Saks Fifth Avenue, the storied American luxury department store, has seen its credit rating slashed to near-default levels by S&P Global Ratings. There are growing concerns about the company’s financial health and its ability to meet obligations to creditors, including fashion brands and suppliers still awaiting payment.

S&P downgraded Saks’ issuer credit rating to CC, reported Bloomberg, 10 notches below investment grade, citing a 600 million dollar rescue package that includes a debt restructuring deal. In plain terms, the agency views Saks’ latest financing manoeuvre as akin to a default. “The downgrade reflects our view that the proposed financing transaction is tantamount to a default,” the agency said.

A complex lifeline

The package involves a 300 million dollar emergency loan from a group of investors who hold just over half of Saks’ 2.2 billion dollars in high-yield bonds, issued only in December last year. Crucially, these lenders would be first in line to be repaid if the company were to go under.

Also included in the deal is a 400 million dollars first-in, last-out (FILO) asset-based credit facility, a complex form of lending that gives priority to new lenders for repayment in the event of insolvency. Of this, 100 million dollars will be funded by exchanging existing senior secured notes.

A further 200 million dollar is being committed, though that funding is contingent on certain conditions being met.

The reshuffling of debt priorities has alarmed rating agencies and investors alike, particularly given the scale of Saks’ outstanding obligations and deteriorating operations.

Brands left waiting

Although S&P did not disclose specific figures owed to vendors, industry insiders say fashion labels and designers — many of them small or independent — have been left in limbo, waiting on delayed payments for inventory already delivered. Sources familiar with the matter previously told The Business of Fashion and WWD that Saks has amassed a backlog of payables stretching across multiple seasons.

Such delays can put considerable strain on suppliers, especially in the luxury segment where production cycles are long and capital-intensive.

Operating pressures mount

S&P cited “a pronounced deterioration in operating performance and liquidity challenges” as major factors behind the downgrade. At the start of February, Saks’ borrowing capacity under its 1.8 billion dollar asset-based loan had dropped sharply to just 415 million dollars, a sign of cash constraints exacerbated by a seasonal inventory build-up and overdue bills.

The retailer’s struggles come despite owning prime real estate, including its iconic New York City flagship, valued at more than 4 billion dollars on a net basis. However, S&P noted that Saks has been unable to convert these assets into cash quickly enough to meet pressing obligations.

"We believe the company’s market position will weaken as competitors with greater financial capacity expand their business operations," S&P stated. "Management has focused on negotiating longer terms with its main vendors and addressing overdue payments to improve its working capital management."

Trouble at the top?

Saks’ woes follow its ambitious consolidation moves in 2023, when its parent company, Hudson’s Bay Company (HBC), acquired rival luxury chains Bergdorf Goodman and Neiman Marcus. While the mergers were intended to create a North American luxury retail powerhouse, they have also added complexity and risk to the balance sheet.

Now, faced with shrinking access to credit and nervous suppliers, Saks is under pressure to stabilise its operations while maintaining the high standards expected of a luxury brand.

Women's lifestyle brand Veronica Beard has appointed Halsey Anderson, former J.Crew Senior VP of Brand Marketing, as Chief Brand Officer.

Anderson leverages more than two decades of experience in brand marketing, content creation, and public relations, bringing invaluable experience to her new role.

Known for successfully creating lasting customer relationships and driving brand awareness in her former roles at the J.Crew Group, Anderson will lead all brand and creative operations from Veronica Beard's headquarters in New York in her new role.

She will report directly to the brand's President, Stephanie Unwin, and work closely alongside the brand's co-founders, Veronica Swanson Beard and Veronica Miele Beard.

"Veronica Beard's unrelenting purpose is to create a dream wardrobe for the layered lives of women," said Veronica Swanson Beard and Veronica Miele Beard in a statement. "Across all brand touchpoints, Halsey's creativity runs deep, and we are incredibly excited for what's to come."

"As Veronica Beard expands into new product categories and markets, we are attracting high-caliber talent to help build global awareness and promote a unified brand vision, "added Unwin.

"I am thrilled to join such an authentic, customer-first brand," said Halsey Anderson on her new position. "Veronica Beard understands so well how women want to dress for our multi-faceted lives. I look forward to building upon what the Veronica Beard brand and lifestyle means for women globally."

Anderson's appointment comes as the brand continues to invest in its growth, expanding nationally as well as internationally. Veronica Beard will be opening eight new stores across the USA in selected major cities and also launched the CFDA x Veronica Beard Creative Futures Scholarship earlier this year, which awarded $50,000 grants to four undergraduate juniors in fashion design or textiles programs at an American college.

Veronica Miele Beard and Veronica Swanson Beard, sisters-in-law married to brothers, launched their namesake brand in 2010. Combining their individual points of view under a shared vision, the label is known for its tylish staples designed for the modern, multidimensional woman.

In her new role at Under Armour, Bacelar has been tasked with building a team of data scientists, engineers and AI specialists to integrate generative AI across the company’s operations. Fueling “an era of generative AI” for Under Armour, according to Adweek, Bacelar will be working alongside the company’s CEO Kevin Plank, CTO Danny Miles and VP of data management and analytics Patrick Duroseau to drive “real impact.”

In her most recent role at Estée Lauder, Bacelar led the group’s research and insights team to provide analytic reports and briefings on industry trends, cutting-edge technologies and groundbreaking digital interactions.  In addition, Bacelar was instrumental in shaping Estée Lauder’s entry into the NFT and Metaverse space, pioneering projects such as Clinique’s Metaoptimist NFT.

Leveraging years of experience within the digital space, she developed and executed global innovation challenges, including two AI Ideathons that attracted over 700 participants and a competition within the online sector featuring more than 200 startups. Collaborating with Microsoft, she played a key role in launching an AI Lab and led AI training initiatives for 500 employees across five departments.

Her appointment at Under Armour comes, and more and more brands are investing in gen AI, like Puma, to strengthen customer engagement and streamline operations.

Greek luxury lifestyle brand Zeus+Dione, co-founded by Dimitra Kolotoura in 2013, has received a strategic investment from private equity fund Halcyon Equity Partners.

In a statement, Zeus+Dione said the investment from Halcyon will allow the brand to build on its strong commitment to creativity, sustainability, craftsmanship, innovation and social impact and accelerate the brand’s international expansion in existing and new key luxury markets.

In addition, the Greek brand designed by Marios Schwab, who joined as creative director in 2021, said it will use the capital to grow its product categories and accessories and strengthen its online and omni-channel presence.

Zeus+Dione offers apparel, accessories, swimwear, footwear, jewellery, and a recently launched premium homeware collection.

Dimitra Kolotoura, co-founder and chief executive of Zeus+Dione, said: “The foundation of Zeus+Dione was built on our love for Greek heritage and the desire to showcase it through contemporary, high-quality creations. We share common values with Halcyon Equity Partners, such as integrity, authenticity, sustainability, and innovation.

“With this strategic partnership, we co-create a vision to elevate Greek creativity to the global forefront while expanding our international reach, staying true to the values that define us.”

Eleni Bathianaki, managing partner of Halcyon Equity Partners S.C.A. SICAR, added: “Zeus+Dione encapsulates our core investment strategy of investing in ‘the Best of Greece’. While cross-analysing the global investment mobility and trends in the fashion industry, we recognised the brand’s unique value proposition and significant growth potential in the international market.

“Zeus+Dione presents a rare and exciting opportunity to acquire a fast-growing iconic luxury fashion brand with significant potential for further expansion. Our investment reflects our full confidence in the founder, Dimitra Kolotoura and the executive team, as they bring Zeus+Dione at the global industry forefront. We look forward to supporting the management team, to help build on the Company’s strong foundations and deliver superior continuous growth.”

Zeus+Dione was founded to preserve and redefine Greek craftsmanship, drawing inspiration from Greece’s rich tradition, mythology, and cultural heritage and blending it with a timeless, modern, minimalist aesthetic.

Financial terms were not disclosed.

In what is yet another response to another open letter issued by Frasers Group, Boohoo is remaining firm on its stance that its majority shareholder should not have its resolutions approved in the company’s forthcoming general meeting.

In this latest filing, Boohoo specifically addresses Frasers’ most recent letter to the retailer’s shareholders, in which it stated that it would agree to most, not all, of the key requests that had been laid out by Boohoo in order to allow for Frasers’ board representation.

Boohoo underlined that Frasers had “refused to agree to a number of the key protections, including a standstill restriction preventing future hostile act”, details of which had been outlined in a prior filing earlier in October, issued following Frasers’ demand to have its own founder, Mike Ashley, appointed CEO of Boohoo.

It comes as Boohoo received backing from both a proxy advisor and lender which each offered their respective recommendations that Boohoo shareholders vote against resolutions set out by Frasers in the upcoming meeting due to “irreconcilable conflicts of interest”.

Boohoo has now stated that it would be willing to offer Frasers a single seat on the board if it puts forward an “appropriate candidate”, excluding its current proposals of Ashley and Mike Lennon.

In regards to Frasers’ claim that conflicts and competition were “not an issue”, Boohoo said that it wished to fully address these concerns for its shareholders, noting that it was “not for Frasers to pick and choose how it does so in order to suit its own commercial interests”.

The general meeting, which had been requisitioned by Frasers earlier this year, is due to take place December 20.

Marketing and communications group The Independents is continuing its expansion through the new acquisition of the French-American public relations agency, Lucien Pagès Communication.

The announcement was made on the respective Instagram accounts of the two firms, where it was stated that Lucien Pagès’ ability to provide clients with end-to-end solutions to become key culture brands, aligned with “a global perspective with on-the-ground, local insights”.

Lucien Pagès joins the likes of Podject, Sunshine Company, The Qode, Atelier Athem and Atelier LUM as part of the portfolio to The Independents, which said “the collective is powerfully positioned to offer streamlined strategy, creative services” and more to leading brands across key markets.

The news was further confirmed in a press release acquired by various media outlets, to which the PR firm’s eponymous founder, Lucien Pagès, stated: “I've known the founders of The Independents, Isabelle and Olivier Chouvet, personally for many years.

“We share the same values of hard work and excellence, but also a love of the Cévennes, the place where I was born and grew up. Joining The Independents after 18 years of existence represents a tremendous opportunity for us.”

Terms of the agreement had not been disclosed.

New accounts filed by fast fashion e-tailer In The Style (ITS) have revealed a series of job cuts at the firm as well as a sharp drop in revenue for the full financial year.

The company said that it had reduced people overhead by around 38 percent, reflecting a drop from 179 to 140 employees, after taking certain steps to gain the ability to do so, via investments into “automation, clear strategic priorities and the removal of duplication of task”.

This came as it recorded a notable decline in performance for the year ended 31 March 2024, during which its revenue fell from 46 million pounds in the year prior to 30.4 million pounds. Its gross profit for the period came to 15.9 million pounds, also down on 2023’s 20.8 million pounds.

Despite this, the company did narrow its losses. Operating loss for the period declined from 7.4 million pounds to 977,000 pounds, while its adjusted EBITDA increased from a prior loss of 4.3 million pounds to a profit of 1.4 million pounds.

The results come ahead of ITS’s impending London Stock Exchange return, and months after its founder, Adam Frisby, announced his departure from the brand.

ITS has been in discussions with Iconic Labs over the possible takeover of ITS Holdings 2023 Ltd, the holder of the entire issue share capital of ITS Fashion Ltd. The firm has confirmed that a due diligence review is currently underway in order to finalise the acquisition and navigate ITS’ readmission to the London Stock Exchange.

Ecommerce Europe has elected Gero Furchheim, from the German association BEVH, as its new president. Furchheim succeeds his predecessor, Wijnand Jongen.

“A strong association that actively expands and deepens its network must build bridges between the EU and national levels, while fostering collaboration with associations, businesses, and political stakeholders. As a committed European, I am very much looking forward to fulfilling my role as president of Ecommerce Europe, the united voice of the European digital commerce sector,” said Furchheim in a statement.

Expressing his gratitude to the outgoing president of Ecommerce Europe, Furchheim said that with the support of Wijnand Jongen, Ecommerce Europe became the united voice for digital commerce in Europe, actively contributing to the successful merger with EMOTA back in January 2020.

“Gero Furchheim's vast experience in public affairs, e-commerce businesses and association leadership, in particular as president of BEVH for the past 10 years, will be a great asset that will bring Ecommerce Europe to new heights during his mandate,” added Luca Cassetti, secretary general of Ecommerce Europe.

Commenting further on taking up the president’s role, Furchheim said: “I want to dedicate my term to advancing the completion of the European Single Market. We must make sure that all players, and in particular small and medium-sized businesses, can harness the opportunities that a united Europe promises. To achieve this, we need a Europe that enforces its laws effectively and ensures fair competition.”

At an investor meeting in New York Under Armour reiterated its full-year fiscal 2025 outlook, which it provided with the second-quarter results in November.

Key points related to Under Armour's fiscal 2025 outlook included revenue decline at a low double-digit percentage rate, gross margin to increase by 125 to 150 basis points, operating loss to be 176 dollars to 196 million dollars, diluted loss per share to be between 48 cents and 51 cents and adjusted diluted earnings per share to be between 24 cents and 27 cents.

"Today, we reviewed our plans to enhance and fortify the Under Armour brand, highlighting our seasoned leadership team's commitment to ensuring consistent execution with improved alignment, clarity, and confidence about our future direction," said Under Armour president and CEO Kevin Plank.

The company also said that it plans to streamline the creation engine, assortment, and merchandising approach to deliver a simplified, more deliberate presentation with athletes and customers.

Under Armour also aims to execute market specific commercial strategies across regions. In the Americas, the company plans to reset and strengthen the brand through disciplined marketplace management.

In Europe, Middle East, and Africa, the company will focus on regionally relevant sports categories to expand addressable market opportunities; and build on success in the United Kingdom to scale into other key countries including France, Germany, and Spain.

In Asia-Pacific, Under Armour will focus on protecting the brand while navigating the near-term dynamic environment.

"With a significantly strengthened product lineup coming in fall 2025, a clear underdog brand positioning, and purposeful, disciplined marketplace management, I am confident that our actions are gaining traction," added Plank.

Multinational ecommerce giant eBay has expanded its partnership with Klarna, transforming the art of digital window shopping into a more fluid financial experience. The collaboration, which spans key European markets, introduces flexible payment options that could revolutionise how fashion consumers approach their purchasing decisions.

The partnership arrives at a critical moment in retail, where Gen Z and Millennial consumers are rewriting the rules of consumption. A 2024 PYMNTS Intelligence report reveals that nearly half of these digital natives have embraced Buy Now, Pay Later (BNPL) services—a telling indicator of shifting consumer preferences.

From rare Pokemon trading cards to pre-loved Birkin bags, eBay's marketplace has long been a treasure trove for collectors and fashion enthusiasts. With Klarna's payment flexibility these coveted items become more accessible. Shoppers across the U.K., Austria, France, Italy, the Netherlands, and Spain can now choose from interest-free options like "Pay in 3" or "Pay in 30 days," effectively democratising luxury consumption.

"We are unlocking greater payment choice and flexibility for eBay shoppers," said Avritti Khandurie Mittal, VP & General Manager of Global Payments and Financial Services at eBay.

The partnership extends beyond transactional convenience. A new resale feature allows Klarna users to list items purchased through the app on eBay within minutes, complete with automatic listing details and images. This functionality speaks to the growing emphasis on sustainable fashion and the circular economy, enabling consumers to monetize their past purchases while contributing to recommerce.

David Sykes, Chief Commercial Officer at Klarna, said: "With more flexible payment options and the new resell feature, we're making it easier than ever for millions of people to buy and sell everything—from collectible sneakers to strollers and designer bags—on eBay."

The move is particularly significant in an era where fashion consumption is increasingly digital, instantaneous, and environmentally conscious.

Building on prior support from the Institutional Shareholder Services (ISS), Boohoo has now received backing from an independent proxy advisor in regards to its upcoming General Meeting, in which an anticipated boardroom battle is expected to ensue.

Glass Lewis has offered its recommendation that Boohoo shareholders are to vote against resolutions due to be put on the table at the meeting on December 20, during which Frasers Group will seek board representation.

In its recommendation, Glass Lewis said “appointing a director with significant historical ties to Frasers, without comprehensive agreement in place to mitigate potential conflicts of interest, could raise further concerns among investors”.

The firm further raised concerns regarding Frasers’ “refusal to provide the necessary governance commitments”, which brings about questions regarding the group’s “commitment to addressing the governance and conflict-of-interest concerns highlighted by the company and may suggest that their intentions are not fully aligned with the interests of the company’s broader shareholder base”.

As such, Glass Lewis recommended against the appointment of Mike Ashley and Mike Lennon, who Frasers has put forward for proposed representation, stating that “shareholders would not be well served” if they are elected.

Boohoo once again underlined its “credible plan to unlock and maximise value” for shareholders through its Business Review, overseen by CEO, Dan Finley, which it said Frasers “appears intent on disrupting”.

In a statement, Boohoo group chairman, Tim Morris, said the company welcomed Glass Lewis’ recommendations, adding the firm’s analysis underscores “concerns regarding the significant risks posed by appointing individuals with strong historical ties to Frasers without adequate governance commitments in place”.

Woolrich International, known as the original American outdoor brand, has welcomed a new investor to boost its international footprint, with Chinese apparel group Baoxiniao Holding Co. Ltd. acquiring the intellectual property rights of the Woolrich brand for all territories outside Europe.

Baoxiniao, which owns several apparel brands, including Saint Angelo, Hazzys, Bono, Camicissima and Henry Grant, said in a statement that it was looking to elevate the premium outdoor apparel brand globally, especially within Asia, as well as strengthen its portfolio of brands.

As part of the strategic partnership, Baoxiniao has also entered into a five-year procurement and brand consulting agreement with Woolrich International “to ensure a globally consistent positioning of the brand”.

Stefano Saccone, chief executive and president of Woolrich International, said in a statement: “This agreement with Baoxiniao marks a new and exciting chapter for Woolrich as we strive to bring the brand’s extraordinary heritage that blends functional performance, innovation, and distinctive style to a new generation of consumers globally.

“Our partnership with Baoxiniao will serve as a catalyst for the brand’s growth in Asia and beyond, and we welcome working together to achieve this shared goal.”

Baoxiniao invests in Woolrich International

Woolrich International, which is controlled by funds advised by L-Gam, will retain ownership of the brand's intellectual property for the European markets and continue to operate the business in the region.

Currently, Woolrich, recognised by its distinctive red-and-black buffalo check patterns, operates more than 35 stores across Europe and Japan and is distributed through leading global retailers, such as Harrods, Le Bon Marché, La Rinascente, Galeries Lafayette, Breuninger, De Bijenkorf, Loden-Frey, El Corte Ingles, Isetan and Ginza Six.

Zhize Wu, chairman of Baoxiniao Holding Co., Ltd, added: " We are extremely excited to incorporate Woolrich brand into our group's multi-brand strategic setup. Through the future collaboration with the European team of Woolrich, we aim to elevate the brand to new heights globally.

“With the industry resources and operational capabilities of our group in the mid-to-high-end apparel sector, we will ensure a great growth potential of all our brands in the Greater China market. The strategic partnership with Woolrich is definitely an important part of the internationalisation of our group, which we certainly look forward to.”

Financial details of the deal were not disclosed.

Clean beauty brand Violette_FR, known for its skincare and cosmetics, has completed a Series B funding round led by New York-based emerging growth equity firm Silas Capital to drive its next phase of growth with a focus on global expansion, product innovation, and digital enhancement.

The funding round was also supported by Paris-based operational growth equity fund Experienced Capital and existing investors Monogram Capital Partners and Felix Capital.

Violette_FR was launched in 2021 by New York-based, French-born make-up artist Violette Serrat to democratise "French-girl" beauty. After advising top brands like Dior and Estée Lauder, Serrat ventured into a broad product line, which balances the bold with the 'au naturel,' bridging the gap between the minimalist and the beauty-obsessed.

The collection features make-up, skincare, and haircare, offered at an accessible price point, with hero products including the ‘Boum-Boum Milk’ skincare spray and the ‘Bisou Balm’ sheer matte lipstick.

Commenting on the investment, Serrat, the company’s founder, said in a statement: "I've always approached my business with a long-term vision, akin to building a luxury maison rather than a high-growth startup. Because of this, I have carefully orchestrated my dream line of products while staying customer-centric and true to my instincts.

