings per share of 52 cents and adjusted EPS of 60 cents. Commenting on the second quarter...

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French luxury titans see wealth decline

LVMH chief Bernard Arnault is no longer the world’s wealthiest man. As the luxury sector grapples with a China slowdown, three of France’s billionaires — Bernard Arnault, L’Oréal’s Francoise Bettencourt Meyers and Kering’s Francois Pinault — are seeing their fortunes dwindle as "restraint replaces indulgence," reports Bloomberg. Their combined...

Business

New Look revenues decline amid tough trading conditions

New Look’s accounts for the full year show that total revenue declined to 735.4 million pounds due to store closures and tough trading conditions. The company’s operating profit rose to 17.4 million euros but adjusted Ebitda decreased to 46.7 million pounds following reduction in year-on-year sales but boosted by targeted cost savings. The...