Kering has reported strong revenue growth in the third quarter of the year, despite its star brand Gucci falling short of analysts’ expectations. The French luxury group, which also owns brands Yves Saint Laurent and Bottega Veneta, reported revenue of 4.19 billion euros in the three months to the end of September, up 12.6 percent on a reported...
6 hours ago
The Very Group has reported record full-year sales driven by strong revenue at its namesake Very brand. Group revenue grew 13 percent to a record 2.32 billion pounds in the 12 months to July 3, driven by a 24.9 percent jump in retail sales to 1.54 billion pounds. Very revenue was up 18.2 percent to 1.88 billion pounds. Meanwhile, group profit...
Oct 19, 2021
The Hut Group (THG) founder and chief executive Matthew Moulding is giving up his ‘golden share’ in the company in a bid to regain the confidence of investors after the online giant’s share price plunged in recent weeks. The group confirmed on Monday that Moulding is to cancel his special share rights, which gives him greater voting powers over...
Oct 18, 2021
US private equity giant Carlyle is reportedly lining up former Gucci chief executive Patrizio di Marco to become chair of British luxury, streetwear and sportswear retailer End Clothing. Di Marco, who spent six years at the helm of Gucci before exiting in 2015, will join End in the coming months, Sky News reports. Since leaving the Italian...
The Qatar sovereign wealth fund, which owns Harrods and the Printemps store in Paris, is reportedly looking to snap up another iconic department store, Selfridges. The Qatar Investment Authority has emerged as the front-runner to purchase the company from its billionaire owners, The Mail on Sunday reports, citing sources with knowledge of the...
On a preliminary basis, currency adjusted sales at Hugo Boss Ag increased 40 percent compared to the prior-year period. In Group currency, revenues were up 42 percent to 755 million euros in the three-month period. Compared to the third quarter of 2019, the company said in a release, currency-adjusted group sales increased 7 percent, driven by a...
Oct 15, 2021
Canadian womenswear brand Aritzia has reported surging sales as it continues to recover from the pandemic. In the three months to August 29, net revenue came in at 350.1 million dollars - that’s a 74.9 percent increase from last year and a 45.1 percent increase from two years ago. The retailer said the revenue growth reflected accelerated...
Oct 14, 2021
The valuation of US activewear brand Vuori has increased to 4 billion dollars after securing a 400 million dollar investment from SoftBank Vision Fund 2 as it sets its eyes on global expansion. The Southern California-inspired performance apparel brand will use the investment to kick off an international expansion next year by launching an...
US second-hand fashion marketplace Poshmark has bought sneaker authentication platform Suede One for an undisclosed sum. It marks the first acquisition by Poshmark as it continues to establish itself as one of the major players in the burgeoning resale market. “We are laser-focused on making strategic investments that fuel the continued growth...
Oct 13, 2021
LVMH Moët Hennessy Louis Vuitton recorded revenue of 44.2 billion euros in the first nine months of 2021, up 46 percent compared to 2020. The company said organic revenue growth over the period was 40 percent compared to 2020. Compared to 2019, organic growth was 11 percent, with trends in the third quarter, up 11 percent comparable to those of...
French Connection has reported narrowing losses in the first half of the year. In the six months ending July 31, the British retailer’s underlying loss came in at 0.9 million pounds, compared to a loss of 3.6 million pounds in 2019, prior to the outbreak of the pandemic. The company cited the closure of non-contributing stores, a bounce back of...
Oct 12, 2021
Italian luxury label Bottega Veneta has appointed Alejandra Rositto as its new CEO of the Americas. Rositto began her position at the helm of the Kering-owned label this month, according to LinkedIn. She succeeds Gerrit Ruetzel, who has been president and CEO of the region since 2017. Rositto joins from Fendi - owned by Kering rival LVMH - where...
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