“I view Violette_FR as a lifestyle brand - one that seamlessly integrates beauty into a broader, curated lifestyle. We are thrilled to have a team of investors who continue to support us, allowing Violette_FR to thrive while maintaining the integrity of the brand and its unique position in the beauty landscape."

Silas Capital and Experienced Capital invest in clean beauty brand Violette_FR

The strategic positioning of the brand, as well as the expertly crafted clean beauty formulas, and Serrat’s growing following on social media, where she has more than 1 million followers, were what initially attracted investors, including a seed round led by Female Founders Fund (FFF), Felix Capital, and Greycroft Ventures, followed by a Series A in 2021 led by Monogram Capital Partners.

These investments supported the brand's initial direct-to-consumer push and expansion into multiple retail locations across France, Australia, Canada, the UK, and the US, including Le Bon Marché, Oh My Cream!, Mecca, and Moda Operandi.

While direct-to-consumer remains Violette_FR’s primary distribution channel, the brand plans a major retail partner announcement in 2025, which will significantly increase its retail footprint.

Brian Thorne, partner at Silas Capital and lead investor, added: "Violette_FR stands out in the beauty landscape for its aspirational French brand appeal, driven by Violette's authenticity and credibility, which resonate deeply with consumers.

“Her innovative approach shines through in the brand's ability to extend across categories - skin, colour, hair, and fragrance, as well as in standout products like Boum-Boum Milk, Bisou Balm, and Yeux Paint Dieu Bleu. We're excited to partner with Violette to further accelerate both e-commerce momentum and wholesale expansion."

The Series B funding will support Violette_FR’s strategic goals, including accelerating product innovation, building the necessary infrastructure and stock levels for expansion in the US and international markets, and enhancing its e-commerce and digital platforms. The investment will also further the brand's commitment to sustainability through new initiatives focused on eco-friendly packaging and ethical ingredient sourcing.

In the third quarter, LPP Group achieved revenues of 5.2 billion Polish zloty, up 19.8 percent year-on-year and by 25.2 percent in constant currencies.

The company’s online sales were up 35.7 percent due to the development of mobile apps and a broader product offer dedicated to online stores. The group recorded double-digit revenue growth of 19.4 percent in traditional stores due to 135 new store openings and positive LFLs of almost all brands and 7.5 percent for the group.

The Sinsay brand recorded revenue of 2.7 billion zloty, an increase of 43.3 percent.

The group generated a favourable gross profit margin of 54.8 percent, however 1 pp. lower than a year earlier. EBIT of 731 million zloty, declined by 8.9 percent, while operating profitability stood at 14 percent, compared with 18.4 percent in the previous year.

The group aims to achieve a revenue target of 20 to 21 billion Polish zloty, with a growth in the traditional sales segment and the online channel. The company anticipates a 23 percent increase in floorspace, prioritising the development of Sinsay brand stores. The group expects a gross sales margin in the range of 52 to 53 percent.

The company added that in implementing its plans for 2024, the group is strengthened by the good outlook for 4Q, resulting from the positive response to the winter collection by customers and the sales growth of 22.4 percent in constant currencies in the period from November 1 to December 10, as well as the implementation of the planned store openings in the fourth quarter.

At the same time, for the financial year 2025, the group expects revenues of 26 billion Polish zloty, with gross profit on sales in the range of 52 to 53 percent.

Following positive sales in the last few months and of early December, Brunello Cucinelli projects an increase in revenues of 11 to 12 percent for 2024, with growth in the fourth quarter expected to be in line with the outstanding result for the third quarter.

Commenting on the year-end update, Brunello Cucinelli, executive chairman and creative director of the company said in a statement: “Our final project leads us to envision a year with growth ranging between 11 percent and 12 percent. Given the high quality of sales, we anticipate a healthy and balanced profit.

The company said that the increase in sales will be accompanied by fascinating results in terms of margins and profits for the full year. In relation to the latter part of the year, the company expects positive results for both the retail and multi-brand channels.

“We are ending the year with an outstanding order book for the spring-summer 2025 collections, already very popular when they were unveiled this summer. Initial comments and orders taken for the fall-winter 2025 women's pre-collection are currently outstanding in our boutiques,” the company added.

Brunelli Cucinelli aims for growth of around 10 percent for 2025 and 2026 and doubling turnover from 2023 to 2030.

To support the outlook for growth to 2030 and in the long term, the company plans to invest in new factories at Penne, Abruzzo and Gubbio, fully focused on the production of men’s outerwear and tailored suits.

“Even in Gubbio, we are now also building a small facility with a magnificent panoramic view of the medieval citadel, where we can work in harmony with creation. I am very confident in the value of beautiful, well-made garments made in Italy that we can leave as our legacy. Perhaps in the times to come the theme will not be to whom we sell these special garments, but rather whose masterful hands will be making these little masterpieces,” added Cucinelli.

The investment plan also includes the completion of the expansion of the Solomeo plant.

Vera Bradley’s third quarter net revenues declined to 80.6 million dollars and consolidated net loss reached 12.8 million dollars or 46 cents per diluted share.

For the nine month period, net revenues decreased to 272 million dollars and consolidated net loss totaled 15.2 million dollars or 52 cents per diluted share.

Commenting on the third quarter results, Jackie Ardrey, the company’s chief executive officer said: “The third quarter was extremely challenging as we remained in the early stages of ‘Project Restoration’, our strategic initiative to transform our business model and transition Vera Bradley’s brand positioning.”

For fiscal 2025, the company expects net revenues of approximately 385 million dollars compared to 470.8 million dollars in fiscal 2024. Gross profit percentage of approximately 52.5 percent, operating loss of approximately 9 million dollars and consolidated diluted EPS of approximately negative 25 cents.

Confirming no material impact on its financial results after completion of delivery expense related investigation, Macy’s reported GAAP diluted earnings per share of 10 cents and adjusted diluted earnings per share of 4 cents for the third quarter.

Macy’s now projects full year net sales to be in the range of 22.3 billion dollars to 22.5 billion dollars with comparable owned plus licensed plus marketplace sales down 1 percent to flat and adjusted diluted earnings per share between 2.25 dollars to 2.50 dollars compared with prior expectation of 2.34 dollars to 2.69 dollars.

“We are encouraged by the consistent sales growth in our Macy's First 50 locations and the strong performance of Bloomingdale's and Bluemercury. Quarter-to-date, comparable sales continue to trend ahead of third quarter levels across the portfolio,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc.

Review of Macy’s third quarter performance

Macy’s, Inc. net sales decreased 2.4 percent to 4.7 billion dollars, with comparable sales down 2.4 percent on an owned basis and down 1.3 percent on an owned-plus-licensed-plus-marketplace basis. Macy’s go-forward business comparable sales were down 2 percent on an owned basis and down 0.9 percent on an owned-plus-licensed-plus-marketplace basis.

By nameplate Macy’s net sales were down 3.1 percent, with comparable sales down 3 percent on an owned basis and down 2.2 percent on an owned-plus-licensed-plus-marketplace basis. Macy’s First 50 locations delivered a third consecutive quarter of comparable sales growth, up 1.9 percent.

The company said in a statement that fragrances, dresses and men’s and women’s active apparel were strong. Macy’s go-forward business comparable sales were down 2.6 percent on an owned basis and down 1.8 percent on an owned-plus-licensed-plus-marketplace basis.

Macy's Inc nameplates deliver sales growth

Bloomingdale’s net sales were up 1.4 percent, with comparable sales up 1 percent on an owned basis and up 3.2 percent on an owned-plus-licensed-plus-marketplace basis. The company added that key drivers included strength in contemporary apparel, beauty and digital.

Bluemercury net sales were up 3.2 percent and comparable sales were up 3.3 percent on an owned basis. Other revenue of 161 million dollars decreased 17 million dollars or 9.6 percent.

Gross margin rate of 39.6 percent decreased 60 basis points. GAAP diluted earnings per share was 10 cents and adjusted diluted EPS was 4 cents.

J.Jill reported third quarter net sales increased 0.3 percent to 151.3 million dollars, while comparable sales, which includes comparable store and direct to consumer sales, decreased by 0.8 percent, negatively impacted by approximately 50 basis points due to hurricane-related disruptions in the quarter.

The company also announced that Claire Spofford, president and CEO has decided to retire after a distinguished career in the retail space. Spofford is expected to remain in her current role until April 2025.

Commenting on the third quarter update, Claire Spofford stated: “We delivered third quarter results inline with our expectations as we continued to execute the disciplined operating model yielding another quarter of healthy overall margin performance.”

J.Jill CEO Claire Spofford to retire next year

The company added that since Spofford’s appointment as CEO in February 2021, she has led the company into a new era delivering healthy, sustainable margin performance and significant cash flow generation driven by disciplined inventory management and a strong focus on full-price selling.

Over her tenure with J.Jill, the company also fortified its balance sheet, strengthened its operational foundation, and modernized its brand as a premium casual retailer.

Commenting on Spofford’s retirement, Michael Rahamim, chairman of the company’s board, said, “Under Claire’s leadership, J.Jill has strengthened its operating model and made strategic investments to improve the overall health of the business, creating a pathway toward profitable, sustainable growth.”

Prior to J.Jill, Spofford held leadership positions at Cornerstone Brands, Garnet Hill, Orchard Brands, and Timberland. She presently holds positions on the board of directors for Leslie’s, Inc. and Reclaim Childhood.

“After four years leading this incredible company and after nearly three decades leading retail organizations, I have decided that the time is right for a new chapter,” added Spofford.

Highlights of J.Jill’s Q3 results

The company’s direct to consumer net sales, which represented 45.7 percent of net sales, were up 0.3 percent.

Gross profit was 108 million dollars, and gross margin was 71.4 percent. Operating income was 19.2 million dollars, while operating income margin for the quarter was 12.7 percent. Adjusted income from operations was 21.4 million dollars.

Third quarter net Income was 12.3 million dollars and net income per diluted share was 80 cents, while adjusted net income per diluted share rose to 89 cents.

Adjusted EBITDA for the quarter was 26.8 million dollars and adjusted EBITDA margin was 17.7 percent.

The company opened three new stores and the store count at the end of the quarter was 247 stores.

Review of J.Jill’s year to date results

Net sales for the thirty-nine weeks increased 2.2 percent to 468 million dollars and comparable sales increased by 1.4 percent. Direct to consumer net sales, which represented 46.6 percent of net sales, were up 5.1 percent.

Gross profit for the period was 335.1 million dollars and gross margin was 71.6 percent. Operating income was 70.6 million dollars and operating income margin was 15.1 percent.

Net Income for the period was 37.2 million dollars and net income per diluted share was 2.48 dollars, while adjusted net income per diluted share rose to 3.15 dollars. Adjusted EBITDA was 92.6 million dollars and adjusted EBITDA margin was 19.8 percent.

The company opened four new stores and operated 247 stores at the end of the period.

J.Jill projects marginal increase in FY24 net sales

For the fourth quarter, the company expects net sales to be down 4 percent to 6 percent and comparable sales to be up 1 percent to 3 percent. The company also expects adjusted EBITDA to be in the range of 12 million dollars to 14 million dollars for the fourth quarter of fiscal 2024.

For fiscal 2024, the company expects net sales to be about flat to up 1 percent with comparable sales to be up 1 percent to 2 percent and for adjusted EBITDA to be in the range of 105 million dollars to 107 million dollars, reflecting a year-over-year decline of 5 percent to 7 percent compared to fiscal 2023.

On December 4, 2024, the board declared a cash dividend of 7 cents per share, payable on January 9, 2025 to stockholders of record of issued and outstanding shares of the Company’s common stock as of December 26, 2024.

Aampe, the digital personalisation specialist for brands, has raised 18 million US dollars in Series A financing, led by Theory Ventures, to accelerate the adoption of its agentic infrastructure.

The latest funding round, which also included participation from Z47, brings Aampe’s total funding to 27.3 million US dollars, as the San Francisco-based start-up reveals that it has deployed over 100 million “AI agents” to power “the next wave of personalisation for consumer apps”.

Aampe, which works with leading food delivery and on-demand apps in South and Southeast Asia, as well as top sports and fitness apps in Europe and major fintech and entertainment apps in the US, said that its “AI agents” are managing 15-200 billion decisions every week that determine product surface interactions to deliver a more personal experience for each user.

Conventional approaches to personalising digital products have relied on humans manually creating rules and segments to determine what users see and when, requiring teams to manually orchestrate the message or product surface that will best serve the end user’s interests, whether they’re making a purchase, evaluating content options, or trying new features. However, Aampe’s approach, using artificial intelligence (AI) learns from users’ interactions with the app to ensure customers receive content and messaging that is tailored for them.

Rather than using traditional machine learning or generative AI alone, Aampe's infrastructure leverages a subset of AI called reinforcement learning to enable continuous, parallelised experimentation. Each agent learns and adapts in real-time, helping their user manage their attention and make complex choices in a world of material and content abundance. The agents operationalise their decisions by intelligently managing a range of existing product and marketing tools - including data platforms and warehouses, marketing delivery platforms, and product analytics tools, allowing companies to extract more value from their current technology investments.

Paul Meinshausen, chief executive and co-founder of Aampe, said in a statement: "Consumer applications today almost universally look the same to everyone who opens them, with personalisation limited to narrow recommendation feeds.

"We’ve designed and developed infrastructure that enables every aspect of an application to adapt to each user's context and preferences, continuously. Our mission is to fundamentally improve the way users experience digital products."

With the new capital, Aampe is looking to power the next generation of consumer applications through its easy-to-deploy agentic infrastructure to accelerate its growth. As it scales, it plans to double its team by the end of 2025, focusing on helping enterprise customers successfully migrate their workflows and adopt agentic infrastructure into their organisations.

Japanese beauty conglomerate Kosé is acquiring Bangkok-based beauty brand Pañpuri as part of its medium-to-long-term strategy to “add regionally rooted brands” to its portfolio, which includes luxury skincare line Decorté and American cosmetics company Tarte.

The acquisition will help Kosé push into the wellness space, as Pañpuri has created a name for itself as a clean prestige niche fragrance and holistic wellness brand that creates luxurious, multisensory experiences rooted in Eastern traditions and Thai heritage. Its range includes premium bath and body, hair care, skincare and fragrance products.

The brand, which was launched in 2003, is sold in luxury malls, hotels, resorts and travel retailers in Thailand. Pañpuri products are also found in Japan, China and Europe online and through sales agents. In August, the brand’s business expanded into Hong Kong.

In 2023, parent company Puri, registered sales of 580 million Thai baht.

Vorravit Siripark, chief executive of Puri, said in a statement: “This partnership with Kosé Corporation marks a transformative milestone for Pañpuri. With Kosé’s global innovation, expertise and resources, we are excited to elevate our vision of Thai holistic wellness and beauty, rooted in the wisdom of our traditions and a commitment to clean, sustainable practices.

“Together, we will bring Pañpuri’s unique approach to wellness - blending Thai craftsmanship, mindfulness, and sensorial excellence - to a broader global audience. This collaboration allows us to preserve our heritage while embracing a future of growth, innovation, and shared passion for creating meaningful beauty experiences.”

Financial terms of the deal were not disclosed, with Kosé stating that Pañpuri's parent company Puri Co. Ltd. will operate as a subsidiary, to strengthen the corporation's presence in the global south markets to increase growth.

Kazutoshi Kobayashi, president and chief executive officer of Kosé Corp., added: “We believe that Pañpuri’s traditional approach from ancient times in Thailand and sophisticated product design, which creates cosmetics that feel good to use and enrich the mind on top of being effective, highly align with our constant approach since our establishment to continually pursue sensory quality while inheriting tradition and innovation.

“With this acquisition of shares, we will accelerate the global strategy set forth in our medium- to long-term vision and aim to establish a presence in the Global South markets and further enhance our value.”

In the nine month period, Zara owner Inditex recorded sales growth of 7.1 percent to reach 27.4 billion euros.

The Spanish group, who also owns other brands such as Massimo Dutti, Pull & Bear and Bershka reported gross profit increase of 7.2 percent to 16.3 billion euros, while gross margin reached 59.4 percent, up 4 bps.

The company said in a statement that EBITDA for the period increased 7.2 percent to 8 billion euros and EBIT increased 9.3 percent to 5.7 billion euros. PBT increased 9.9 percent to 5.8 billion euros, while net income increased 8.5 percent to 4.4 billion euros.

Inditex declared FY2023 final dividend of 0.77 euros per share was paid on November 4, 2024. Autumn/Winter collections remain well received by our customers.

The company added that store and online sales in constant currency between November 1 and December 9, 2024 increased 9 percent versus the same period in 2023.

The company opened new stores in 45 markets during the period under review. At the end of the period Inditex operated 5,659 stores.

The company further said that the growth of annual gross space in the period 2024-2026 is expected to be around 5 percent. At current exchange rates, Inditex reiterates its expectation of a negative 3 percent currency impact on sales in 2024.

De Beers Jewellers has appointed Henry Jun Liu as its chief marketing officer to lead the luxury jewellery house’s global marketing strategy to drive the brand’s ambitious growth plans and further position it as a leading luxury jewellery destination.

Liu has more than 20 years of international marketing experience, including over eight years in luxury jewellery, and will be based at the company’s head office in London. He will also join De Beers Jewellers' executive committee.

He joins De Beers from Tiffany & Co. in New York, where he served as senior director of global marketing. At Tiffany, he was instrumental in creating signature experiential events, high-profile exhibitions, and concept stores, including overseeing the historic opening of The Landmark on Fifth Avenue. His prior roles span Shanghai, Toronto, and New York, with experience at renowned companies including McCann-Erickson, Procter & Gamble, and Estée Lauder.

Céline Assimon, chief executive of De Beers Jewellers, said in a statement: “I am thrilled to welcome Henry to our team. His global experience and expertise will be invaluable as we drive De Beers forward in our next phase of growth. I look forward to collaborating with Henry to further elevate our brand.”

On his new role, Liu, added: “It’s an incredible honour to join De Beers Jewellers, a uniquely creative House with extraordinary potential. De Beers is known worldwide for the artistry of its high jewellery and exceptional diamonds.

“Our goal is to see all collections recognised and cherished on a global scale. Together with the team, I look forward to shaping a narrative that resonates deeply with today’s luxury consumer, all while honouring the brand’s rich heritage.”

Rent the Runway reported third quarter revenue of 75.9 million dollars, a 4.7 percent increase year-over-year.

For fiscal year 2024, the company expects revenue growth of between 2 percent to 4 percent and adjusted EBITDA margin of 15 percent to 16 percent.

“Rent the Runway has realigned our company talent and ways of working this year to be laser focused on achieving free cash flow breakeven, significantly increase agility of experimentation and launch cadence, and reaccelerate growth,” said Jennifer Hyman, co-founder, president, and CEO of Rent the Runway in a statement.

Gross profit for the quarter was 26.3 million dollars, representing a change of 4.4 percent from the third quarter of fiscal year 2023. Gross Margin was 34.7 percent compared to 34.8 percent in the third quarter of last year.

Net loss contracted to 18.9 million dollars, while adjusted EBITDA rose to 9.3 million dollars and adjusted EBITDA margin was 12.3 percent.

For the fiscal fourth quarter, Rent the Runway expects revenue of between 74.4 million dollars and 80.3 million dollars. Adjusted EBITDA is anticipated to be between 16.1 million dollars and 20.1 million dollars.

Online personal styling service Stitch Fix reported first quarter net revenue of 318.8 million dollars, a decrease of 12.6 percent year-over-year.

For the second quarter, the company forecasts revenue to range between 290 million dollars to 300 million dollars, down between 9 to 12 percent and adjusted Ebitda in the range of 8 million dollars to 13 million dollars.

For the full year, the company expects revenues to be in the range of 1.14 billion dollars to 1.18 billion dollars, down between 10 to 13 percent and adjusted Ebitda in the range of 25 to 36 million dollars.

“Our fiscal year is off to a strong start. We exceeded our expectations in the first quarter on the top and bottom lines,” said Matt Baer, chief executive officer, Stitch Fix.

Active clients of 2,434,000, decreased by 74,000 or 3 percent, quarter-over-quarter; and decreased 555,000 or 18.6 percent year-over-year. Net revenue per active client of 531 dollars increased 4.9 percent.

Gross margin of 45.4 percent, increased 180 basis points. Net loss was 6.3 million dollars and diluted loss per share was 5 cents, while adjusted EBITDA reached 13.5 million dollars.

