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Retail Renaissance: Global markets navigate economic turbulence with resilience - report

The global retail sector demonstrates remarkable resilience amid economic headwinds, with super-prime retail destinations maintaining tight vacancy rates and experiencing rental growth, according to the latest Main Street Across the World report by Cushman Wakefield. Despite luxury brands facing revenue slowdowns from 15 percent in 2022 to 0-4...

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Cato Fashions Q3 net loss widens

The Cato Corporation reported a net loss of 15.1 million dollars or 79 cents per diluted share for the third quarter, while sales decreased by 8 percent to 144.6 million dollars and same-store sales decreased 3 percent compared to 2023. For the nine month period, the company’s net loss reached 4 million pounds or 24 cents per diluted share and...

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Superdry continues to underperform, issues profit warning

After exiting the London Stock Exchange in July as part of its restructuring plan, Superdry Group revenue for the year to April 27, 2024 of 488.6 million pounds decreased by 22 percent. The company attributed the decline to continued underperformance of the wholesale business and softer performance of the retail segment. For the year ahead,...

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Ann Summers carries out redundancies, Gold family steps in with funding

Lingerie retailer Ann Summers has cut a number of its jobs amid rising losses at the firm, with the company’s owners, the Gold family, now also stepping in to provide financial aid. Earlier this week, it was reported by Retail Week that Ann Summers had made between 20 and 30 jobs redundant in an effort to streamline operations. While the number...

Report|Beauty

Luum closes Series A funding and names new CEO

California-based Luum, the world’s first AI and robotics-powered lash extension service, has closed its Series A round bringing total capital raised to 30 million US dollars and named Jo Lawson its new chief executive officer. The funding round was led by Long Journey Ventures, Artifact Capital, and Boardman Bay Capital Management and supported...

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New Guards Group files for bankruptcy protection in Italy

New Guards Group (NGG), the Farfetch-owned parent company of Palm Angels and Ambush, has filed for a form of bankruptcy protection in Italy as its pursuit for a buyer continues to trudge on. According to various media platforms, the Italian fashion group has applied for a ‘composizione negoziata per la soluzione della crisi dímpresa’ (or CNC), a...

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Marion Bouchut leaves Shein to become head of global communications at Sephora

Marion Bouchut, currently associate director public affairs at Shein Europe, is moving to Sephora, part of luxury group LVMH. She will take on the role of head of global communications from January 2025. Bouchut has spent the past two years as a spokesperson for Shein, a brand that has frequently come under fire for controversial issues such as...

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Boohoo appoints Tim Morris as independent chair

Boohoo Group has announced the appointment of Tim Morris as the company’s independent chair with immediate effect. The company said in a statement that the appointment follows a series of decisive steps taken by the board since announcing its business review, including the completion of the refinancing, the appointment of Dan Finley as CEO and...

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Coats sales grow, expects full year trading in line with expectations

Following an 8 percent first half increase, Coats Group sales growth in the July to October period improved to 11 percent with accelerating growth in footwear and continued momentum in apparel, partly offset by sustained weakness in performance materials. Commenting on the trading update, David Paja, group chief executive said: “It has been a...

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Target posts 11.9 percent decline in Q3 earnings

Department store chain Target reported third quarter GAAP and adjusted earnings per share of 1.85 dollars, down 11.9 percent compared with last year. Comparable sales increased 0.3 percent in the quarter, reflecting a comparable store sales decline of 1.9 percent and a comparable digital sales increase of 10.8 percent. For the fourth quarter,...

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Walmart reports strong Q3, ups FY25 outlook

Consolidated third quarter revenue at Walmart of 169.6 billion dollars, increased by 5.5 percent or 6.2 percent on constant currency basis. Raising its outlook for FY25, the company said net sales to reach 642.6 billion dollars, adjusted operating income at 27.1 billion dollars and adjusted EPS of 2.22 dollars. We had a strong quarter,...

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Delta Galil delivers sales and profit growth

Delta Galil Industries recorded a third quarter sales increase of 13 percent to 524.2 million dollars, driven by growth across all channels. For the nine-month period, sales were were 1,446.4 million dollars, a 7 percent increase from the prior-year period. Reiterating full year outlook, the company said in a release that it continue to expect...