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Kinnevik proposes cash distribution of 6.4 billion Swedish krona

During the first quarter, Kinnevik announced the divestment of its full shareholding in Tele2 to Iliad/NJJ for a total consideration of 13 billion Swedish krona. Following this transaction, the company’s board intends to propose an extraordinary cash distribution of 23 Swedish krona per share or 6.4 billion Swedish krona in total. “With Kinnevik...

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OVS sales and profit improve, outlook positive

OVS ended the year with net sales of 1,536 million euros, up 1.5 percent despite exceptionally unfavourable weather that penalised the apparel market in the initial periods of both seasons. The company’s sales in the first months of 2024 are up by around 5 percent. OVS said in a release that the positive full year result was also due to the best...

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Julia Goddard to join as CEO of Harvey Nichols

Julia Goddard, EMEA president of Alexander McQueen will be joining Harvey Nichols in June as its new chief executive officer (CEO). Commenting on the new appointment, Sir Dickson Poon and Pearson Poon, chairman and vice chairman of Harvey Nichols said: “Julia is a dynamic business leader with a strong track record of delivering quality growth...

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Megan Kulick joins Birkenstock as director of investor relations

Birkenstock has announced the appointment of Megan Kulick as director investor relations, effective April 15, 2024. Based in New York, Kulick will report to the board of directors of the company. Commenting on Kulick’s appointment, Oliver Reichert, CEO of the Birkenstock Group and member of the board said: "It was extremely important for us to...

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NewStore names Mike DeSimone as CEO

NewStore, a mobile-first unified commerce platform for global retail brands, has appointed Mike DeSimone as CEO. The company said in a release that NewStore founder Stephan Schambach will remain chairman of the board, while DeSimone will leverage his extensive experience scaling commerce technology businesses to accelerate the company's growth....

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Adidas raises outlook on better than expected Q1 results

Adidas reported preliminary currency-neutral revenues increased 8 percent in the first quarter. In euro terms, the company’s revenues grew 4 percent to 5.458 billion euros. The company’s gross margin improved 6.4 percentage points to 51.2 percent and operating profit increased to 336 million euros. As a result of the better-than-expected...

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LVMH posts Q1 organic revenue growth of 3 percent

LVMH Moët Hennessy Louis Vuitton recorded revenue of 20.7 billion euros in the first quarter, down 2 percent reported, while organic revenue growth was 3 percent. LVMH said in a statement that the company had a good start to the year despite a geopolitical and economic environment that remains uncertain. While Europe and the United States...

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Crocs appoints Terence Reilly as EVP and president of Heydude brand

Crocs, Inc. has announced the appointment of Terence Reilly as incoming executive vice president and president for the Heydude brand. Reilly will join the executive leadership team on April 29 and will report directly to Andrew Rees, the company’s chief executive officer. The company said in a statement that Reilly, 56, most recently served as...

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Japan’s Spiber secures 65 million dollar funding to scale Brewed Protein

Japanese biotech firm Spiber has announced the completion of a fundraising round through which it raised over 10 billion Japanese yen (64.7 million dollars) to support the mass production of its Brewed Protein material. Developed over 15 years of research, the material utilises the cyclical nature of proteins in a microbial fermentation process...

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Sosandar posts 9 percent increase in full year revenues

Sosandar plc reported revenue of 46.3 million pounds, up 9 percent year-on-year and improved gross margin to 57.6 percent. Sosandar believes that market expectations for the year ended 31 March 2024 are revenue of 46.8 million pounds and PBT of 0.1 million pounds. Post year-end, the company said in a release that April trading has been strong...

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George at Asda welcomes ‘soaring growth’ in fashion sales

Supermarket giant Asda has said that its clothing brand George welcomed “soaring growth” in both online and in-store fashion sales over the latest six-month period. According to the retailer with reference to a report by Kantar, George at Asda had significantly outperformed the market, with online sales up 13.4 percent over the 24 weeks to March...

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Balmain appoints former Givenchy exec as CEO

Luxury house Balmain has named Matteo Sgarbossa as its new chief executive officer, a post he will take up from May 6. Sgarbossa will be joining the brand from Givenchy, where he is currently serving as an international director and executive committee member. He will succeed Jean-Jacques Guével, who had announced his intention to step down from...