G-III Apparel Group’s third quarter net sales increased 1.8 percent to 1.09 billion dollars, while net income was 114.8 million dollars or 2.55 dollars per diluted share.

The company said non-GAAP net income per diluted share was 2.59 dollars for the quarter compared to 2.78 dollars in the same period last year.

Commenting on the financial results, Morris Goldfarb, G-III’s chairman and chief executive officer, said in a statement: “I am very pleased with our strong third quarter results, with earnings per diluted share exceeding our expectations, driven by over 30 percent organic growth of our key owned brands DKNY, Karl Lagerfeld, Donna Karan and Vilebrequin.”

“Looking at the remainder of the year, given our significant third quarter earnings outperformance, we are once again raising our earnings per diluted share guidance for fiscal 2025,” added Goldfarb.

For the year ahead, the company added that net sales are expected to increase by approximately 2 percent to around 3.15 billion dollars. Net income is expected to be between 185 million dollars and 190 million dollars or diluted earnings per share between 4.08 dollars and 4.18 dollars.

Non-GAAP net income for fiscal 2025 is expected to be between 186 million dollars and 191 million dollars or diluted earnings per share between 4.10 dollars and 4.20 dollars and adjusted EBITDA is expected to be between 309 million dollars and 314 million dollars.

Cart.com, a unified commerce solutions provider, has acquired OceanX, the wholly-owned fulfillment operations arm of Guthy-Renker.

The company said in a release that the acquisition further strengthens Cart.com's position as a leader in mid-market to enterprise logistics and expands its tech-enabled capabilities to support high-volume beauty, wellness, and lifestyle brands.

"Acquiring OceanX is part of Cart.com’s strategy to continue to scale our platform and capabilities across industries, leveraging our proprietary technology to improve efficiency and deliver superior results to our clients and their customers,” said Omair Tariq, Cart.com’s founder & CEO.

Bill Guthy, co-founder and co-chairman of Guthy-Renker, will also serve as a strategic advisor to Cart.com as the company extends its multichannel selling and logistics offerings to new verticals and geographies.

As part of the transaction, the company added, approximately 200 OceanX employees will join the Cart.com team. Cart.com will also add two new facilities totaling over 600,000 sq. ft. to its network, including a West Coast distribution hub in Southern California and its third facility near Columbus, Ohio. The company now has 17 omnichannel fulfillment and distribution centers with nearly 10 million square feet and over 1,600 team members.

Commenting on the development, Rick Odum, chief executive officer of Guthy-Renker said: “This partnership will marry our own channel and marketing expertise with their track record of driving growth and savings for high-volume, high-SKU brands, supercharging performance across our portfolio.”

Through the acquisition, Cart.com will enable numerous brands, including Meaningful Beauty, The Body Firm, Smileactives and Westmore Beauty to control and orchestrate their supply chains with the same sophistication as the world's most dominant retailers.

Cart.com provides the physical and digital infrastructure brands need to unify supply chain operations across channels, locations and destinations to seamlessly connect companies with their customers.

New York based firms CP Brands Group and Icon Luxury Group have announced the acquisition of British clothing brand Thomas Pink from its former parent company, LVMH. The deal was described by the two groups in a press release as a “joint partnership” that aims to “usher in a bold new chapter for the Thomas Pink brand”.

Commenting on the move, Eli Yedid, CEO of CP Brands Group, said the label was a “symbol of British sophistication and craftsmanship”. Yedid added that the firms plan to build on Thomas Pink’s heritage through “key licensing agreements” across multiple categories, such as fragrances and eyewear.

The executive also outlined plans to bring the brand back to key regions, including the UK, Europe, the US, Asia, the Middle East and Mexico.

In the first half of 2025, the UK will particularly be of emphasis, with the brand set to work with british shirt maker Richard Gibson and menswear industry veteran Nick Preston on broadening its presence in the region beyond its existing flagship store in London.

Further store openings are also said to be planned in select markets across the Middle East and Asia.

Founded in 1984, Thomas Pink was snapped up by French luxury goods giant LVMH in 1999 for 41.6 million pounds. While renowned for its emphasis on button-up shirts and tailoring, the label took a financial hit during the Covid-19 pandemic and, despite a prior rebranding, was ultimately shut down by LVMH.

In 2021, however, Thomas Pink opted to quietly relaunch via an e-commerce site under the guidance of its new creative director, Dean Gomilsek-Cole, who was tasked with bringing a “new look and offer” to the brand.

Third quarter net sales at Designer Brands decreased by 1.2 percent to 777.2 million dollars, while total comparable sales decreased by 3.1 percent.

The company has lowered its guidance for the full year and now expects net sales to be down low single digits and adjusted diluted EPS in the range of 10 cents to 30 cents.

Designer Brands’ gross profit decreased to 247.4 million dollars during the quarter under review and gross profit as a percentage of net sales was 31.8 percent.

Reported net income for the third quarter was 13 million dollars or diluted earnings per share (EPS) of 24 cents and adjusted net income was 14.5 million dollars or adjusted diluted EPS of 27 cents.

The company declared a dividend of 5 cents per share for both Class A and Class B common shares, which will be paid on December 20, 2024 to shareholders of record at the close of business on December 6, 2024.

During the third quarter, the company closed three stores in the United States and opened two stores in Canada, resulting in a total of 496 stores in the US and 179 stores in Canada as of November 2, 2024.

Thélios, the eyewear division of LVMH Group, has shuffled its C-suite in the Americas region and proprietary brand Barton Perreira, promoting Luca Guillot Boschetti to head of Thélios Americas and naming Cedric Moreau as chief executive officer of Barton Perreira.

In a statement, Thélios said the strategic appointments are designed to “further drive the company’s growth and innovation in the competitive eyewear market”.

Guillot Boschetti joined Thélios in 2023 and led the commercial excellence division of Thélios, developing international client relationships. In his new role as head of Thélios Americas, he will oversee all Thélios activities in the region, described as being of strategic importance to the company.

He succeeds Enrico Sanavia, who has held the position since 2017 and was instrumental in establishing the construction of Thélios’ US subsidiary from its inception. Sanavia has decided to pursue professional opportunities outside the company.

Alessandro Zanardo, chief executive of Thélios, said: “Luca brings over 20 years of leadership experience working at large luxury organizations, and in his time at Thélios has demonstrated exceptional management skills and strategic expertise that will position the company well as we continue to grow in the US and other American markets.

“I would like to thank Enrico for his leadership and for his numerous accomplishments while leading our US subsidiary. We wish him all the best in his future endeavours.”

Barton Perreira names new CEO as Bill Barton exits the company

Barton Perreira, the US eyewear brand co-founded by Bill Barton and Patty Perreira in 2007 in Los Angeles, California, which was acquired by Thélios in 2023, has announced that Barton is leaving the company and will now be led by Cedric Moreau, former vice president of sales at Thélios Americas.

Thélios said that Moreau brings over 30 years of experience managing leading independent eyewear brands and his deep understanding of the optical market will help drive the company’s vision for Barton Perreira forward as it enters the next stage of its development.

While Barton is exiting the company, Patty Perreira will continue to lead the brand’s creative direction, with Moreau overseeing all business operations.

Zanardo added: “I want to express my sincere gratitude to Bill Barton for his passion and entrepreneurial spirit. Bill and Patty’s vision made Barton Perreira what it is today – an uncontested leader in the luxury eyewear industry – and we look forward to building upon that legacy with our continued commitment to craftsmanship, creativity and innovation under Cedric’s leadership.”

Thélios designs, produces and distributes sunglasses and optical frames for Dior, Fendi, Celine, Givenchy, Loewe, Stella McCartney, Kenzo, Berluti, Tag Heuer and Fred. The eyewear specialist also owns the French eyewear brand Vuarnet, which it acquired in September 2023.

UK-based resale fashion tech start-up Truss, which is looking to revolutionise the fashion industry by powering resale with AI-enabled data infrastructure, has secured 300,000 pounds in investment from FIGR Ventures.

In a statement, Truss said with the new 300,000-pound capital it has also secured critical match-funding to activate a 1.1 million pound Innovate UK grant. This funding supports a collaborative project with the University of Warwick, Depop and Selfridges to develop a bespoke algorithm to instantly recognise a fashion item from Truss’ database using a single image.

Additionally, the investment will be used to enhance Truss’ tech capabilities, expand and enrich the product catalogue, grow the team and develop further partnerships.

Truss was founded by Warwick University graduates Woody Lello (CEO), Felix Jackson (COO), Jack Cardwell (CIO) and Connor Mattinson (CTO) to build the digital backbone for the future of fashion resale.

Officially launched in 2022, Truss aims to tackle one of the resale sector’s biggest challenges, product transparency, by creating millions of product profiles which contain detailed information about any product to streamline fashion resale. Using only a photo, businesses can tap into this information to list products efficiently, enhance searchability and improve conversion rates.

Truss raises 300,000 pounds from FIGR Ventures and secures Innovate UK grant

Woody Lello, chief executive and co-founder of Truss, said: “FIGR has been an incredible investment partner for Truss, providing critical match-funding for our Innovate UK grant, as well as invaluable support. Their dedication and belief in our mission have been instrumental in advancing our technology and driving innovation forward.

“FIGR also provides a personal touch that’s rare in the VC world. I immediately recognised that their approach was different – they were the only VC to ask to meet the entire team before making an investment. This thoughtful, hands-on approach set them apart and gave us confidence in their commitment to our vision.”

As part of the deal, FIGR receives a board observer seat at Truss to enable the family office fund to provide strategic advice and hands-on support to the start-up.

Fiona Humphries, managing director of FIGR Ventures, added: “We are thrilled to have made our first investment into Truss. We started FIGR to back early-stage businesses with the passion, talent and innovation to drive major positive change in the consumer sector, and we believe Truss is a fantastic example of this.

“We believe the fashion sector needs to change, we believe circularity is the answer, and we believe Truss is the way for businesses to achieve this. We’re delighted to be supporting the Truss team to achieve this mission.”

The tech start-up has previously raised 345,000 pounds in a pre-seed round led by SFC Capital, alongside angel investors.

Nicki Capstick, the chief marketing officer of PrettyLittleThing, is believed to have stepped down from the fast fashion e-retailer.

The reason for Capstick’s departure was not given in the report of Drapers, which initially revealed the news.

Capstick first took on the CMO role in July 2023 amid a number of leadership shifts carried out upon the exit of PrettyLittleThing founder, Umar Kamani.

Prior to this, however, Capstick had already been on the Boohoo-owned company’s marketing team since 2011 and, over time, had served in roles of increasing responsibility, including head of marketing in 2017 and marketing director in 2020.

Alongside her promotion to CMO, Capstick further took on co-CEO duties next to Tom Binns, who had been named chief operating officer.

Now, Capstick’s exit comes months after Kamani made his return to the business following what had been an 18-month absence.

In the announcement, Kamani, who had previously served as CEO, expressed concern that PrettyLittleThing had “lost touch with what made it so special”, the customer, encouraging him to step back in and steer the business forward.

While Kamani didn’t reveal his job title, he did state that the move marked an “exciting next chapter” for the company.

Mister Spex, Europe’s omnichannel optician, during its Black Friday 2024 campaign, saw like-for-like sales in its German stores growing by over 30 percent compared to the same period in 2023.

The company said that the strong performance was driven by increased foot traffic and precisely targeted marketing efforts, underscoring the importance of the company’s brick-and-mortar network within its omnichannel strategy.

Commenting on the success of the Black Friday campaign, Stephan Schulz-Gohritz, chairman of the company’s management board, said: "Our strong campaign results this year demonstrate that our transformation and restructuring program, SpexFocus, is steering the company in the right direction and laying important foundations for the future.”

The campaign period generated net revenue of approximately 10 million euros. The company added that prescription glasses emerged as a key driver, with sales increasing by 7 percent, led by an 11 percent rise in Mister Spex’s own-brand products.

The company also conducted over 7,500 eye exams during the campaign period, an 11 percent increase compared to 2023. The best-selling product was the Cherry Blossom model from the collaboration between Box of Sweets and Mister Spex.

The company also managed to process over 110,000 orders while reducing delivery times by approximately 1.5 days.

"This year’s Black Friday campaign highlights the strength of our omnichannel strategy and the significant growth potential of our stores in Germany," added Francesco Liut, chief commercial officer at Mister Spex.

European variety discount retailer Pepco Group, in its preliminary unaudited results statement for the 12 month period said that revenue of 6.2 billion euros, increased by 10.2 percent, driven by new store growth. Like-for-like (LFL) revenue declined by 3.2 percent during FY24.

Pepco revenue increased by 14.2 percent; Poundland by 0.2 percent and Dealz Poland was up by 39.5 percent. Pepco LFL was down 2.8 percent, with an improving performance through the year, and a positive LFL since September 2024. Poundland LFL was down 3.6 percent and Dealz Poland LFL declined by 4.8 percent impacted by clothing and GM transition to Pepco-sourced products.

Commenting on the preliminary results, Andy Bond, non-executive chair, said in a statement: “We grew underlying EBITDA by a quarter to 944 million euros across the group, ahead of expectations, with a strong recovery in gross margin of almost 400 basis points, driven by the performance of our core Pepco brand.”

“I am pleased to have handed the reins of the business over to our new CEO, Stephan Borchert, effective 1st October 2024. Stephan brings a wealth of experience in retail businesses internationally alongside a strong track record of delivering results,” Bond added.

The group opened 392 net new stores during the year under review leading to a total of 4,948 stores in operation as at September 30, 2024. Pepco, Poundland and Dealz Poland added 331, 13 and 48 new stores, respectively.

Gross margin for the year improved 390 basis points to 43.9 percent, driven by sharp recovery in Pepco, up 530 bps. Underlying EBITDA of 944 million euros improved by 25.2 percent, with EBITDA margin up 180 bps to 15.3 percent.

The company saw strong Pepco EBITDA growth of 41.7 percent to 785 million euros. While Poundland EBITDA was down 21.5 percent to 153 million euros; Dealz EBITDA increased by 242.9 percent to 24 million euros. Pepco Group reported an underlying PAT of 179 million euros, up 14 percent year-on-year.

Commenting further on the trading performance, Stephan Borchert, said: "Within the Group, I see the Pepco concept itself as our key engine for future strategic and financial growth, particularly in Pepco's CEE heartland. Pepco's like-for-like performance has been positive since the start of September - an encouraging start.”

The company is initiating a new capital returns policy and inaugural FY24 full year dividend.

Schechtman, the company said in a release, will join the executive leadership team and report to Voyant CEO Ed Byczynski. Among other priorities, the company added that he will be readying the company for its next phase of transformational growth.

"We sought a CFO with innovative financial vision, proven leadership skills, and the expertise to drive our aggressive growth plans. In Brad, we found the perfect blend to support our future expansion," said Ed Byczynski.

Schechtman joins Voyant Beauty, from Covercraft Industries, an automotive accessories manufacturer where he served as CFO.

Prior to Covercraft, Schechtman served as CFO to Voyant’s current CEO when both held senior positions at Duraco. Byczynski became Voyant’s CEO in October. The company believes this familiarity and previous collaboration are added benefits.

The company further said that Bill Saracco, the current Voyant CFO, had announced his retirement by the year-end. Voyant acknowledges Saracco’s contributions and thanks him for his dedication and leadership.

Despite past reports that L Catterton was not eyeing a sale of its stake in Etro, new speculation regarding such a possibility has come to light. According to sources for WWD, financial services firm Rothschild is believed to have been given a mandate to seek an investor in the Italian luxury group.

A market source for the media outlet said Rothschild was “putting feelers out”, yet what form such a deal could take–whether a full fledged sale or the offloading of a partial stake–was not yet clear.

The speculation comes despite Etro’s chief executive officer, Fabrizio Cardinali, denying in a recent interview with WWD that L Catterton was mulling an exit from the brand. The LVMH-backed investment firm acquired a majority stake in Etro in 2021 with the intention to aid in its growth, a strategy that was fueled by expansion into new categories and the enhancement of its digital presence.

L Catterton also diverted from prior speculation back in July 2024, when it in fact increased its stake in Etro through a 1.73 million euro capital injection. It followed a substantial 15 million euro capital boost implemented in November 2023, and further consolidated L Catterton’s control over the business.

In its continued pursuit of international expansion, Frasers Group has announced its intention to make a voluntary offer for all of the shares of Norwegian sporting goods retailer, XXL ASA.

The proposed offer amounts to around 17 million pounds, and is expected to be made through a controlled subsidiary of Frasers, which already owns 25.8 percent of XXL’s share capital. As such, Frasers would acquire XXL’s remaining shares at a price of NOK 10 per share.

The move comes in response to XXL’s plan to proceed with an alternative transaction structure after its shareholders voted against a proposed rights issue of NOK 600 million announced early November.

Frasers said it believed the alternative plan to be “wrong”, however, stating that its “legality is questionable and its implementation will be extremely detrimental to both Frasers and the other minority holders of XXL shares”.

It added that shareholders “should not be asked to provide further funding to XXL when it has not articulated any clear plan to address and resolve the root causes of its persistent problems”.

Noting that XXL was “short of sufficient funds to pay its suppliers”, Frasers said its proposed takeover was a “solution for this cash shortage which also helps with the stock shortage”.

In a regulatory filing, Micheal Murrary, CEO of Frasers, commented: “Our strategic vision and industry experience position us uniquely to help XXL navigate its current challenges. We are committed to ensuring that XXL reaches its full potential.”

British retailer Quiz has announced that it has engaged advisors to “consider appropriate options” after revenues during its key trading month of November took a sharp decline.

For the four month period from 1 August to November 30, 2024, total sales at Quiz dropped 5.7 percent year-on-year to 24.9 million pounds. Declines were seen both in online sales (-8.1 percent) and for UK stores and concessions (-9.7 percent).

These were only offset by a notable increase in international sales, which rose 11.3 percent to 4.9 million pounds, backed by strong performance with Quiz partners in the Middle East and the US.

The company particularly credited its switch to a new international partner as the reason for a boost in international revenues, and as such reported that it was planning to open four new stores in the coming months to complement its existing 15 locations.

Quiz noted that the impact of the later than usual Black Friday and the recent UK budget announcement was currently unclear, yet sales for the eight months to November 30 fell “behind management expectations” at 52.2 million pounds, a drop of 8.6 percent.

Despite focusing on its working capital, Quiz said that its cash headroom available to the business was “less than previously anticipated”, with its existing bank facilities to potentially be fully utilised in the first quarter of 2025.

As such, and in the absence of material improvement to trading in the pre-and-post Christmas period, Quiz will work with advisors to review the group’s financing and strategic options.

It further stated that a majority shareholder loan was being agreed and made available to the group, with additional funding to be required by the first quarter of 2025.

Castore, the performance sportswear brand and supplier of sports apparel, has appointed Danny Downs to lead the company’s commercial operations as it strengthens its senior executive team.

Downs, who was the former international general manager at Fanatics, the provider of licensed sports merchandise and global digital sports platform, has been named Castore’s chief commercial officer to help “propel Castore’s next chapter of expansion” with his skillset in e-commerce, data-led solutions, retail and manufacturing.

Tom Beahon, co-founder and co-chief executive of Castore, said in a statement: “We’re delighted to welcome Danny to the team at Castore and are excited for him to lead our commercial operations as we continue our development as the UK’s fastest-growing retailer.

“Danny will play a crucial role in how Castore develops, and we’re excited to have him here as a high-performing executive aligned with our pursuit to relentlessly improve. He brings a wealth of sporting and commercial knowledge from his time at Fanatics International and past legal career, as well as a passion for fan engagement.”

Commenting on his new role, Downs added: “I’m very excited to be joining Castore as we continue to challenge the big players of the industry and am looking forward to supporting its growth trajectory.

“With record-breaking product launches in the last year and new partnerships to come, I look forward to driving the progression of the business development and team partnerships functions at Castore.”

As well as offering sportswear direct-to-consumers, Castore’s team sports platform manages the full omnichannel retailing (online, offline, event-based) operations for selected partners, including McLaren F1, Oracle Red Bull Racing, England Cricket Board, New Zealand Cricket, Everton FC, Glasgow Rangers, Bayer Leverkusen, Feyenoord, Sevilla FC, Athletic Club (Bilbao), Saracens Rugby, INEOS Grenadiers and Republic of Ireland Football.

Retail platform Unified Commerce Group (UCG) has closed its investment in Utah-based womenswear retailer Böhme.

