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One of Boohoo's top investors halves its stake

Boohoo’s share price has fallen over 75 percent in the past year. In a latest blow, one of its biggest shareholders reduced its stake by 50 percent. T. Rowe Price International, an investment management company, took a 10 per cent stake in Boohoo last September. In less than one year the company offloaded its stake to just under 5 percent. T....

18 hours ago

Business

Next to face HMRC investigation following payroll issues

Next is set to face an investigation by the UK’s tax authority after the introduction of a new payroll system saw thousands of its employees receive incorrect salary payments. HM Revenue & Customs (HMRC) will be looking into whether Next had paid some of its staff less than the UK’s minimum wage, according to The Sunday Times, which had...

19 hours ago

Business

Richemont requests shareholders to vote against activist investor board candidate

Luxury group Richemont has requested for its shareholders to vote against a candidate backed by its activist investor Bluebell Capital Partners. The request comes ahead of the group’s annual general meeting, set to be held on September 7. Bluebell said it is hoping to gain a board seat for Francesco Trapani, the former head of Bulgari and the...

20 hours ago

Business |Background Featured

Gore-Tex: The new membrane and what Greenpeace has to do with it

When the first products with the new, more sustainable ePE membrane from Gore-Tex hit the market in autumn, the world leader for waterproof functional fabrics and with it the entire outdoor industry would have made a real U-turn. Or wouldn’t it? PTFE is Gore-Tex’s main module To understand that the development of this new, more sustainable ePE...

20 hours ago

Business

Ulta Beauty set to invest 20 million dollars in tech start-ups through new investment fund

Beauty retailer Ulta Beauty has announced the launch of its digital innovation fund Prisma Ventures, through which it is planning to invest 20 million dollars into emerging technology start-ups that focus on developing online and in-store experiences. The fund aims to help accelerate those selected via long-term, strategic partnerships and...

21 hours ago

Business

Loro Piana strengthens partnership with Juventus

Loro Piana has announced it will be continuing its partnership with Juventus Football Club for the upcoming 2022 to 2023 football season. The fashion house will be designing the official uniforms for the women’s team for the first time, as well as debuting formal suits for the men’s team. During the Union of European Football Associations (UEFA)...

22 hours ago

BusinessFeatured

Will a new open-source marketplace revolutionise direct to consumer platforms?

Shopify’s sacking of 10,000 employees last week, the equivalent of 10 percent of its workforce, has left questions, if not holes, in the future of DTC platforms, where soaring costs, supply chain bottlenecks and a slowdown in consumer spending is hampering sales. For many small fashion businesses, advertising on Instagram and Facebook is no...

Aug 5, 2022

BusinessFeatured

Yeezy Gap engineered by Balenciaga arrives in physical stores

The collaboration between Kanye West and Balenciaga arrives in stores at the Gap as the American brand changes direction. Will the Kanye West effect save Gap? In any case, the American brand has found a jump start. In one year, thanks to a partnership with the superstar, Gap regains some of its luster lost since the late 90s, revolutionizing its...

Aug 5, 2022

Business

Balenciaga strikes deal with Reliance Brands to bring brand to India

Luxury brand Balenciaga has signed a strategic deal with Reliance Brands Limited (RBL), which will see the couture label enter the Indian market. The long-term franchise agreement will make RBL Balenciaga’s exclusive partner in the region and marks the branding agency’s second deal with a Kering-owned label. It previously struck a similar...

Aug 5, 2022

Business

The RealReal calls on US congress to implement circularity practices

Luxury resale platform The RealReal has called on the US congress to consider circularity in its mission of tackling the climate crisis. The platform hosted a Congressional briefing, entitled ‘Fashion and the Environment – How to Achieve a Circular Future’, through which it directed speeches towards House and Senate staff. In his opening...

Aug 5, 2022

Business

Puma to host sustainable fashion conference in London

Sports giant Puma has announced it will be hosting a conference focused on solutions to drive a more sustainable fashion industry. Set to take place in London on September 6, the ‘Conference of the People’ will see a number of activists, NGOs, experts, ambassadors and consumers take to the event to discuss various sustainability issues and...

Aug 5, 2022

Business

Vera Bradley sells retail start-up GoodMrkt to co-founder

American bag company Vera Bradley has reportedly sold its 16-month-old subsidiary GoodMrkt to its co-founder and chief brand officer Harry Cunningham. According to WWD, the decision to sell comes as part of Vera Bradley’s board of director’s decision to focus on the growth of its two core brands, as noted in a statement to the publication from...

Aug 5, 2022