Articles by Prachi Singh
AB Foods-owned Primark posts increased profit margins
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Primark sales were up 7.5 percent for the 24 weeks to March 2, 2024 marked by a slow start for many cold weather categories due to unseasonal warm weather, followed by strong Christmas trading with seasonal ranges selling through well. However, the company, part of the diversified Associated British Foods (ABF), said in a release that adjusted...
Zegna's Q1 revenues improve, while Thom Browne declines
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Ermenegildo Zegna Group announced unaudited revenues of 463.2 million euros for the first quarter, up 8.1 percent or 10.7 percent at constant currency and down 5.3 percent on an organic growth basis. Revenues for the Zegna segment amounted to 324.9 million euros, up 1.7 percent and 4.3 percent on an organic growth basis, while revenues for the...
Kering forecasts sharp decline in H1 operating profit
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Kering Group’s first quarter revenue of 4.5 billion euros, declined 11 percent as reported and 10 percent on a comparable basis. The company said in a statement that revenue from the directly operated retail network fell 11 percent on a comparable basis, as a result of lower store traffic. Revenue in the wholesale and other segments was also...
Tapestry responds to FTC's lawsuit blocking acquisition of Capri Holdings
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The Federal Trade Commission (FTC) has sued to block Tapestry’s 8.5 billion dollars acquisition of Capri Holdings Limited, a deal that seeks to combine three close competitors – Tapestry’s Coach and Kate Spade brands and Capri’s Michael Kors brand. The Commission issued an administrative complaint and authorised a lawsuit in federal court to...
JD Sports to acquire US-based Hibbett for 1.08 billion dollars
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JD Sports Fashion has announced the proposed acquisition of sports-fashion brand Hibbett. Today the group proposed to acquire 100 percent stake in Hibbett for a price of 87.50 dollars per share in cash, implying an equity value of 1,083 million dollars and an enterprise value of 1,109 million dollars. Commenting on the development, Régis...
THG delivers 4.5 percent Q1 sales increase
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Overall THG Group achieved first quarter revenue growth of 4.5 percent to 455.4 million pounds. The company said in a release that THG Beauty delivered a growth of 11.1 percent to 267.6 million pounds following targeted changes to geographic strategy through 2023, focusing on more profitable customers and territories closest to the global...
Golden Goose posts strong Q1, appoints Marco Bizzarri to board
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Following a strong performance in 2023, Golden Goose net revenues for the first quarter increased by 12 percent at constant exchange and 11 percent on a reported basis, while maintaining strong margins. The company also announced the appointment of Marco Bizzarri, former president and CEO of Gucci, to its board of directors. The company’s...
Charles Tyrwhitt posts strong sales growth in 2023
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Turnover at British shirt maker Charles Tyrwhitt for the year to July 29, 2023 increased 45 percent to 269.2 million pounds, of which 49 percent was contributed by the UK market and 51 percent by the rest of the world. Founders Nicholas Wheeler and his wife, Chrissie Rucker earned over 21 million pounds last year as the company benefitted from...
Gildan reshuffles board, ropes in ex-Goldman Sachs executive as chairman
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Gildan Activewear has announced a refreshed board of directors with five new appointments. Timothy (Tim) Hodgson, former special advisor to governor Carney at the Bank of Canada and former CEO of Goldman Sachs Canada, Lewis L. (Lee) Bird III, former chairman and chief executive officer of At Home Group, Jane Craighead, former senior vice...
WHP-led consortium initiates sales deal with Express
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Express, Inc. announced that announced that it has received a non-binding letter of intent from a consortium led by WHP Global, a wholly owned subsidiary of Simon Property Group and Brookfield Properties for the potential purchase of the company’s retail stores and operations. Express also announced that it has named Mark Still as senior vice...