The direct-to-consumer operator said in a statement that it increased its investment in Böhme this month, after an initial investment in early 2024, to become the majority shareholder in the retailer founded by Vivien and Fernanda Böhme, which has 14 stores across Utah, Idaho, Montana and Arizona, as well as an online presence.

As the majority investor, UCG assumes operational control of Böhme, with UCG founder Dustin Jones taking the role of chief executive. Böhme co-founder Vivien Böhme will remain in her role as president running day-to-day operations.

In addition to capital investment, UCG also said that Böhme would not have access to the company's shared services platform, UCG Hub, which provides operational support, leadership and strategy, including digital operations, marketing strategy, as well as technology and finance to help mid-sized apparel brands accelerate their growth and “achieve their potential for significant scale”.

Böhme becomes the fourth brand in UCG's portfolio, joining New York footwear brand Greats, Canadian fashion brand Frank And Oak, and LA-based athleisure brand Spiritual Gangster.

Jones said in a statement: "After spending 20 years working and investing in retail across North America and Asia, I am thrilled to be back in Utah and able to invest in such a promising homegrown business. Since founding the company 18 years ago, Vivien Böhme has become an impressive leader, and we have tremendous confidence in her continuing leadership.

"After the seeing the momentum of the business with our initial investment, we believe that there is still vast untapped potential for this brand, and are excited to bring Böhme to a new phase of growth."

Vivien Böhme added: "Dustin and the UCG team have been incredibly supportive of our business over the past few months, and we are extremely confident that this partnership will enable us to continue to grow our presence in the region and nationwide.”

Hiking and outdoor footwear brand Merrell has appointed Noreen Naroo-Pucci as chief product officer.

The company said in a release that as a global thinker and executive with multi-cultural experience, Naroo-Pucci will apply her skills to Merrell's expansion as a lifestyle brand. The brand is tapping into a trend where consumers seek products that support an active, outdoor-inspired lifestyle, even in their daily routines.

"Merrell is a brand that understands the evolving outdoor space and is dedicated to building strong, purposeful footwear, and I am thrilled to work with the talented team to create innovative products to empower our consumers," said Naroo-Pucci.

Naroo-Pucci was most recently the chief product officer at Mizzen+Main, a young menswear brand. Her career also includes serving as the senior vice president of design, menswear – North America for Calvin Klein and eleven years at Under Armour as senior creative director and vice president of Global Design Engine.

Commenting on the new appointment, Merrell global brand president Janice Tennant said: "From her depth of experience working globally across great brands, Noreen’s passion for innovation and elevating design and a commitment to building high performing teams, she is going to help us continue to modernize the brand in order to attract the next generation of outdoor consumers."

Naroo-Pucci has also dedicated her time in teaching at MICA at John Hopkins University, The New School at Parsons School of Design, Fashion Institute of Technology and serving on two design school boards in inner city Baltimore.

Torrid Holdings Inc. reported a net sales decline of 4.2 percent to 263.8 million dollars for its third quarter compared to 275.4 million dollars reported for the same period last year.

Comparable sales dropped 6.5 percent during the 12 weeks to November 2, 2024 reported the direct-to-consumer plus-sized apparel, intimates, and accessories brand on Tuesday, as the brand cites a lack of newness and novelty in its fall collection as part of the reason for its lackluster sales.

The company reported a gross profit margin of 36.1 percent, up from 33.2 percent last year, a 285 basis point improvement driven by lower product costs and higher sales of full-priced items. The net loss narrowed to 1.2 million dollars compared to a net loss of 2.7 million dollars, in the same period last year.

Adjusted EBITDA reached 19.6 million dollars, representing 7.4 percent of net sales, slightly up from 19.4 million dollars, or 7.0 percent of net sales, in the prior year. Torrid Holdings Inc. also reported that it opened two Torrid stores and closed four during its third quarter, ending the period with a total of 655 locations.

“Our third quarter results were below our expectations as our fall assortments did not offer enough newness and novelty,” said Lisa Harper, chief executive officer of Torrid, in a statement. “We also saw the environment change meaningfully from the end of September and into October. Despite the weaker top-line sales, we delivered a positive full-price comp and modest adjusted EBITDA growth. We ended the quarter with clean inventory levels, down 19 percent to last year, and 44 million dollars in cash.”

“While we are encouraged by our customers’ response to the newness in our assortments, given the volatility we have seen in our business, and recognizing that there is still a considerable amount of the quarter ahead of us, we are taking a prudent approach to our fourth quarter outlook. As we move into fiscal 2025, we are confident that we have put in place the necessary changes and strategies to position us for growth.”

For the fourth quarter of fiscal 2024, the company anticipates net sales ranging from 255 million to 270 million dollars, with adjusted EBITDA expected to be between 9 million and 15 million dollars.

AEO Inc. reported an increase of 3 percent in total comparable sales for its third quarter, following a 5 percent growth in comparable sales during the same period last year, highlighting the success of the company’s profitable growth plan.

The parent company of American Eagle and Aerie, AEO Inc., reported a 1 percent decline in total net revenue for the 13 weeks ending November 2, 2024, which included approximately 45 million dollars of adverse impact from the retail calendar shift.

Millennial and Ben Z favorite brand Aerie reported record-breaking revenue for the third quarter, with comparable sales rising 5 percent, building on a 12 percent increase in the same period last year.

merican Eagle also saw growth, with comparable sales up 3 percent, following a 2 percent increase in the prior year. Operating income for the quarter totaled 106 million dollars, while adjusted operating income reached 124 million dollars, reflecting an adjusted operating margin of 9.6 percent.

Gross profit for the third quarter totaled 527 million dollars, a 3 percent decline from the previous year. The gross margin declined to 40.9 percent, down from 41.8 percent last year, due to higher markdowns and increased expenses driven by a shift in the retail calendar.

“Building on our positive performance in the first half of the year, third-quarter results provide another proof point of the effectiveness of our Powering Profitable Growth Plan,” said Jay Schottenstein, AEO’s executive chairman of the board and CEO of AEO Inc., in a statement. “Led by a strong back-to-school season, we achieved comparable sales growth across brands and channels and delivered adjusted operating income at the high end of our guidance range.”

AEO Inc. noted that it had updated its annual outlook and remains on track to achieve mid-teen adjusted operating income growth, aligning with its long-term goals.

“We have entered the holiday season well positioned, with our leading brands offering high-quality merchandise, great gifts, and an outstanding shopping experience across channels. Key selling periods have seen a positive customer response, yet we remain cognizant of potential choppiness during non-peak periods. The teams are focused on delivering the quarter and with our strong year-to-date performance, we remain confident in achieving our long-term strategic objectives,” added Schottenstein.

New York-based fashion giant PVH Corp. reported that revenue declined less than expected during its third quarter for 2024, dropping 5 percent to 2.255 billion dollars compared to the same period the year prior. The company, which owns iconic fashion brands such as Calvin Klein and Tommy Hilfiger, added that it outperformed its earlier projection of a 6 percent to 7 percent drop, bolstered by recovering international sales.

Looking at individual brand performance, global revenue for Tommy Hilfiger dropped 1 percent, driven by a 3 percent decline in North America, though this was balanced by stable performance internationally. Calvin Klein saw a 3 percent revenue decrease, with a steep 9% percent decline in North America offsetting a modest 1 percent growth in international markets.

PVH Corp. beats top- and bottom-line guidance for Q3

PVH Corp. reported Wednesday morning that the Heritage Brands segment experienced a steep 54 percent revenue drop compared to the same period last year. This was primarily due to a 44 percent revenue reduction from the divestiture of its women’s intimates business.

Examining at individual sales channels, direct-to-consumer revenue held steady for the quarter ending November 3, while wholesale revenue fell 8 percent. This decline included a 4 percent impact from the Heritage Brands divestiture, reduced performance in Europe, and timing shifts in North American shipments.

Net income for the quarter dropped to 131.9 million dollars, down from 161.6 million dollars in the previous year. “We beat our top- and bottom-line guidance for the third quarter, fueled by our relentless execution of the PVH+ Plan,” said Stefan Larsson, chief executive officer of PVH Corp., in a statement on the report.

“Throughout the quarter, we drove powerful consumer engagement for both Calvin Klein and Tommy Hilfiger and continued to build momentum in product, with significantly improved sell-throughs for the Fall 24 season across all regions and both our iconic brands, and we are coming into the holiday season with a fresh and strong inventory composition," said Stefan Larsson, chief executive officer, PVH Corp., in a statement.

“We are building systematic and repeatable progress across the business, where we increasingly connect product strength, consumer engagement, and marketplace execution to our data and demand-driven operating model," continued Larsson.

"In North America, we continue to deliver strong profitability; in Europe, we are gaining great traction with our quality of sales initiative, which led to increased sell-throughs and sequentially improved wholesale orders; and in the Asia Pacific, we are delivering on our plan, and driving growth across all channels. Looking ahead, we are focused on driving next-level execution of the PVH+ Plan to build our brands for sustainable, profitable growth.”

The reports came not long after the US company announced the appointment of Jesper Andersen, executive vice president and chief financial officer of the Lego Group, to its board of directors.

European real estate fund manager The Valesco Group, a portfolio company of New World Group, has acquired a majority stake in a 200-million-euro state-of-the-art office building being developed by Covivio SA, which will serve as the global headquarters for luxury fashion brand Moncler in Milan.

Located in Milan's Symbiosis district, the 409,000 square-foot, six-story building, designed by renowned architects Antonio Citterio & Patricia Viel (ACPV), aims to offer the very best in sustainable office design.

The building, is targeting LEED Platinum certification and boasts advanced sustainability features, such as photovoltaic panels, rainwater collection systems, and a repurposed industrial chimney for bioclimatic air circulation. Its construction prioritises energy efficiency, natural materials, and indoor air quality, reflecting the ESG best practices that top-tier occupiers demand.

The building, which is near other blue-chip fashion brands, including LVMH, Prada and Golden Goose, is slated for completion in 2025. The area’s appeal is further boosted by the ongoing Scalo Porta Romana redevelopment and preparations for the 2026 Winter Olympics with the nearby Olympic Village.

Shiraz Jiwa, founder and chief executive of The Valesco Group, said: “The recovery in demand from dynamic, blue-chip corporates for the highest quality office space for their talent is well and truly advanced and is underpinning the bifurcation thesis. We are pleased to be partnering with Covivio, which is renowned for the quality of its developments and understanding of occupier needs and is delivering an exceptional scheme.

“In Moncler, we identified an occupier who shares our philosophy that the office is a critical business tool for talent enrichment. This investment is a testament to Valesco’s laser focus in identifying and securing high-quality, mission-critical assets in Europe’s most dynamic markets. Moncler’s global headquarters is a pinnacle of world-class design, sustainability and occupier quality, further solidifying Milan’s position as a leading global city.”

Lingerie and swimwear company Wacoal Europe has announced that Evelyne Piegay will step down from her role as European sales director after 24 years with the company and will be replaced by Edwin Van den Bergh, who will assume the role of sales director in February 2025.

In a statement, Wacoal said that Van den Bergh, who has been with the company for 22 years, has a strong track record of leadership and commitment to customer relationships, especially within the northern European markets.

Laurel Nash, global sales director for Wacoal, said: “At Wacoal, our commitment begins with understanding our customers. We aim to empower women to embrace their beauty, beginning with that very first fitting. Our products celebrate each woman's unique confidence and individuality.

“With Edwin's leadership, we’re excited to deepen this mission, inspiring greater confidence and enhancing the experience for women throughout Europe. Edwin’s proven ability to build strong connections and his deep understanding of our customers make him the ideal successor to Evelyne. His passion for our mission, combined with his commitment to exceptional service, will strengthen Wacoal’s presence in Europe, and we are thrilled to move forward with him at the helm.”

In addition, Wacoal Europe is pleased to announce that Remi Bergonzoli, who joined the company seven years ago and currently serves as head of EU controlling, will take on leadership responsibilities for the legal administration of Wacoal Europe SAS.

American retail group Abercrombie & Fitch is entering India through a multi-year franchise partnership with Myntra Jabong India Private, Ltd. to expand the global reach of its brands in the country.

In a statement, Abercrombie & Fitch said that Myntra’s business-to-business wholesale entity, Myntra Jabong, will develop the Abercrombie & Fitch and Hollister brands’ presence in India, including brick-and-mortar retail stores, regional e-commerce sites, and branded digital storefronts operated by a network of licensed and independent third parties.

Myntra Jabong is described as one of India’s leading players in the fashion and lifestyle space, making it well-positioned to help grow A&F Co.’s brands.

Fran Horowitz, chief executive officer of Abercrombie & Fitch Co., said: “With the strength of A&F Co.’s brands today, we are thrilled to partner with Myntra Jabong to more deeply engage with new and existing customers in India. It’s an incredibly dynamic and diverse market, and one where we see tremendous long-term potential as we continue to pursue global brand growth.

“Staying close to our customers and putting them at the centre of everything we do has been the foundation of our transformation and the key to our success in recent years. In Myntra Jabong, we have found a like-minded partner whose expertise and capabilities will allow us to go to market with these same strategies in India.”

Commenting on the partnership, Nandita Sinha, chief executive officer of Myntra, added: “We are delighted to bring the much-sought-after and iconic brands, Abercrombie & Fitch and Hollister, renowned for their commitment to enduring quality and exceptional comfort, to India, for our fashion-forward customers.

“We will apply Myntra's fashion and tech expertise to connect Abercrombie & Fitch and Hollister with the country's thriving fashion audience and help them scale as we have done with numerous other global brands. The Indian lifestyle market offers potential to global brands, and we are pleased to be their preferred partner in crafting their India growth journey.”

Abercrombie & Fitch Co. operates more than 750 stores across North America, Europe, Asia and the Middle East, as well as the e-commerce sites abercrombie.com and HollisterCo.com.

Gymshark Chief Financial Officer (CFO), Mathew Dunn, has left the fast-growing British sportswear brand after less than two years, a Gymshark spokesperson shared in a statement to FashionUnited. Dunn's departure comes at a time when the sportswear brand is busy expanding internationally.

Dunn joined Gymshark in December 2022. He was previously Chief Operating Officer and Chief Financial Officer of online retailer Asos.

A Gymshark spokesperson shared: “Mat Dunn served as Chief Financial Officer from December 2022 to November 2024. During that time, Mat played a key role in developing our finance and commercial functions and we thank him for all he has contributed.”

His departure follows a period in which Gymshark is busy expanding its stores. The sportswear specialist will open its first Dutch store in Amsterdam in the spring of 2025.

This article originally appeared on FashionUnited.NL, translated and edited to English.

The Children’s Place, Inc., an omnichannel children’s specialty portfolio of brands, reported a decrease of 18.8 percent in net sales to 390.2 million dollars for its third quarter, compared to 480.2 million dollars for the three months that ended October 28, 2023. For the three months ending November 2, 2024, net income was 20.1 million dollars, down from 38.5 million dollars in the same period last year. Adjusted net income was reported at 26.1 million dollars, compared to 40.6 million dollars a year earlier.

“During the third quarter, we continued our efforts to improve the profitability of the business and provide a foundation for future growth, and we were able to achieve a second consecutive quarter of adjusted profits,” commented Muhammad Umair, president and interim chief executive officer, in a statement. “As previously discussed, we anticipated our strategic changes would provide pressure to topline sales. However, we are laser-focused on profitability and willing to proactively sacrifice unprofitable sales to improve operating results for our shareholders.”

According to a press release, company net sales declined due to an expected drop in e-commerce revenue as the company scaled back unprofitable promotions, excessive marketing, and free shipping offers to boost profitability. Brick-and-mortar sales also fell due to fewer stores and lower transactions. However, despite reduced gross sales, these measures successfully improved profitability in the third quarter.

Strategic focus on profitability drives operational improvements in Q3 for The Children’s Place

Comparable retail sales dropped by 17.1 percent for the quarter, primarily due to a deliberate reduction in e-commerce revenue as the company prioritized profitability over unprofitable sales. Gross profit fell by 23.8 million dollars, reaching 138.3 million dollars for the three months ending November 2, 2024, compared to 162.1 million dollars in the same period the previous year. The gross margin rate increased 180 basis points to 35.5 percent during the third financial quarter, compared to 33.7 percent in the same period the prior year.

The margin improvement was driven by several factors, including lower product input costs, such as cotton and supply chain expenses, which had previously hurt margins, reported The Children’s Place, Inc. The cost reductions, combined with the company’s successful strategies to reduce unprofitable promotions and shipping offers, led to better leverage of e-commerce freight costs.

Operating income for the three months ending November 2, 2024, was 29.3 million dollars, down from 45.0 million dollars in the same period last year. The decline was partly due to additional expenses of 6.0 million dollars, including 4.8 million dollars in restructuring costs related to recent senior leadership changes. These costs were excluded from GAAP calculations, resulting in an adjusted operating income of 35.3 million dollars for the quarter, compared to 47.9 million dollars a year earlier.

Cost reduction and strategic changes strengthen Q3 margin performance

“We were also extremely pleased to drive further improvements in gross profit margin versus the prior year’s third quarter and sequential improvement in margin for all three quarters this year,” continued Umair in a statement. “In addition, we also continued our efforts to decrease adjusted SG&A expenses, as we significantly reduced marketing spend and further reduced payroll costs, resulting in a 9 million dollar reduction in expenses. These efforts resulted in our second consecutive profitable quarter with more than 35 million dollars of Adjusted operating income and 44.5 million dollars of Adjusted EBITDA.”

“We were also delighted to expand our reach as we introduced a new partnership with Shein, opening up opportunities for the company to reach customers that would not typically be found in our customer file by making shopping even more effortless, accessible, and exciting for these potential new customers. Finally, we are eager to refocus our efforts on our store portfolio, which is a critical piece of our omni-channel strategy. We recently opened our first new Gymboree store in Garden State Plaza Mall located in Paramus, New Jersey, and plan to invest further in real estate while continuing to strengthen our landlord relationships. While these first steps to improve operating results have been promising, we still believe that we have significant work ahead of us in a highly promotional fourth quarter, as well as future quarters as we continue to rationalize profitability.”

Marketing and communications agency Brandnation has become employee-owned after founder and managing director Mary Killingworth sold her majority stake in the company to an Employee Ownership Trust (EOT).

Following the acquisition, the recently formed EOT will acquire a 75 percent majority stake in the business. Killingworth and minority stakeholders, including deputy managing director Eva Ringwood and creative director Joe Murgatroyd, will retain the 25 percent stake in the agency.

Killingworth, Ringwood, and Murgatroyd will remain at the helm of the agency and continue to oversee its strategic view. Under the new ownership structure, they will work alongside EOT-appointed employee representatives and an independent trustee.

The move represents a pivotal moment in the agency’s two decade year history, emphasizing its dedication to employee empowerment, sustainable growth, and long-term stability Employees with over a year of tenure are now eligible for profit-sharing, including partially tax-free bonuses calculated based on their role, salary, and time with the company.

“Over the last twenty years, Brandnation has proudly built a reputation for delivering a flawless client experience and has an impressive track record of long-term client retention - a result of fostering collaborative relationships and delivering on our word,” said Killingworth in a statement.

“Whilst this remains a constant, Brandnation has evolved to become a creative, dynamic, and future-focused agency that’s underpinned by our Creativity. Multiplied. Philosophy – one that harnesses creativity and service integration to deliver measurable brand impact for our clients,” continued Killingworth.

“The EOT is a natural next step in the Brandnation journey, one that reflects our values as a business, empowers our talented team, and lays the foundations for an even brighter future at a time when the agency is focused on ambitious growth plans.”

“We’re actively recruiting to bolster our boardroom with our sights set on senior hires across social, strategy, and content to help us realize our ambitions and share in the team’s success.”

The change in company structure comes not long after the agency brought on industry veteran Andrew Bloch as a non-executive director to bolster its leadership team and drive growth across PR, influencer marketing, digital, and social media.

With a team of 30 professionals, Brandnation collaborates with an impressive client portfolio, including the UIM E1 World Championship, Columbia Sportswear, Bellissima Italia, and OnTheMarket.

The annual Cyber Monday shopping event reveals a change in consumer behaviour in 2024, with total spending expected to reach 3.33 billion pounds, demonstrating remarkable economic resilience despite marginal year-on-year fluctuations.

According to VoucherCodes.co.uk's comprehensive "Shopping for Christmas 2024" report, consumer expenditure remains robust, with an impressive 231.2 million pounds projected to be spent hourly. This translates to approximately 3.67 million pounds per minute, underlining the continued significance of the post-Thanksgiving retail phenomenon.

