Articles by Jan Schroder
Ermenegildo Zegna Group: Half-year sales grow by 6 percent
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Italian fashion group Ermenegildo Zegna NV was able to achieve an increase in sales in the first half of the 2024 financial year. However, the group owes the increase only to the takeover of Tom Ford Fashion, which was completed in April of last year . According to an interim report published on Thursday, group sales in the period from January...
Macy's promotes Keith Credendino to CIO
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US retail group Macy's has filled a key position in the promotion of Keith Credendino to chief information officer (CIO), a post he will take up from August 4. He succeeds Laura Miller, who is retiring. The CIO-designate joined Macy's in 2022 and has since served as senior vice president of technology product development, customer experience. In...
Inditex appoints Lucian Dorobantu as CEO of Pull & Bear
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Spanish clothing group Inditex announced on Wednesday a change in management at its Pull & Bear brand. José Pablo de Bado Rivas, the previous director of Pull & Bear, has decided to leave the company after more than 30 years, Inditex revealed. The group, which also owns the retail chains Zara, Bershka, Massimo Dutti and Stradivarius, thanked the...
OTB and Chalhoub Group establish joint venture for the Middle East
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Italian fashion group OTB SpA is planning to accelerate its expansion in the Middle East through a new partnership with Dubai-based retailer Chalhoub Group. Both companies announced on Friday that they had agreed to form a joint venture to "significantly expand" the presence of the OTB luxury brands Jil Sander, Maison Margiela and Marni in the...
Fielmann drives US expansion with acquisition of Shopko Optical
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German eyewear retailer Fielmann Group AG has outlined its intention to expand its presence in the US with an acquisition in the region. The group announced that its subsidiary Fielmann USA Inc. had signed an agreement with the financial investor Monarch Alternative Capital LP to acquire all shares in the retail chain Shoptikal Topco Inc (Shopko...
Vince Holding is back in the black during 'transformation year'
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US clothing supplier Vince Holding Corp. has returned to profitability in the 2023/24 financial year despite a significant drop in sales. The group "took the right steps" in a "year of transformation", explained interim CEO David Stefko in a statement published on Tuesday. The company had indeed made drastic changes to its business model: the...
Uniqlo parent Fast Retailing increases half-year sales and profit
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Thanks to the strong international business of its Uniqlo clothing chain, the Japanese retail group Fast Retailing Co. Ltd. was able to close the first half of the 2023/24 financial year with solid growth in sales and earnings. In light of the latest figures, the company raised its profit forecast for the full year on Thursday. However, the...
Levi Strauss exceeds expectations in Q1 despite declining sales
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US clothing supplier Levi Strauss & Co. suffered a drop in sales and red figures in the first quarter of the 2023/24 financial year. Nevertheless, the results published on Wednesday evening exceeded market expectations. In response, the company raised its profit forecast. Over the three months prior to 25 February, turnover amounted to just...
Lululemon suffers share price slide despite strong annual results
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Canadian sportswear provider Lululemon Athletica Inc. exceeded market expectations in the 2023/24 financial year. However, the outlook for the current year, which the company presented on Thursday evening together with the latest results, was rather cautious. As a result, the share price temporarily slipped by around 12 percent. Thanks to a...
Despite small sales increase, Nike profits fall in the third quarter
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US sporting goods supplier Nike Inc. reported mixed figures for the third quarter of the 2023/24 financial year, though results were at least slightly better than analysts had expected in advance. In a conference call, CEO John Donahoe admitted that the latest figures were in line with management's forecasts, but not with Nike's potential. He...