The data suggests a subtle but meaningful transformation in retail dynamics. While total spending shows a slight 0.5 percent decrease from 2023's 3.34 billion pounds, industry experts attribute this to strategic shifts in retail marketing and consumer purchasing patterns.

Of particular note is the importance of brick-and-mortar retail. Physical stores are anticipated to generate 1.88 billion pounds in sales, representing a 4.6 percent increase from the previous year's 1.80 billion pounds. This resurgence challenges predictions of the high street's imminent demise, indicating a consumer desire for tangible shopping experiences.

Online retailers, however, face a more challenging landscape, with projected sales declining 6.3 percent to 1.45 billion pounds, compared to 1.55 billion pounds in 2023.

Michael Brandy, Senior Commercial Director at VoucherCodes.co.uk, said in a statement: "The retail ecosystem is experiencing a recalibration. While online sales may moderate, the high street—particularly appealing to younger consumers—presents a compelling value proposition."

The timing of Cyber Monday, falling just three weeks before Christmas, creates a strategic window for retailers to cultivate customer loyalty and capture critical holiday shopping budgets.

Benetton Group CEO Claudio Sforza is finalising the company's reorganisation plan, which he has been working on since this summer, when he took over the Venetian company. The strategy should reduce losses from 230 million to 110 million euros within a year. The break-even point is forecast for 2026. To achieve this goal, 500 store closures are planned, according to various Italian media.

The company, contacted by FashionUnited, has not issued an official statement regarding the restructuring plan discussed with the unions yesterday.

Incentive schemes for voluntary departure

Last July, an agreement was signed in regards to the application of structural unemployment for 908 employees, impacting practically all the employees of the Ponzano Veneto and Castrette di Villorba (Treviso) offices. The duration of the scheme is six months, from 23 August last until 28 February 2025. Approximately 300 employees in production (factory workers and employees of logistics, maintenance, e-commerce and the packaging centre) are not impacted by structural unemployment.

The agreement also provides a voluntary severance scheme with a compensation of up to 50,000 euros, which can be used by all employees not covered by the structural unemployment scheme and by those approaching retirement. In July, Benetton guaranteed that there would be no layoffs for the next three years. On November 15, Gianni Boato, secretary general of Femca Cisl Belluno Treviso, recalled that "at the moment the agreements with the company are clear: structural unemployment working until February 28, 2025 with an individual limit of a maximum of two days per employee and no layoffs."

Yesterday, at the Benetton headquarters in Castrette di Villorba, Sforza met with the textile unions to discuss the restructuring plan. According to the newspaper Milano Finanza, turnover will fall by 20 percent in 2024, from 1.09 billion euros in 2023 to around 900 million, and this is due both to the shrinkage of the market (minus 10 percent) and the significant reduction in the store network.

Other measures that the CEO will take to reduce debt also include reducing delivery times for collections, which will go from 12 to 6 months. In August, creative director Andrea Incontri left and it was announced that the internal team will take over the creative direction. On the production side, the factory in Croatia is also planned to close. Those in Tunisia and Serbia will be compensated with production for third parties. In addition, the number of clothing lines will be reduced and investments will be made in 'recognizable and competitive garments'.

About ten days ago, the CEO asked the employees of the Venetian company via an email "to all row in the same direction with the will to actively participate in a process of profound change". "The goal is to launch a multi-year relaunch plan and build a truly competitive presence on the market, after a necessary restructuring phase".

With these words, the CEO of Benetton Group wrote to employees to inform them of the move, already underway, from Villa Minelli, the historic headquarters of the group founded by Luciano Benetton, to the nearby operational headquarters in Castrette di Villorba. Villa Minelli will not be abandoned as it remains a property of the Benetton family, but the move, which "will gradually involve all the colleagues who currently work there by 2025", Sforza wrote, should guarantee part of the cost savings and efficiency improvements that the new management is working on.

Kering subsidiary Gucci Logistica is increasing its stake in Colonna Group to strengthen its investment in the leather industry.

Gucci Logistica, which is active in the design, development, engineering, production, purchasing, sales, import and export of Gucci branded products, already held a 51 percent stake in the tannery since 2019, but is now also acquiring the remaining 49 percent, Italian media including Milanofinanza reported.

The acquisition of the remaining 49 percent of shares has been approved by the Italian Antitrust Authority AGCM and includes four companies, three of which are active in the tanning sector. The acquisition would not result in too little competition on the market, the market watchdog ruled.

Gucci Logistica and Colonna Group have agreed on a five-year competitive interest with the shareholders of Colonna Group. The amount paid by Gucci Logistica for the remaining 49 percent has not been disclosed.

Resort retailer United Nomads Group (UNG) has announced its acquisition of Tulum-based, experiential fashion brand Caravana. The move hopes to help the label move into a new era, while further emphasising the group’s mission to “redefine resort retail”.

Caravana joins Delos as part of UNG’s brand portfolio, through which it said it has reshaped the retail space to be a “destination itself”. The company particularly focuses on incorporating sensory exploration into its physical spaces, making Caravana a seamless addition to its line up.

The brand is “rooted in spirituality and freedom”, UNG noted, while being “celebrated for its artisanal cotton and signature gauze”, with pieces that embody “creativity, mindfulness and a deep connection to nature”.

Next to overseeing its two brands, UNG will continue to operate across the Middle East, Europe and North & Central America, particularly through its owned retail destination Scorpio’s Bazaar, which has locations in Mykonos and Bodrum.

In a release, Artem del Castillo, founder and CEO of UNG, said on the company’s current status: "At United Nomads Group, retail is more than just a transaction - it’s a bridge between cultures, ideas, and emotions.

"We’re committed to transforming shopping into a meaningful experience - one that celebrates the local, the timeless, and the spirit of travel."

Movopack, the Italian-based company providing e-commerce platforms with circular and sustainable packaging, has raised a 2-million-pound seed funding round to support its official launch in the UK.

The funding round was led by early-stage investor 360 Capital, with participation from Greiner Innoventures and Techstars, and will be used to “turbocharge” Movopack’s first expansion outside of Italy to help tackle a growing packaging waste crisis, where an estimated 1.7 billion pieces of plastic are discarded weekly.

As the EU introduces legislation that will require 10 percent of e-commerce packaging to be reusable by 2030, rising to 50 percent by 2040, Movopack offers e-commerce retailers cost-effective, returnable and customisable packaging solutions to help them meet these targets affordably.

In the UK, Movopack will be leveraging the Royal Mail postal network to allow consumers to easily return packaging via any of its 115,000 postboxes across the country. The Italian firm said that Royal Mail is the best partner for the launch as its infrastructure “ensures a seamless returns process,” and is convenient for customers.

Movopack raises 2 million pounds in funding led by 360 Capital

The Milan-headquartered company was co-founded by high school friends Tomaso Torriani (chief executive), Alberto Cisco (chief commercial officer), and Andrea Cipollone (chief operating officer), who recognised the environmental oversight of single-use e-commerce packaging and the lack of affordable and practical sustainable alternatives.

Movopack’s packaging is made from recycled plastic bottles (rPET) and woven recycled polypropylene (PP) and is designed to endure postal handling and can be reused by retailers up to 20 times. Compared to standard e-commerce packaging, which typically uses single-use cardboard with 70 percent recycled content, each Movopack package, when reused 20 times, delivers significant environmental benefits.

The company states that its robust, sustainable alternative to single-use packaging reduces CO₂ emissions by 84 percent, energy consumption by 80 percent, and water consumption by 76 percent, according to a Life Cycle Assessment conducted by Life Cycle Engineering.

Movopack already works with more than 100 brands worldwide, including OTB Group, owners of Diesel, Marni, Maison Margiela, and Jill Sander.

Movopack to leverage Royal Mail network to launch in the UK

Tomaso Torriani, chief executive and co-founder of Movopack said in a statement: “This funding round demonstrates the growing enthusiasm for Movopack's potential to transform the e-commerce industry with sustainable, circular packaging solutions. We’re particularly excited about this investment as it enables us to launch in the UK at a time when the demand for sustainable solutions has never been stronger.

“Consumers and brands alike are seeking impactful ways to contribute to a world where societies and economies can grow and thrive without compromising the environment - and we are here to meet that need. At Movopack, we’re working on making sustainability not just an option, but a standard in e-commerce."

Lucrezia Lucotti, partner at 360 Capital, added: “To date, sustainable packaging for e-commerce has garnered growing attention; however, it continues to be marked by fragmentation, and, notably, a lack of digital integration.

“We are backing the movement to make e-commerce more sustainable through our investment in Movopack’s returnable e-commerce packaging. As they launch in the UK, we believe Movopack is perfectly positioned to lead the charge in transforming how brands implement sustainable practices, and we are glad to support their mission.”

US department store giant Nordstrom welcomed a 4.6 percent increase in net sales for the quarter ended November 2, 2024, while comparable sales rose 4 percent compared to the same period in the year prior.

The company’s banner net sales climbed 1.3 percent (4 percent on a comparable rate), while its Nordstrom Rack banner also reported an increase in net sales, its own rising 10.6 percent (3.9 percent comparable sales).

Digital sales at the company increased 6.4 percent, and represented 34 percent of total sales during the quarter.

Overall gross profit came to 35.6 percent, increasing 60 basis points with strong regular price sales being cited as the cause. EBIT fell from 102 million dollars to 83 million dollars for the quarter, while adjusted EBIT came to 97 million dollars.

Nordstrom said women’s apparel and activewear saw double-digit growth, while shoes, men’s apparel and kids were also up in the mid to high single-digits, versus 2023. Growth was also seen on the second quarter sales of women’s apparel shoes and men’s apparel.

In a release, president of Nordstrom, Inc., Pete Nordstrom, said Q3 results demonstrated a “strategic focus on curating a compelling brand assortment” that was resonating with customers.

He continued: "Our actions throughout this year have led to this moment, and we feel well-positioned for a successful holiday season and look forward to helping our customers celebrate the moments that matter.”

In light of the results, Nordstrom updated its financial outlook for fiscal year 2024 to reflect “accelerated technology depreciation impacts” that are expected for Q4.

As such, its revenue range is forecast to be between flat to 1 percent growth, with a comparable sales growth of 1 to 2 percent. Its EBIT margin is anticipated to be in the region of 3 to 3.4 percent of sales, while EPS is expected to sit between 1.40 and 1.70 dollars.

Footwear specialist Dr Martens has swung into the red as its revenue for the half year plunged deeper. For the 26 weeks ended 29 September 2024, revenue dropped 18 percent on actual exchange rates, amounting to 324.6 million pounds.

Adjust EBIT, meanwhile, fell into a loss of 4.3 million pounds compared to a profit of 39.7 million pounds in the year prior. Adjusted profit before tax also came to a 17.9 million pound loss, a decline on its previously reported 25.2 million pound profit. The company reported a further loss for its unadjusted pre-tax profit, which fell from a profit of 25.8 million pounds to a loss of 28.7 million pounds.

Its direct-to-consumer revenue was down 7 percent (or 5 percent constant currency), while wholesale revenue also dropped by 29 percent (27 percent CC) “as expected”, Dr Martens noted in the report. Retail revenue within DTC fell 9 percent, as did e-commerce, for which revenue dropped 4 percent.

Sales drop in all regions, yet AW24 current trading is ‘encouraging’

All regions performed in line with the company’s expectations. The largest drop was seen in the Americas, where revenue declined 22 percent. This was followed by EMEA at a 16 percent decrease, and APAC, where revenues fell 12 percent.

Looking ahead, however, Dr Martens remained optimistic. The company said “swift action” was taken to implement a cost savings plan, which it said would deliver 25 million pounds in FY26, “at the top end of previous guidance”.

Trading since the start of the AW24 season “has been encouraging, with all three regions positive”, the report further stated, ahead of peak trading periods. Such results have largely been driven by good DTC sales of new products.

In the report, outgoing chief executive officer, Kenny Wilson, said Dr Martens was “confident” in its ability to deliver targets set for FY25. Wilson continued: “As we shared in May, this is a year of transition and we have made good progress with our four main objectives: pivot our marketing to a relentless focus on our product, turn around our US DTC performance, reduce our operating cost base and strengthen the balance sheet.”

In a separate regulatory filing, Dr Martens confirmed that its incoming CEO, Ije Nwokorie–the appointment of whom was announced back in April 2024–will take to the helm from 6 January 2025. Following his arrival, Wilson will step down from the board but will remain available to Nwokorie and the leadership team until 31 March 2025 to ensure a smooth transition.

McArthurGlen Group, Europe’s leader in designer outlet retailing, has reported record-breaking sales in 2024, with a turnover growth of 7 percent year-to-date.

In a statement, McArthurGlen, which operates 24 centres across Europe and Canada, said the 7 percent increase in turnover built upon the previous year’s double-digit growth was driven by a steady increase in footfall of 4 percent and a 3 percent rise in average spend per visitor.

This follows consistent rises in footfall and average spend per guest across its portfolio and consolidates 15 quarters of consecutive growth since the pandemic.

The outlet group adds that with the important Christmas trading period still to come, it is confident that it will deliver total sales of nearly 6 billion euros for its brand partners by the end of the year.

Susie McCabe, co-chief executive of McArthurGlen Group, said: “In a challenging economic environment which has seen a luxury slowdown and customers across all geographies making cutbacks on discretionary spending, we have continued to outperform the markets in which we operate.

“Achieving these consistently strong results despite such headwinds is a testament to the relevance of our proposition with consumers and the customer-led approach of our teams.”

McArthurGlen expected to deliver nearly 6 billion euros for its brand partners

The group also added that it is continuing to see a “robust recovery” of international tourism to its outlets in 2024, with year-to-date tax-free sales figures up 13 percent on last year – surpassing pre-pandemic levels.

In addition, its outlets have seen a sharp increase in visitors from the Eastern Mediterranean region, for example Turkey, and a steady return of customers from Greater China, along with visitors from the Middle East, Southeast Asia and the US.

Joan Jove, co-chief executive of McArthurGlen Group, added: “Our strong growth this year clearly shows the continued resilience of our business model. Customers across Europe are attracted by the promise of up to 70 percent savings year-round on their favourite brands, while our consistently compelling calendar of promotional events and unique in-centre experiences ensures our guests enjoy real value for money as well as an extraordinary day-out every time they visit us.”

McArthurGlen adds 60 new brands and announces continued expansion

The overall growth has also been helped by the arrival of 60 new brands to its outlets this year and the opening of more than 350 stores. Those brands include Alexander McQueen, Aquazzura, Mason Garments, Forte_Forte, Aquascutum, Hoff, Goldbergh, Slowear, Sunspel, Pangaia and Marc Jacobs.

It also states it has enhanced the “elevation of its brand mix,” especially within its food and drink offering to bolster the customer experience. New openings have included upmarket bakery concept Gail’s, ice-cream brand Ben & Jerry’s and popular café Joe & the Juice.

Nick Brady, group managing director for Leasing at McArthurGlen, added: “We have been focusing on strengthening our brand mix across our designer outlets and are delighted to have welcomed a number of emerging luxury and premium brands to our portfolio this year.

“As leaders in the outlet market, our centres offer the perfect testing ground for high-end brands that are new to the off-price channel – giving them access to a new customer base while simultaneously offering our guests the opportunity to discover up-and-coming labels.”

The designer outlet also added that the growing demand for destination shopping is underpinning its expansion plans, which will see new phases in the UK, Canada, Spain, Italy, and the Netherlands.

Designer Outlet West Midlands will see phases II and III, following the continued success of the centre’s first phase, which opened in 2021. The additional two phases, spanning 98,000 square feet, will add 50 new units to the centre. Once completed, the project will span 285,000 square feet with 125 units over the three phases. The first stage of this new development, featuring an initial 25 stores, is scheduled to open in 2026.

In Canada, phase III of the Vancouver Designer Outlet is currently being planned and will add 65,000 square feet, introducing 27 new luxury and premium stores. This phase is set to open in spring 2026.

Other expansion plans include the second phase of Designer Outlet Málaga, adding 70 new stores, while Designer Outlet Castel Romano will add 35 new stores with its phase IV, and Designer Outlet Roosendaal’s phase III has received zoning approval for a potential expansion.

Burlington Stores, the American off-price retailer of high-quality, branded apparel, footwear, accessories, and homeware, named Shira Goodman to its board of directors.

Goodman, the former chief executive officer of Staples, Inc., will join the board and its audit committee from January 1, 2025.

Prior to Staples, Goodman worked at Bain & Company in project design, client relationships and case team management. She currently serves on the board of directors of CarMax, Inc. and CBRE Group, Inc., and previously served on the board of directors of Henry Schein, Inc., Staples, Inc. and The Stride Rite Corporation.

Commenting on the appointment, John Mahoney, chairman of the board at Burlington Stores, said in a statement: “We are very pleased to welcome Shira to our Board as a highly accomplished business leader with considerable public company board experience. I believe that she will enhance the depth and strength of our Board as it continues to oversee the Company’s continued strategic growth.”

Michael O’Sullivan, chief executive officer of Burlington Stores, added: “We are very excited to have Shira as a Board member. She has almost three decades of experience in the retail industry, and her perspectives and expertise will benefit us as we continue to execute on the Burlington 2.0 strategy and aim to drive sales and earnings growth in the years ahead.”

JD Sports Fashion has announced the completion of its acquisition of French sneakers player Courir.

The company said in a release that the acquisition price is 520 million euros, paid through a combination of existing cash and a drawdown on the company’s revolving credit facility. In the year to December 31, 2023, Courir reported revenue of 725.8 million euros and profit before interest and tax of 50.3 million euros.

Commenting on the development, Régis Schultz, CEO of JD Sports Fashion, said: "The completion of our acquisition of Courir is an exciting milestone for our Complementary Concepts strategy in Europe and we look forward to working with its experienced management team as we deliver on our growth plans.”

Courir has 323 stores located across France, Spain, Belgium, the Netherlands, Portugal and Luxembourg. In addition, there are a further 36 stores which trade under franchise agreements in North West Africa, Middle East and French overseas territories. Further, there are three stores which trade as Naked, an elevated concept for women’s sneakers.

The company added that in accordance with the European Commission’s conditional clearance decision, 15 of Courir’s stores in France and all the six stores in Portugal will be divested to Snipes during the first quarter of FY26. The stores will continue to be operated under the Courir banner until divested to Snipes.

JD further said that the group looks forward to working with Pierre Chambaudrie and his team to develop Courir further in Europe.

British contemporary designer brand Joseph has announced the appointment of Mario Arena as creative director. His first collection for Joseph will be spring summer 2026, which will land in stores in October 2025.

Commenting on his appointment at Joseph, Arena said: “Joseph Ettedgui was a visionary who pushed the boundaries in design and retailing. The rich heritage and timeless design codes have always been an inspiration to me in my career. I look forward to bringing to life a new vision for this iconic brand.”

The company said in a statement that Arena joins Joseph with over 30 years experience in the design and development of luxury collections. Most recently he was at JW Anderson where he was director of product and design (ready-to-wear, accessories and runway).

Prior to this Arena held the position of director of design and innovation (ready-to-wear and accessories) at Nanushka and head of ready-to-wear at Christopher Kane.

Commenting on Arena’s appointment, Barbara Campos, Joseph CEO said: “Mario is a highly talented creative and has a wealth of experience within contemporary luxury. I look forward to working with Mario as we enter this exciting new chapter.”

Before joining Christopher Kane, Arena launched his own label ‘Enlist’ and was creative director/founder of Arena International a strategic design & trend studio where he collaborated with brands such as Celine and LVMH.

The company added that Arena will be based in London in a newly created design department. The new office houses a newly appointed design team, atelier, product development team and production team and is located within the brand’s existing London head office.

Urban Outfitters announced third quarter net income of 102.9 million dollars and earnings per diluted share of 1.10 dollars. For the nine months, net income was 282.2 million dollars and earnings per diluted share were 2.99 dollars.

The company’s net sales for the quarter increased 6.3 percent to 1.36 billion dollars.

“We are pleased to announce record third quarter sales and earnings, both of which exceeded our expectations. These results were driven by outperformance across all three business segments – retail, subscription and wholesale,” said Richard Hayne, the company’s chief executive officer.

“We're optimistic about the outlook for holiday demand and believe total comparable sales could be similar to our third quarter results,” added Hayne.

Urban Outfitters posts strong Q3 results

Retail segment net sales increased 3.2 percent for the third quarter with comparable retail segment net sales increasing 1.5 percent driven by low single-digit positive growth in both digital channel sales and retail store sales.

Comparable retail segment net sales increased 5.8 percent at Anthropologie and 5.3 percent at Free People and decreased 8.9 percent at Urban Outfitters. Nuuly segment net sales increased by 48.4 percent driven by a 51 percent increase in average active subscribers in the current quarter.

Wholesale segment net sales increased 17.4 percent driven by a 20.3 percent increase in Free People wholesale sales.

Nine month sales increase by 6.7 percent at Urban Outfitters

For the nine months, net sales increased 6.7 percent to 3.91 billion dollars. Retail segment net sales increased 4 percent, with comparable retail segment net sales increasing 2.6 percent driven by mid single-digit positive growth in digital channel sales and low single-digit positive growth in retail store sales.

Comparable retail segment net sales increased 9.3 percent at Free People and 7.5 percent at Anthropologie and decreased 10.6 percent at Urban Outfitters. Nuuly segment net sales increased by 53.9 percent driven by a 50 percent increase in average active subscribers versus the prior year period.

Wholesale segment net sales increased 12.3 percent driven by a 15.1 percent increase in Free People wholesale sales.

During the nine months, the company opened a total of 36 new retail locations including: 20 Free People stores with 12 FP Movement stores, nine Anthropologie stores and seven Urban Outfitters stores; and closed 11 retail locations including: five Urban Outfitters stores, four Anthropologie stores and two Free People stores.

For the third quarter, Guess recorded a GAAP net loss of 23.4 million dollars and GAAP diluted net loss per share of 47 cents. Adjusted net earnings were 17.7 million dollars, down 35 percent, while adjusted diluted EPS decreased 31 percent to 34 cents.

Net revenue for the quarter increased 13 percent to 738.5 million dollars. In constant currency, net revenue increased by 14 percent.

“We believe that the current consumer sentiment and slow customer traffic in North America and Asia will persist during the fourth quarter, impacting our business negatively. As a result, for the full year we now expect revenues at or slightly below 3 billion dollars,” Carlos Alberini, Guess chief executive officer in a statement.

Highlights of Guess Q3 results

The company’s Europe revenues increased 7 percent in US dollars and 6 percent in constant currency and retail comparable sales including e-commerce increased 8 percent in US dollars and 7 percent in constant currency.

Americas retail revenues increased 12 percent in US dollars and 14 percent in constant currency. Retail comparable sales including e-commerce decreased 14 percent in US dollars and 12 percent in constant currency. Americas Wholesale revenues increased 79 percent in US dollars and 83 percent in constant currency.

Asia revenues increased 2 percent in both US dollars and constant currency. Retail comparable sales including e-commerce decreased 17 percent in US dollars and 16 percent in constant currency.

Licensing revenues remained flat in both US dollars and constant currency.

Review of nine-month results at Guess

For the nine months, the company recorded a GAAP net loss of 21 million dollars and GAAP diluted net loss per share of 42 cents. Adjusted net earnings for the period of 26.8 million dollars, decreased by 58 percent and adjusted diluted EPS decreased 57 percent to 49 cents.

Net revenue for the nine months increased 9 percent to 2.06 billion dollars and in constant currency, net revenue increased by 11 percent.

The company said Europe revenues increased 4 percent in US dollars and 7 percent in constant currency with retail comparable sales including e-commerce increasing by 4 percent in US dollars and 6 percent in constant currency.

America's retail revenues increased 7 percent in US dollars and 8 percent in constant currency. Retail comparable sales including e-commerce decreased 11 percent in US dollars and 10 percent in constant currency. Americas wholesale revenues increased 63 percent in US dollars and 64 percent in constant currency.

Asia revenues decreased 1 percent in US dollars and increased 2 percent in constant currency. Retail comparable sales including e-commerce decreased 13 percent in US dollars and 11 percent in constant currency.

Licensing revenues increased 7 percent in both US dollars and constant currency.

Guess forecasts FY25 revenues and earnings expectations

For fiscal year 2025, Guess expects revenues in US dollars to increase between 7.1 percent and 8.1 percent, GAAP diluted EPS to range between 70 to 80 cents and adjusted diluted EPS in the range of 1.85 to 2 dollars, below analysts' expectation of 2.50 dollars.

For the fourth quarter, the company forecasts revenues in US dollars to increase between 2.2 percent and 5.4 percent, GAAP diluted EPS between 1.10 dollars to 1.22 dollars and adjusted diluted EPS in the range of 1.37 dollars to 1.52 dollars.

Kohl’s third quarter net sales decreased 8.8 percent to 3.5 billion dollars and comparable sales decreased 9.3 percent.

Gross margin was 39.1 percent, an increase of 20 basis points, operating income dropped to 98 million dollars and net income declined to 22 million dollars or 20 cents per diluted share.

The company said in a release that Kohl’s CEO Tom Kingsbury will step down effective January 15, 2025 but will stay on in an advisory role to the new CEO and retain his position on Kohl's board of directors through his retirement in May 2025. The board has appointed retail veteran Ashley Buchanan as CEO and board member, effective January 15, 2025.

Commenting on the trading update, Tom Kingsbury said: “Our third quarter results did not meet our expectations as sales remained soft in our apparel and footwear businesses.”

For the nine month period, the company’s net sales decreased 6.1 percent to 10.2 billion dollars, with comparable sales down 6.4 percent. Gross margin was 39.4 percent, an increase of 42 basis points, operating income decreased to 307 million dollars and net income to 61 million dollars or 55 cents per diluted share.

“We are not satisfied with our performance in 2024 and are taking aggressive action to reverse the sales declines. We are approaching our financial outlook for the year more conservatively given the third quarter underperformance and our expectation for a highly competitive holiday season,” Kingsbury added.

For the full year, the company currently expects net sales decrease of 7 percent to 8 percent, comparable sales decrease of 6 percent to 7 percent, operating margin in the range of 3 percent to 3.2 percent and diluted EPS in the range of 1.20 dollars to 1.50 dollars.

On November 13, 2024, Kohl’s board of directors declared a quarterly cash dividend of 50 cents per share.

The Work Group of Wolverine World Wide, Inc, the parent company of Wolverine, CAT, Sweaty Betty and Hush Puppies among others, has appointed industry veteran Mike Maloney as its new chief product officer.

In his new role, Maloney will lead product development, merchandise strategy, and market expansion initiatives for all brands within the Work Group. He will report directly to Tom Kennedy, the Work Group's president. With more than 19 years of experience in the footwear industry, Maloney has worked at several prominent brands, including Adidas, Under Armour, Columbia Sportswear, and Designer Brands.

"I'm excited to join the team at Wolverine Worldwide during such a pivotal moment for the organization," said Maloney in a statement. "The direction we are taking in product innovation and brand strategy aligns seamlessly with my vision of creating footwear that truly enhances the lives of our consumers. I look forward to leveraging my extensive experience to elevate our Work Group Brands and develop cutting-edge solutions for the dedicated individuals who depend on our footwear every day, as well as create demand-driving products that allow us to reach new consumers."

With expertise in merchandising, product development, design, and marketing, Maloney brings a well-rounded approach to product strategy. His leadership in global categories and deep licensing knowledge equip him to excel in the complexities of the footwear market for the Work Group.

"Mike's expertise will be instrumental in driving our Work Group vision forward, enabling us to maximize our portfolio approach through his expertise across merchandising, product innovation, and strategy," said Kennedy in a statement. "Additionally, Mike's consumer-first approach and experience in casual and athletic brands will advance our ability to grow in adjacent categories, most prominently lifestyle."

American retail giant Abercrombie & Fitch has reported “record” sales for the third quarter of the current fiscal year, reaching 1.2 billion dollars at an increase of 14 percent on the same period of the year prior. Based on what it said was an “outperformance”, the retailer has thus increased its full year outlook.

For the three months ended November 2, 2024, A&F reported comparable sales of 16 percent, while gross profit rate came to 65.1 percent, up around 20 basis points compared to last year. Operating income rose to 179 million dollars, up from the prior year’s 138 million dollars, while net income per diluted share increased from 1.83 dollars to 2.50 dollars.

All regions welcome double-digit growth

Each of the group’s regions grew double-digits over the quarter. The largest growth was seen in the APAC region, where sales rose 32 percent. This was followed by EMEA, where sales were up 15 percent, then the Americas, at an increase of 14 percent. Individual brands also welcomed an uptick. While Abercrombie delivered 11 percent comparable sales on top of 26 percent last year, Hollister posted 21 percent on top of the prior 7 percent.

Commenting on the results, Fran Horowitz, chief executive officer, said: “For the sixth consecutive quarter, our global team delivered double-digit net sales growth. This great sales performance led to better-than-expected results on both the top and bottom lines. With broad-based growth across regions and brands, we continue to execute at a high level, leveraging our regional playbooks and operating model.”

As such, the company is raising its full year outlook on sales and now anticipates to be around the high end of the operating margin range shared in the prior quarter. It is expecting net sales to be in the range of 14 to 15 percent.

A&F COO adds CFO role to title

Following the publication of its financials, Abercrombie announced that it had appointed Robert Ball to chief financial officer. Ball will serve on the company’s executive leadership team, reporting to executive vice president and chief operating officer, Scott Lipesky.

Ball brings nearly 22 years of experience to his new role, and had previously served in the CFO position at Abercrombie since 2017, before moving into the role of COO. Abercrombie noted that he would remain in this role, leading the global operations and growth strategies, while also driving financial discipline, capital allocation and efficiency.

Commenting on his promotion, Ball said: "I'm excited to take on the role of CFO at this stage of A&F Co.’s journey. As much as we’ve achieved over the last several years, there is tremendous opportunity ahead. I look forward to continuing to work closely with Fran, Scott and our brand and regional leaders to deliver on our long-term growth ambitions.”

Luxury group Capri Holdings Limited has administered a series of shifts to the leadership team of its brand, Michael Kors. The most notable change is that its own chairman and chief executive officer, John Idol, is to assume the role of chief executive for the premium brand, a position he will officially take up from December 2, 2024.

Idol will succeed Cedric Wilmotte, who is stepping down from the helm role just over one year on from his initial appointment. The reason for his departure was cited to be “part of [Michael Kors’] reorganisation plans and expense reduction initiatives”.

Effective the same date, Michael Kors veteran Philippa Newman, meanwhile, will be promoted to chief product officer, having most recently served as the brand’s president of accessories and footwear.

In this new role, Newman, who has been with the Michael Kors brand for 14 years, will report to Idol while overseeing merchandising, production, licensing and design across all product categories alongside chief creative officer, Michael Kors himself.

New leadership reaffirms commitment to turnaround plans

On her promotion, Newman said she was “excited” to continue working with Kors and Idol on achieving strategic objectives at the company, which she stated had “strong brand equity and tremendous potential”.

“I am confident that by consolidating design, merchandising, production and licensing under a unified team, we can more effectively execute our strategies, including delivering more targeted product to different consumer cohorts, in order to return Micheal Kors to growth,” Newman added.

It is exactly this that is at the forefront of Idol’s mission for Michael Kors, which posted a 16 percent decline in reported revenue for the second quarter of the fiscal year.

Concerns particularly rose following the termination of the proposed merger of Capri and its competitor, Tapestry, which was ultimately blocked by a US watchdog, despite the duo arguing that competition and a lack of demand in the premium segment was resulting in waning results for the companies under their wings.

Now, however, Idol is reaffirming Capri’s efforts to return brands like Michael Kors to growth, noting again that the group was implementing strategic initiatives to stabilise revenues and energise both new and loyal consumers.

On Newman’s promotion, Idol added: “Philippa is a dynamic leader with an exceptional breadth of experience developing compelling product for our consumers. I am confident that in her new role as chief product officer for Michael Kors she will successfully lead the execution of our product transformation strategy and drive growth for Michael Kors across all channels.”

Frasers has announced the conclusion of the acquisition of South Africa's leading sporting, outdoor and recreation goods company, Holdsport from Old Mutual Private Equity (OMPE) and latter’s management.

The company said in a release that Holdsport is a diversified business operating across retail, wholesale, manufacturing, distribution, and e-commerce, focused on the sport, outdoor, and recreation sectors across South Africa and Namibia.

Commenting on the acquisition, Michael Murray, CEO of Frasers Group, said: "Holdsport has built an incredible brand and reputation across Southern Africa, and we see potential in combining their regional expertise and own brands with our scale and resources, establishing a strong platform for growth."

Holdsports is home to sporting goods chain Sportsmans Warehouse and Outdoor Warehouse, an outdoor, camping, hiking, adventure retailer - complementing Frasers’ existing divisions.

Frasers added that Holdsport also owns Shelflife, South Africa's premium sneaker and streetwear store.

For the financial year ended February 2024, Holdsport’s sales exceeded 3 billion South African rand (130 million pounds), with robust profit growth and strong cash flow.

The company further said that with a total of 88 stores across South Africa and Namibia and a rapidly growing e-commerce offering, Holdsport's network will act as a platform to expand Sports Direct across the region. Frasers Group will utilise this strong position to grow its sport, fashion and brand distribution presence, furthering its commitment to international expansion.

Holdsport enjoys well-established relationships with major international brands, including Nike, Adidas, Asics, Hoka, and Garmin, supported by their own brand portfolio including First Ascent, Cape Storm and OTG. The acquisition aligns with Frasers Group's plans to diversify its product range and geographic reach while leveraging Holdsport's established market presence and local market expertise.

"Frasers is a natural home for Holdsport, given their passion for sport, outdoor, brands and their focus on customer service and innovation. I look forward to the energy and creativity that the combined businesses will bring, and I have no doubt that with Frasers' skills, resources and innovation, Holdsport will grow from strength to strength," added Bradley Moritz, Holdsport CEO.

The acquisition also includes Holdsport's infrastructure, including warehouses with capacity for growth and offices in Johannesburg and Cape Town, as well as a factory that supports local manufacturing and distribution.

This deal comes shortly after Frasers announced a significant investment into the Malta-based retail business Hudson Group, which operates sport, lifestyle and fashion stores and distribution of global brands across 36 countries in Europe and North Africa.

Luca Lo Curzio, the current chief executive officer of Jil Sander, has been appointed to the helm of K-Way, a position he will take up following the closing of Permira Funds’ strategic investment in the sportswear brand, expected to be complete in Q1 2025.

Lo Curzio was described by the French brand’s joint owners, BasicNet SpA and Permira, as the “ideal candidate to steer K-Way through its next phase of growth”, with plans revolving around the further enhancement of its “leadership position in the outerwear market”.

Among his tasks as CEO are that of reinforcing the market position in Italy and France, expanding the company’s international presence and strengthening its digital and e-commerce capabilities.

While Lo Curzio is currently serving at the helm of Jil Sander, where he was already speculated to be exiting earlier this month, he has also previously held leadership positions at the likes of Zegna, Luxottica, Bain & Company, Danone and L’Oréal.

In a release, Lo Curzio said he was “thrilled” to lead K-Way, stating that its “rich heritage and strong emotional connection” with customers are “truly remarkable”.

In their own joining statement, Alessandro and Lorenzo Boglione, executive vice presidents of BasicNet and current co-CEOs of K-Way, commented: "We are very pleased to have found a proven and successful CEO of the calibre of Luca and we are excited to see him driving K-Way going forward.

“Luca is a true fan of the brand, and he is really focused on turning K-Way into a global brand. We are entirely aligned in terms of the journey going forward and are looking forward to seeing Luca take the business to the next level."

Permira Growth Opportunities II, a fund overseen by investment firm Permira, entered into an agreement to acquire a minority stake in K-Way back in October. At the time, the firm said it was well-positioned to support K-Way’s growth across its channels, particularly in the way of direct-to-consumer avenues.

Off-price marketplace Secret Sales has snapped up digital fashion outlet Afound from its former parent company H&M Group.

The move comes as Secret Sales looks to continue positioning itself as a “dominant force” in European off-price retail, an effort that has already been reflected in similar acquisitions over the course of the past few years.

With Afound, Secret Sales plans to amplify the marketplace’s reach, with Afound customers to be able to access the company’s inventory derived from 3,800 European brands.

The platform was first launched in 2018 by H&M Group and eventually evolved into a digital marketplace offering a curated collection of popular fashion and lifestyle brands.

In August 2024, however, H&M made the decision to discontinue Afound after reviewing its performance and adjusting to priorities in what it said was an attempt to “secure economic viability and long-term resilience”.

Under Secret Sales, which said the acquisition reflected “commitment to strategic growth”, Afound will retain its brand identity and design aesthetic, while incorporating Secret Sales’ technology platform.

In a release, chief executive of Secret Sales, Chris Griffin, said: “By expanding into the Nordics, brands now have an even greater opportunity to reach new customers in multiple regions while maintaining control over their positioning. This acquisition is another step toward transforming the off-price landscape.”

The terms of the deal were not disclosed. Secret Sales did, however, note that it plans to continue expanding in 2025, with further M&A deals already in discussion.

For the first half period, women’s fashion brand Sosandar reported revenue of 16.2 million pounds versus 22.2 million pounds in the same period of the previous year as the group continued to transition away from price promotional activity outside the major scheduled sale events.

The company’s gross margin for the period was 62.2 percent versus 55.4 percent in the previous year, and pre-tax loss contracted to 0.7 million pounds against 1.3 million pounds pre-tax loss.

Commenting on the first half results, Ali Hall and Julie Lavington, co-CEOs, Sosandar said: "We are now well on our way to becoming a true multichannel retailer following the opening of our first four stores during the half. Seeing the Sosandar brand on high streets, and the reaction we have received so far, validates our decision to give our customers more ways to shop with our brand.”

Sosandar said in a statement that during the period under review, Sosandar opened the first four company-owned stores, with strong trading across all stores, coupled with uplift in traffic to the website in the areas where the stores are located.

The company saw strong sales of denim, holiday wear and dresses in the summer months and partywear and knitwear as it moved into autumn. Trading with well-established third-party partners, including Next and Marks & Spencer continued to be strong. Sosandar also launched in store with Arnotts in Dublin, Ireland, in September, after initially selling online through Arnotts' website.

The company added that trading in the second half of the financial year has been in line with full year market expectations and post period, margin and profit continue to show a significant positive swing versus last year. Average gross margin was 64 percent.

“Trading in the second half of the financial year to date has been encouraging, across all our channels, as we head into peak season. In the lead up to Christmas we have seen extremely strong sales of occasionwear, knitwear, including knitted dresses, and denim,” added Hall and Lavington.

After the first year end, Sosandar signed a licensing agreement with Next for a Sosandar homeware range following the success of Sosandar's clothing range sold through the company.

US department store chain Kohl’s has outlined its chief executive officer transition plan as its current head, Tom Kingsbury, confirms his intention to step down from January 15, 2025. Kingsbury will be succeeded by Ashley Buchanan, but will stay on in an advisory role and retain his position on the board of directors through to his retirement in May 2025.

Buchanan joins Kohl’s from Michaels Companies, where he has served as CEO since 2020. Here, he was credited with improving profitability, expanding the company’s omnichannel approach and growing the digital business. Prior to Michaels, Buchanan held a number of senior executive positions at Walmart and Sam’s Club, including that of chief merchandising and chief operating officer for Walmart US E-commerce.

In a release, Kohl’s board chair, Michael Bender, said the company was “grateful” for Kingsbury’s leadership and, before thanking him for his service, noted that under his guidance the retailer was “undergoing a transformation to elevate its product portfolio, enhance the store experience and improve its long-term financial health and profitability”.

In his own statement, Buchanan said on his appointment: "I am thrilled to join Kohl's, a storied and respected brand in the retail industry. We have the privilege of serving millions of families all across the country, and I'm excited to work with the teams to evolve our business – building off the strength of our brand and loyal customer base while also creating a compelling retail experience for the future."

In her new role, the company said in a release, Heinle will be responsible for leading the global HR function and managing Nike’s People vision and strategy. She succeeds Monique Matheson who has decided to retire after 26 years with the company. This leadership change is effective January 6, 2025.

“Treasure has a strong record of bringing the best to Nike, driving a winning culture and building inclusive, world-class teams that deliver on the company’s growth strategy,” said Elliott Hill, President & CEO, Nike, Inc.

As a member of the company’s senior leadership team, Heinle will report to Hill. She began her career at the company in 2012 as VP, HR business partner for North America. Since then, she has led business HR for the company’s global operations and global consumer & marketplace teams, before being named the company’s chief talent officer in 2022.

Prior to joining Nike, Heinle held HR leadership positions at Danaher, Tektronix and In-Focus. A native of Portland, Ore., Heinle is a graduate of the University of Oregon.

Macy’s has delayed its third quarter results after discovering that one of its employees hid nearly 132 million dollars to 154 million dollars in delivery expenses over the last three years.

The company’s net sales for the quarter decreased 2.4 percent to 4.742 billion dollars, with comparable sales down 2.4 percent on an owned basis and down 1.3 percent on an owned-plus-licensed-plus-marketplace basis.

“While we work diligently to complete the investigation as soon as practicable and ensure this matter is handled appropriately, our colleagues across the company are focused on serving our customers and executing our strategy for a successful holiday season,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc.

Highlights of Macy’s Q3 performance

The company said in a preliminary results statement that sales growth at Macy’s First 50 locations, Bloomingdale’s, and Bluemercury was offset primarily by weakness in Macy’s other non-First 50 locations as well as its digital channel and cold weather categories.

The company added that Macy’s, Inc. go-forward business comparable sales were down 2 percent on an owned basis and down 0.9 percent on an owned-plus-licensed-plus-marketplace basis.

By nameplate Macy’s net sales were down 3.1 percent, with comparable sales down 3 percent on an owned basis and down 2.2 percent on an owned-plus-licensed-plus-marketplace basis. The company said that fragrances, dresses and men’s and women’s active apparel were strong. Macy’s go-forward business comparable sales were down 2.6 percent on an owned basis and down 1.8 percent% on an owned-plus-licensed-plus-marketplace basis. First 50 locations' comparable sales were up 1.9 percent on both an owned basis.

Bloomingdale’s net sales were up 1.4 percent, with comparable sales up 1 percent on an owned basis and up 3.2 percent on an owned-plus-licensed-plus-marketplace basis. The company said, key drivers included strength in contemporary apparel, beauty and digital.

Bluemercury net sales were up 3.2 percent and comparable sales were up 3.3 percent on an owned basis, representing the fifteenth consecutive quarter of comparable sales growth. Other revenue of 161 million dollars decreased 17 million dollars, or 9.6 percent.

Commenting on the trading update, Spring said: “Our Macy's First 50 locations achieved their third consecutive quarter of comparable sales growth. At the same time, our luxury brands, Bloomingdale's and Bluemercury, reported positive comparable sales. Importantly, November comparable sales are trending ahead of third quarter levels across nameplates.”

Macy’s delays Q3 results

The company also reported that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide approximately 132 dollars to 154 million dollars of cumulative delivery expenses from the fourth quarter of 2021 through fiscal quarter ended November 2, 2024.

During this same time period, the company recognized approximately 4.36 billion dollars of delivery expenses.

The company is delaying its earnings release and conference call relating to the third quarter of 2024 to allow for completion of the independent investigation.

The company now expects to report the financial results and hold its earnings conference call, where it will provide its fourth quarter and full year outlook, by December 11, 2024.

Value fashion and homeware retailer Primark reports that it has cut carbon emissions across its value chain, three years after it published its 2030 sustainability commitments, after switching to renewable and low-carbon energy.

Primark said in its annual ‘Sustainability and Ethics Progress Report’ that its decarbonisation programme is beginning to decouple from its growth, with a 1.9 percent reduction in carbon emissions across its value chain since its baseline year of 2019 and an 11.6 percent decrease since last year.

Lowering its carbon emissions across its value chain during the last 12 months is described as “a key achievement” for the retailer and was driven by a reduction in Primark's Scope 1 and 2 emissions, which fell 21 percent in 2024, compared to 2023, and were 52 percent lower than the 2019 baseline.

It states that the reduction was achieved through energy efficiency measures in its stores and the procurement of renewable and low-carbon electricity, with Primark stating that 64 percent of its total electricity demand in its own operations was covered by renewable energy in 2023/24. It has also been working with its logistics provider, Danish shipping giant Maersk, to introduce green fuel alternatives, such as Biofuel, when shipping its products, emitting approximately 40 percent less GHG emissions annually than traditional fuel.

However, Primark did add that it expects its carbon emissions reduction “to fluctuate in the short-term” as the company expands.

Primark reveals progress towards 2030 sustainability commitments

Primark also revealed progress has been made in offering clothes that reduce its impact on the planet, as over the past 12 months, two-thirds (66 percent) of clothes sold in Primark were made from recycled or more sustainably sourced materials, up from 55 percent in 2023. The retailer is hoping that all clothes will be made from recycled or more sustainably sourced materials by 2030.

This year, the international fashion retailer also said it had been focusing on scaling the volume of its clothes that are circular by design in categories such as denim and jersey and continued to embed its product guidelines on circularity by training colleagues and suppliers. Three percent of clothes sold in Primark over the past 12 months were circular by design, meaning they met the criteria set out in Primark’s Circular Product Standard, including items in the Rita Ora and Disney’s The Lion King ranges.

The value retailer also added that it is scaling the use of recycled cotton, with 57 percent of the cotton clothing units sold at Primark containing cotton that was organic, recycled or from the Primark Cotton Project. This was up from 46 percent in 2023.

Primark also launched a partnership with environmental action charity WRAP (Waste and Resources Action Programme) to explore solutions to better manage textile waste and to give clothes a longer life through its textile donation scheme. It also has a partnership with the Circular Textiles Foundation that has helped evolve its circular design training to create ‘expert’ level training and blueprint design across specific categories. To date, 529 colleagues (80 percent of those eligible) have completed the foundational training.

Commenting on the latest impact data, Lynne Walker, director of Primark Cares, said in a statement: “Our sustainability commitments belong to all of us at Primark and we’re starting to see real impact. The progress we’ve made in the three years since we launched our Primark Cares strategy has given us the confidence to be proud of the work we are doing. As a brand for everyone, we know we have a huge responsibility to use our scale for good.

“Taking the lead on durability across the industry and proving that more sustainable and longer-lasting clothing doesn’t have to cost more, has been a significant achievement for us. Continuing to learn as we gather insights and data from across the Primark business and forging meaningful collaboration across the industry will be critical to achieving our 2030 ambitions.”

Allan Leighton, the chief executive of Asda between 1996 to 2001, has been appointed as the supermarket giant’s executive chair, marking his return to the company. Leighton will succeed Stuart Rose, who has served as Asda’s chair since 2021.

Alongside his stint at the helm of the retailer, Leighton has also held the role of president of US food retail business Loblaw Companies and was chairman of The Co-op for nine years.

Rose, who will remain on the board to ensure a smooth transition before stepping down, said Asda would “benefit enormously from Alan’s experience of leading the business”. He added that he looked forward to continuing to support Asda as a shareholder.

Leighton, meanwhile, praised Rose for doing “an important job in helping to create a retailer with presence in every format”.

He continued: “The potential for Asda now is significant, and my focus will be to work with the leadership team to help make Asda special for our colleagues and millions of customers.”

Meanwhile, Gary Lindsay, the managing partner of Asda’s parent company, TDR Capital, said: “Asda today has both a leading superstore estate and a strong position in every format, and Allan’s experience and understanding of Asda will stand us in good stead as he leads the business into the next stage of its development.

“We are looking forward to working with Allan to help Asda deliver on its potential.”

Boohoo has officially received lender consent in regards to its fundraising, which has been set out to “unlock and maximise shareholder value”, as stated by chairman, Tim Morris.

The fast fashion giant has initiated plans for a Placing & Subscription and Retail Offer through which it is aiming to raise up to 39.3 million pounds.

The proceeds of the process will go towards Boohoo’s turnaround strategy, launched after the group posted a widening loss in the six months to 31 August 2024, amounting to 147.3 million pounds.

In a regulatory filing, chief executive officer of Boohoo, Dan Finley, said: "Concluding the fundraising process and securing support from the banking syndicate is further evidence of the decisive steps that we have taken since announcing the business review.

“I now look forward to driving the business review forward and maximising value for all shareholders and the completion of this process gives us a great platform to do so."

Boohoo has made an application to the London Stock Exchange, on which it trades, for the admission of over 126 million new ordinary shares, expected to become effective from November 26.

Frasers Group, which holds a 27 percent stake in Boohoo and has been putting pressure on the firm to change leadership, subscribed for 39.1 million new shares, part of which is subject to clawback.

This is also the case for director and Boohoo co-founder Mahmud Kamani, who subscribed for 49.9 million new ordinary shares.

Skincare and hygiene brand Clean Skin Club has closed a 32 million US dollar investment round to expand into brick-and-mortar retail, fund new product development and invest in talent.

Clean Skin Club, known for its dermatologist-approved Clean Towel XL, the first disposable, ultra-soft, and bio-based face towel sold on Amazon and at Target, said the round was led by Astō Consumer Partners and Amberstone.

Commenting on the investment, Ben-David Imberman, chief executive and co-founder of Clean Skin Club, said in a statement: “Witnessing the explosive growth and viral reception of our product line-up has been incredibly rewarding. As we further expand into retail and diversify our product portfolio, we are honoured to find trusted investment partners that share our unwavering commitment to rigorous testing, clinical validation, and an unyielding pursuit of excellence.

“With the support of Astō and Amberstone, and their extensive experience with successfully shepherding digitally native businesses into retail, we are excited to reach even more customers.”

Founded in 2019, Clean Skin Club was launched in response to dissatisfaction with products on the market that made promises they could not keep. Its flagship facial towel has been clinically shown to improve overall skin health while reducing oiliness, redness and skin sensitivity. The brand has also reported 150 percent year-over-year growth, culminating most recently in the company’s entry into brick-and-mortar with its launch into Target stores in September.

Clayton Christopher, co-founder of Astō Consumer Partners, added: “Clean Skin Club is ushering in a new era of skincare through reimagining the category and delivering straightforward, science-backed solutions that truly work.

“The disruptive brand has amassed a cult-following, ranking as a best-seller on Amazon and breaking through the large, high growth skincare market. We are inspired by the team’s vision for skincare hygiene and are honoured to partner with them in this next stage of growth."

Beauty US consumer products group Helen of Troy has entered into a definitive merger agreement to acquire omnichannel nail brand Olive & June for 225 million US dollars.

Olive & June, founded in 2013, is an innovative, omnichannel nail care brand trailblazing the DIY nail revolution, offering products across all nail care categories, including polish, artificial, tools, treatment, and care, to deliver a salon-quality experience at home.

In a statement, Texas-based Helen of Troy, which owns Curlsmith and Drybar, said the Olive & June acquisition is “an excellent, complementary fit” with its strategic goal to accelerate profitable growth and help it further diversify its product offering.

It adds that it believes it can “add value” to Olive & June and use its scalable operating platform while operating it as a standalone but supported model to accelerate the nailcare brand’s momentum.

Noel M. Geoffroy, chief executive officer of Helen of Troy, said: “We could not be more excited to add Olive & June to our portfolio of leading brands and we welcome its passionate associates and visionary leadership team to the Helen of Troy family. We believe Olive & June is an excellent fit with Helen of Troy both strategically and financially.

“Olive & June’s innovation-driven performance, highly relevant vision of democratizing nail care for everyone, award-winning products and unique consumer engagement model are impressive and inspiring. We see significant opportunities to build on its strengths in consumer obsession and breakthrough commercial and product innovation, in addition to helping expand the brand’s availability with increased distribution. Olive & June complements our existing beauty portfolio and broadens us beyond the Hair category, adding a consumables business that is both high growth and high margin. We look forward to working together to fully realize the potential of Olive & June.”

Helen of Troy to bolster portfolio with nailcare brand Olive & June

The total purchase consideration is expected to be 225 million US dollars in cash at closing, subject to certain customary closing adjustments, and a 15 million US dollar earnout subject to performance over three years. The total purchase price implies a multiple of less than 11 times the estimated calendar year 2025 adjusted EBITDA before synergies, which compares favourably to the company’s recent transactions. The company expects Olive & June’s calendar year 2024 net sales revenue to be approximately 92 million US dollars.

Sarah Gibson Tuttle, founder and chief executive of Olive & June, added: “When I started Olive & June, the mission was simple: to make salon-quality nails accessible to everyone, everywhere. Thanks to our passionate team and loyal community, we have achieved incredible milestones—teaching millions how to do their nails at home and redefining what is possible in beauty.

“Now, as we join the Helen of Troy family, a company known for elevating everyday experiences with innovative consumer products, I could not be more thrilled to lead this next chapter of growth for the brand. I have been deeply impressed by Noel’s visionary leadership and look forward to partnering with her and the entire Helen of Troy team. Together, we will continue to innovate, inspire, and deliver on our promise to be the go-to at-home nail solution for everyone, everywhere. I cannot wait to see all that we will accomplish together.”

The acquisition is expected to close before calendar year-end 2024.

Represent has established a strategic partnership with investment firm True, which has snapped up a minority stake in the British luxury brand to help fuel its ongoing growth plan.

The move intends to aid in the expansion of Represent’s presence, both in the luxury and performance sportswear sector and internationally, across the UK, US and the rest of the world.

Represent has already welcomed significant growth in recent years, reporting a compound annual growth rate (CAGR) of 64 percent since 2020.

This year, the brand is expected to generate around 100 million pounds in revenue, driven largely by its ‘247’ line, which is said to have “exceeded all expectations” since its 2021 launch.

With True, Represent hopes to further scale its operations, expand into news channels, and accelerate growth across multiple categories, a press release read.

The brand’s co-founder, George Heaton, added: "We're gaining unstoppable momentum, and with this minority investment and strategic partnership with True we feel it’s the perfect time to propel Represent to new heights.”

In their own statement, Ejike Onuchukwu, investment director at True and a new board member at Represent, stated: "Represent is a real success story for British fashion. The team’s track record of developing culturally relevant products and acquiring loyal customers to the brand, despite the challenging consumer environment, is remarkable.

“I look forward to supporting the management team and founders to help achieve its significant expansion potential.”

The owners of lingerie chain Ann Summers are believed to be considering sale options for the business, with the disposal of a “big stake” in the retailer said to be on the table.

The Gold family, which owns 100 percent of the equity in the company, has reportedly been in discussions with Interpath for several weeks, according to sources for Sky News.

While yet to be formally instructed, the media outlet said the family was “close” to hiring the advisory firm as they continue to work on a strategic review.

One option being explored is a dilution of the Golds’ interest in Ann Summers, yet it is currently unclear whether they would sell a controlling stake, Sky News stated.

In a statement to the platform, Vanessa Gold, Ann Summers’ chair, said: "We, like many other retailers, are dealing with the unhelpful backdrop to business of the decisions announced by the government at the Budget and the rising cost to retail.

"As a family-owned business, we are in a fortunate position and have committed investment for over 50 years. This has created a robust and resilient business.

"We are exploring a number of options to further grow the brand into 2025 and beyond."

The report comes on the heels of a number of redundancies carried out across Ann Summers which came to light last week alongside the news that the Golds’ had pumped five million pounds into the business.

Ann Summers continued to remain in the red for the year to July 1, 2023, posting a pre-tax loss of 3.8 million pounds. This, however, was down from a 21.9 million pound loss in the year prior, and came despite turnover edging up from 101 million pounds to 104 million pounds.

PDD Holdings in its unaudited financial results statement for the third quarter reported revenues of 99,354.4 million Chinese yuan (14,157.9 million dollars), an increase of 44 percent.

“Over the past quarter, our focus remained on driving the high-quality development of the platforms,” said Lei Chen, chairman and co-chief executive officer of PDD Holdings.

Operating profit in the quarter was 24,292.5 million Chinese yuan (3,461.6 million dollars), an increase of 46 percent versus the same quarter of 2023. The company said non-GAAP operating profit was 26,770.5 million Chinese yuan (3,814.8 million dollars), an increase of 48 percent.

“In the third quarter, we stepped up the investments in our platform ecosystem through merchant support policies and trust and safety updates,” added Jiazhen Zhao, executive director and co-chief executive officer of PDD Holdings.

Net income in the quarter was 24,980.7 million Chinese yuan (3,559.7 million dollars), an increase of 61 percent and non-GAAP net income was 27,458.7 million Chinese yuan (3,912.8 million dollars), an increase of 61 percent.

The company’s basic earnings per ADS increased to 18.02 Chinese yuan (2.57 dollars) and diluted earnings per ADS were 16.91 Chinese yuan (2.41 dollars), while non-GAAP diluted earnings per ADS rose to 18.59 Chinese yuan (2.65 dollars).

British retailer Superdry has reportedly named Kim Zaheer as its new interim chief finance officer. He joins the company from bed retailer Dreams, where he most recently served as finance director, a position he held for over 15 years.

Prior to Dreams, Zaheer had held a series of finance-based roles at the likes of supermarket giant Tesco, PRG Powerhouse and stationary chain WHSmith. According to a report by Drapers, Zaheer will replace Superdry’s current interim CFO, Giles David, who had joined the company in January 2024.

At the time, Superdry was attempting to carry out a turnaround plan, the mission of which failed to come to fruition. Evidence of this was also present in the company’s most recent financial statement filed with Companies House this week, in which it posted a revenue decrease of 22 percent for the year to April 27, 2024.

Looking ahead, Superdry issued a sales warning, stating that it was expecting profitability to be impacted by weaker trading. The outlook follows the company’s exit from the London Stock Exchange, a process it carried out in July as part of a wider restructuring.

In the filing, Superdry reaffirmed its commitment to the strategy, stating that it would continue to leverage “brand strength and enhance our digital presence to secure our long-term future and return the business to profitability”.

Superdry has not yet publicly confirmed the news of Zaheer’s appointment.

Canadian fashion retailer Groupe Dynamite has launched its 300 million Canadian dollar (215 million US dollar) initial public offering on the Toronto Stock Exchange, which upon entering shares fell 2 percent.

The company began trading on Thursday under the ticker symbol GRGD, with underwriters agreeing to trade over 14.2 million subordinate voting shares at a price of 21 dollars per share.

The price would put Groupe Dynamite’s market capitalisation at 2.3 billion Canadian dollars, with chief executive officer, Andrew Lufty, to retain a stake worth around 1.9 billion Canadian dollars.

The offering was led by Goldman Sachs Canada Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc., which acted as joint lead bookrunners.

This group will also have the option of issuing an additional 2.14 million shares up to 30 days after the IPO closes, which is expected to occur on November 26, 2024, subject to customary closing conditions.

Groupe Dynamite’s listing is the first corporate IPO in Canada since February 2023, when Lithium Royalty Corp raised 150 million Canadian dollars.

Authentic Brands Group, the new owner of Champion, has appointed Brand Collective as the new licensing partner of the sportswear label in Australia and New Zealand.

Australia-based Brand Collective currently serves as the operating partner to brands such as Canada Goose, Clarks, Hush Puppies and Authentic-owned Reebok, while further owning the likes of Volley, Elka Collective and Shoes & Sox.

The addition of Champion to this line up represents a "significant opportunity to leverage our resources and expertise to unlock Champion’s full potential in the ANZ market”, Brand Collective’s CEO, David Thomas, said.

From the perspective of Authentic, which acquired Champion earlier this year, the new deal sets the stage “for an exciting new chapter of growth and innovation in the region”.

Expanding on this, Authentic’s global president for sports and lifestyle, Jarrod Weber, said the company was “confident this partnership will deliver exceptional opportunities, from connecting with consumers in fresh ways to driving growth across key categories”.

He added that Authentic “looked forward to inspiring and empowering our Champion community together”.

The sale of Champion’s Australia and New Zealand operations to Brand Collective is expected to close January 31, 2025. The business will continue as part of Hanes Australasia until the closing.

The Platform Group achieved a gross merchandise volume (GMV) of 608.4 million euros for the nine month period and generated sales of 371.2 million euros, up against the same period of 2023.

The company attributed the above increase to the growth of the connected partners to 12,981 and the expansion of the platform and software solutions to 23 industries.

Commenting on the trading results, Dominik Benner, CEO of The Platform Group AG said: "In a challenging environment, we were able to significantly increase all key figures, achieve growth of 30 percent and see ourselves well on the way to being able to fully implement our ambitious goals for 2024. We now see our communicated medium-term target of 30 industries, an EBITDA margin of 7-10 percent and a GMV of at least 1.2 billion euros as a direct goal for 2025."

The company said that during the period under review, eight acquisitions were made including Hood, Avocadostore, OEGE Group, Aplanta, Fahrradteile-Shop, Winkelstraat, Motorprofi.com and 0815 Group.

The company’s number of active customers increased to over 4.5 million with an order volume of 5.1 million.

The company added that adjusted EBITDA rose to 24.6 million, an increase of 70 percent compared to the same period last year. Reported EBITDA reached 39.8 million euros and consolidated net income increased to 28.3 million euros corresponding to earnings per share of 1.39 euros, an increase of 36 percent.

Confirming the increased the forecast for GMV, sales and operating profit announced on September 27, 2024, Platform Group further said that GMV is expected to rise to 880 million euros to 900 million euros, net sales in the range of 500 million euros to 520 million euros and adjusted EBITDA to be between 29 million euros and 32 million euros.

The company also expects to achieve a GMV of 1.2 billion euros, sales of at least 570 million euros and an adjusted EBITDA margin of between 7 percent and 10 percent for the 2025 financial year.

European sneaker brand P448 has roped in Rocco Bennici to serve in the newly created role of chief financial & operating officer reporting to Wayne Kulkin, executive chairman of StreetTrend LLC.

The company said in a release that Rocco Bennici will lead the finance, treasury, IT and logistics divisions in addition to the company’s teams in Italy, Spain, USA, Hong Kong and China.

“As P448 evolves into its next stage of growth, Rocco will play a vital role navigating our path for all employees as well as our vast network of partners outside,” said Wayne Kulkin.

The company added that with over 20 years of financial experience and a vast international business background, Bennici is skilled in managing financially high-leverage companies and operating in countries ranging from emerging to advanced.

“I plan to contribute immediately to the impressive body of work that has been done thus far, and will put forward my best strategic energies to support successfully the company growth and its projects,” added Bennici.

Along with his diverse background in various industries ranging from banking, oil & gas, shipbuilding, manufacturing, fashion and real estate, Bennici holds expertise in accounting, tax, insurance, credit management, risk management, corporate finance, compliance and corporate governance. His last position was group treasury and corporate finance director at the OTB Group. He also held previous executive roles at Stiga, Fincantieri and Saipem.

P448 also announced its strategic financial partnership with Loop Capital. The firm is expected to utilise its network of athletes and celebrities to further P448 brand awareness across the world.

Shoe Carnival’s net sales in the third quarter declined to 306.9 million dollars. The company said, without the impact of the retail calendar shift, net sales increased by 2.2 percent versus prior year.

Comparable store net sales for the thirteen-week period ended November 2, 2024 declined 4.1 percent.

“Our Back-to-School results were strong, with comparable store sales growth across our banners and robust margins. Our flexible digital-first marketing campaign and great brand assortment drove demand during this peak shopping period and profitability in line with expectations for the third quarter,” said Mark Worden, Shoe Carnival’s president and chief executive officer.

Review of Shoe Carnival’s Q3 and year-to-date performance

On a year-to-date basis net sales totaled 939.9 million dollars, increasing 4.9 percent.

The company added that net sales in the quarter were led by a strong back-to-school performance, comparable store net sales growth in August, and net sales from the February 2024 acquisition of Rogan’s.

Comparable store net sales in September and October were significantly impacted by two hurricanes and customer shopping trends, along with persistently warm weather that delayed the winter boot shopping season.

Gross profit margin in the third quarter was 36 percent, exceeding 35 percent, while operating income dropped to 24.5 million dollars.

Shoe Carnival further said that net income for the quarter was in line with the company’s expectation at 19.2 million dollars or 70 cents per diluted share. In the year-to-date period, net income and EPS increased 2.2 percent and 1.9 percent, respectively, versus the prior year.

As of November 21, 2024, the company operated 431 stores, with 361 Shoe Carnival stores, 42 Shoe Station stores and the 28 Rogan’s locations. One new Shoe Station store opened in the third quarter in Tennessee, expanding this banner into a new market.

Shoe Carnival updates sales and profit forecast

The company has lowered its net sales range to 1.20 billion dollars to 1.23 billion dollars, representing growth of 2 percent to 4.5 percent in fiscal 2024.

Gross profit margin is expected to be approximately even with fiscal 2023, GAAP EPS is expected to be in a range of 2.55 dollars to 2.70 dollars and adjusted EPS to be in a range of 2.60 dollars to 2.75 dollars.

The company continues to expect the Rogan’s acquisition to deliver net sales of over 80 million dollars in fiscal 2024, with 22.3 million dollars of net sales in the third quarter and 63.9 million dollars year-to-date in 2024.

Ross Stores earnings per share increased to 1.48 dollars in the third quarter and net income rose to 489 million dollars. Sales for the quarter increased to 5.1 billion dollars, with a comparable store sales gain of 1 percent.

For the nine months, earnings per share rose to 4.53 dollars on net earnings of 1.5 billion dollars and sales were 15.2 billion dollars, with comparable store sales up 3 percent over the prior year.

Commenting on the financial results, Barbara Rentler, the company’s chief executive officer, said in a statement: “We are disappointed with our third quarter sales results as business slowed from the solid gains we reported in the first half of 2024. Despite the below-plan sales results, earnings were ahead of our expectations.”

Commenting on the outlook, Rentler said: “For the 13 weeks ending February 1, 2025, we continue to project comparable store sales to increase 2 percent to 3 percent. Earnings per share are planned to be in the range of 1.57 dollars to 1.64 dollars.”

“Based on our year-to-date results and fourth quarter forecast, earnings per share for the 52 weeks ending February 1, 2025 are now expected to be in the range of 6.10 dollars to 6.17 dollars versus 5.56 dollars last year,” Rentler added.

Gap’s third quarter net sales of 3.8 billion dollars were up 2 percent compared to last year and comparable sales were up 1 percent year-over-year.

As a result of its strong third quarter results, the company is raising its full year outlook for net sales, gross margin and operating income growth compared to prior expectations.

"I'm proud that Gap Inc. delivered another successful quarter, growing net sales for the 4th consecutive quarter and gaining market share across all brands while meaningfully expanding operating margin," said the company’s president and CEO, Richard Dickson.

Highlights of Gap’s Q3 results

Store sales decreased 2 percent in the third quarter and the company ended the quarter with 3,603 store locations in about 40 countries, of which 2,544 were company operated.

Online sales increased 7 percent compared to last year and represented 40 percent of total net sales.

The company’s gross margin of 42.7 percent increased 140 basis points versus last year's gross margin, while operating income was 355 million dollars and operating margin reached 9.3 percent.

Gap reported net income of 274 million dollars and diluted earnings per share of 72 cents.

Gap posts sales growth across brand portfolio

Third quarter net sales at Old Navy of 2.2 billion dollars were up 1 percent, while comparable sales were flat.

Gap brand net sales of 899 million dollars were up 1 percent and comparable sales were up 3 percent representing the fourth consecutive quarter of positive comparable sales at the brand.

Banana Republic net sales of 469 million dollars were up 2 percent but comparable sales were down 1 percent. The brand saw strength in its men's business during the quarter.

Athleta net sales of 290 million dollars were up 4 percent and comparable sales were up 5 percent.

Gap raises fiscal 2024 outlook

"Holiday is off to a strong start. Our performance year-to-date gives us the confidence to raise our full year outlook for sales, gross margin and operating income growth," added Dickson.

The company now expects net sales to increase between the range of 1.5 percent to 2 percent, approximate 220 bps expansion in gross margin and operating income between mid to high 60 percent growth range.

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 percent currently—partially attributed to Asia Pacific spending pullback—retailers are displaying strategic adaptability. Emerging sports, cosmetics, and wellness brands are increasingly competing for prime retail spaces, signaling sector dynamism. Anticipated interest rate cuts are expected to provide economic recovery tailwinds, potentially reinvigorating consumer spending and real wage growth.

Global retail rents have surpassed pre-pandemic levels, with an average increase of nearly 6 percent and 57 percent of tracked locations experiencing positive growth, data from the report shows. The Americas led performance, particularly the U.S. with almost 11 percent YOY rent growth, the report states, while Europe and Asia Pacific saw slower increases. A landmark shift occurred with Milan's Via Montenapoleone displacing New York's Fifth Avenue as the world's most expensive retail destination, reflecting robust European market dynamics and currency appreciation. Despite limited ranking changes, the global retail property landscape continues to demonstrate resilience and strategic repositioning.

Interestingly, the global retail property landscape reveals dramatic regional disparities. Miami's Design District emerged as a standout performer, achieving an extraordinary 66 percent annual rental growth and 150 percent over four years, driven by designer brands and mixed-use development potential. While U.S. markets showed varied performance—with seven streets experiencing double-digit growth and others remaining flat—international markets demonstrated nuanced trajectories. India displayed remarkable resilience with Bengaluru's Indiranagar 100 Feet Road leading regional growth at 32 percent, while Japan surprised with Tokyo's Ginza experiencing a 25 percent rental increase. Conversely, Greater China confronted challenges from weak domestic consumption, with notable rental declines in cities like Nanjing and Wuhan, the report said.

Despite global economic headwinds, the retail sector has demonstrated remarkable resilience, with real sales maintaining positive momentum amid economic recovery. International tourism emerges as a critical driver, with 790 million travelers between January and July—11 percent above 2023 levels and just 4 percent below 2019 benchmarks. Anticipated interest rate cuts, moderating inflation, and modest wage growth are expected to alleviate cost-of-living pressures, the report notes, potentially stimulating discretionary spending. Global tourism projections suggest a full recovery in 2024, with passenger arrivals forecast to exceed 2019 levels, underpinned by strong performance across Europe, the Americas, and increasingly, Asia Pacific.

For the full report visit www.cushmanwakefield.com.

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 sales were 486.8 million dollars, a decrease of 8 percent with same-store sales down 4 percent.

"Our third quarter sales trend deteriorated from the second quarter, in part due to three major hurricanes over a five week span, supply chain issues causing late merchandise receipts to the stores and continued negative pressure on our customers' disposable income," stated John Cato, the company’s chairman, president, and chief executive officer.

“We believe that the fourth quarter will remain challenging."

Gross margin for the quarter decreased from 32.5 percent to 28.8 percent of sales and year-to-date gross margin decreased to 33.3 percent of sales.

During the third quarter, the company opened one store and year-to-date, the company opened one store and closed 13 stores. As of November 2, 2024, Cato Fashions had 1,167 stores in 31 states.

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, Superdry expects profitability to be impacted by weaker trading.

On a medium to long-term view, recognising that there is a complex pathway in the interim to navigate, the company expects to achieve revenue of between 350 million to 400 million pounds, gross margin slightly ahead of current levels and mid to high single digits EBITDA margin.

Superdry said in a filing with the Companies House that wholesale was down 36 percent to 117 million pounds reflecting underperformance of the channel and challenges faced by the company trying to restructure the business to deliver growth.

The retail segment declined by 16 percent to 371.6 million pounds due to declining store and ecommerce sales. Ecommerce was down 18 percent to 146 million pounds impacted by the external and macro-economic factors and profit focused reduction in spend on digital marketing. Stores were down 14 percent to 225.6 million pounds with sales impacted by unseasonal weather and timing of promotions.

“Notwithstanding the softer sales performance, a significant success of the period has been the steps taken to reduce costs. The directors and wider management team placed emphasis on the delivery of our cost efficiency program with in access of 40 million pounds savings realised within the year,” Superdry said.

Gross margin for the period improved 2.2 percentage points to 55 percent, while the adjusted loss before tax widened to 48.3 million pounds and statutory loss before tax was 67.7 million pounds.

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 of jobs cuts was not commented on, the proceeding was confirmed to the media outlet by CEO, Maria Hollins, who said: “We have ambitious plans for growth and are always looking at options to bolster the brand in both the UK and internationally, but we also need to ensure our cost base reflects the challenges of today’s high street.

“As a result, we have taken action to reduce costs, which unfortunately included making a small number of colleagues redundant. This was not a decision we took lightly.”

Further efforts to ensure a turnaround came to light on Wednesday, when the Telegraph reported that the retail chain’s owners, the Gold family, had pumped five million pounds into the business.

The media outlet stated that the loan came from Green Street Holdings, a firm controlled by the Gold family and led by Ann Summers’ chairwoman, Vanessa Gold, who had been appointed to the position following the death of her sister and Ann Summers founder, Jacqueline Gold.

Ann Summers continued to remain in the red for the year to July 1, 2023, posting a pre-tax loss of 3.8 million pounds. This, however, was down from a 21.9 million pound loss in the year prior, and came despite turnover edging up from 101 million pounds to 104 million pounds.

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 by key previous investors such as Ulta Beauty.

The new capital has been earmarked to expand Luum’s market reach and fund its next-generation product launch, with the company adding that it is securing additional strategic retail partners to roll out its technology at scale from June 2025.

To support its growth, Luum also appointed Jo Lawson as its CEO. Lawson has served as president since 2023, helping lead the company’s expansion by driving significant growth and value through brand-first collaborations with Nordstrom and Ulta Beauty.

Prior to joining Luum, Lawson spent more than 15 years shaping brand strategies and product development across renowned global brands such as Apple, PayPal and Movado. Lawson has also led marketing, communications and product teams across consumer electronics, retail and luxury industries.

Commenting on her appointment, Lawson said in a statement: “Leading the talented team at Luum comes at a pivotal moment in the industry when technology and beauty are converging like never before.

“As Luum heralds the new era of Beauty Experience Automation, we’re enhancing experiences while also setting new standards in precision and client care. I’m committed to collaborating with the team and Board to bring forth leading-edge approaches that prioritize quality, innovation and artistry.”

The appointment sees co-founder Nathan Harding transition back to chief technology officer. He also remains a board member and an integral member of the executive team.

Harding added: “I’m excited to hand off the reins to Jo and get back to engineering. Jo is perfect for LUUM’s next phase of growth. Her dedication to the client experience and pushing the boundaries of technology ensures better solutions for our clients, lash artists and partners. She’s exactly who we need to transform salon services and improve the world of beauty through technology in service of humans.”

Luum was founded in 2017 to revolutionise the multi-billion-dollar eyelash extension industry through cutting-edge robotics and AI, pioneering a new category known as Beauty Experience Automation.

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 restructuring process for companies in financial distress that was introduced in Italy in 2021.

The proceeding, which does not align with that of an insolvency, will allow NGG to remain active on the market.

In a statement to FashionNetwork, the group said: “NGG has applied for a CNC according to Italian legislation, aiming to restructure financially in order to avoid filing for bankruptcy. The CNC [procedure] will allow NGG to continue doing business with its partners and clients.”

The news comes on the back of reports that Authentic Brands Group had ended its licensing agreement with NGG for the distribution of its sportswear brand Reebok.

According to WWD, it is understood that NGG owes Authentic royalty payments of an estimated 300 million dollars, and was thus called on to immediately cease operations of the Reebok EU website and sale of the brand’s products.

NGG’s status had already been thrust into doubt last year upon the takeover of its parent company, Farfetch, by South Korean retail giant Coupang, which had saved the luxury platform from its own monetary woes.

Following the acquisition, Coupang had emphasised that it intended to focus on Farfetch’s e-tail business, making NGG’s future uncertain.

JD Sports Fashion in its third quarter trading update said given the volatile trading environment, and following October trading, it now expects pre-tax profit to be at the lower end of original guidance range of 955 pounds to 1,035 million pounds.

The company said that the more volatile environment was reflected in like-for-like (LFL) sales for the period down 0.3 percent with a good August and September offset by a softer October.

At the end of the period, year-to-date LFL sales growth was 0.5 percent. On a LFL basis, stores continued to outperform online and footwear continued to outperform apparel in the period.

Commenting on the outlook, Régis Schultz, CEO of JD Sports Fashion said in a release: “The trading environment remains volatile though and, following October trading, we now anticipate full year profit to be at the lower end of our guidance range.”

JD Sports achieves growth amid tough trading conditions

Driven by the store rollout programme, organic sales growth in the period was 5.4 percent with year-to-date organic sales growth of 6.1 percent.

After a strong back-to-school period, the company saw much softer consumer demand and trading toward the end of the quarter, reflecting elevated promotional activity, unseasonable weather and a cautious consumer, with evidence supporting suppressed demand in the US ahead of the election.

The company’s gross margin for the period increased 0.3 percent pts to 48.1 percent with the year-to-date gross margin at 48.2 percent, in line with the corresponding period.

“After a good start to the period, helped by strong back-to-school sales, we saw increased trading volatility in October, particularly in North America and the UK, reflecting elevated promotional activity and mild weather,” added Schultz.

JD continues to expand footprint

The company added that all segments achieved organic sales growth in the period, driven by new space growth in JD and Complementary Concepts, and by LFL sales growth in Sporting Goods & Outdoor. Regionally, Europe performed well, delivering both LFL sales growth and organic sales growth, with softer trading in the period being seen elsewhere.

In the period, JD opened 79 new stores, taking the total number of openings by the end of the third quarter to 181. The total number of stores at the period end was 4,541, up 1,224 from the start of the year, including 1,179 stores acquired with Hibbett.

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 the fundraising of 39.3 million pounds.

In his role as chair, Morris will be responsible for overseeing the group's recently announced business review, which will be led by Finley and supported by the rest of the board.

“My appointment follows a series of decisive steps taken by the board since launching its business review, including the completion of the refinancing, the appointment of Dan Finley as our new CEO and the successful fundraising. I am excited to lead Boohoo through the next phase of its development,” added Morris.

The company added that Tim Morris’s appointment and experience across legal, governance, business and board advisory, will ensure high standards of corporate governance continue to be upheld, including with regards to the business review.

Boohoo further said that Mahmud Kamani will now become executive vice chair with immediate effect. The board has decided to divide the role between his executive capacity and his role as the board’s chair, to enable the company to have an independent chair and allow Kamani to continue his day to day executive role.

Kamani is currently focussed on the young fashion businesses. Additionally, Alistair McGeorge will remain as senior independent director.

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 pleasure to meet many of the Coats team and visit many of our key sites in my first couple of months as CEO. This has confirmed my view that we have a premium quality business, executing well with opportunities for further improvement, and a strong platform for future profitable growth.”

The company said in a release that apparel and footwear divisions continued to benefit from a return to normalised levels of customer buying and inventory patterns, with both divisions showing year-on-year growth of 14 percent and 7 percent against a weaker prior year comparator due to the impact of destocking in 2023.

The performance materials division saw marginal 1 percent increase versus 3 percent decline in the first half but remained impacted by lower order book activity in the personal protection and composites sectors, particularly in the Americas. The company added that the lower capacity utilisation in the Americas continued to negatively impact performance materials margins.

As a result of the strong overall sales growth, alongside continued delivery of the strategic projects, Coats expects to deliver a full year operating margin of around 18 percent.

“In the four months to the end of October the group continued to perform well, led by apparel and footwear. We are confident in the group’s ability to sustain this momentum through the final quarter and consequently in delivering a full year performance in line with market expectations,” added Paja.

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, Target expects approximately flat comparable sales and GAAP and adjusted EPS of 1.85 dollars to 2.45 dollars, translating to a full year expected GAAP and adjusted EPS range of 8.30 dollars to 8.90 dollars.

"We saw several strengths across the business, including a 2.4 percent increase in traffic, nearly 11 percent growth in the digital channel, and continued growth in beauty and frequency categories,” said Brian Cornell, chair and chief executive officer of Target Corporation.

“At the same time, we encountered some unique challenges and cost pressures that impacted our bottom-line performance," added Cornell.

Total revenue for the third quarter of 25.7 billion dollars was 1.1 percent higher than last year, reflecting a total sales increase of 0.9 percent and an 11.5 percent increase in other revenue.

Third quarter operating income of 1.2 billion dollars was 11.2 percent lower than last year. Beauty comparable sales grew more than 6 percent.

The company paid dividends of 516 million dollars in the third quarter, reflecting a 1.8 percent increase in the dividend per share.

The TJX Companies net sales for the third quarter were 14.1 billion dollars, an increase of 6 percent, while comparable store sales increased by 3 percent. Net sales for the first nine months were 40 billion dollars, an increase of 6 percent with comparable store sales increase of 3 percent.

Net income for the quarter was 1.3 billion dollars and diluted earnings per share were 1.14 dollars, up 11 percent. For the first nine months, net income was 3.5 billion dollars and diluted earnings per share were 3.03 dollars, up 14 percent.

Commenting on the third quarter update, Ernie Herrman, CEO and president of The TJX Companies, Inc., stated: “Across the company, customer transactions drove our comp sales increases, which tells us that our values and treasure hunt shopping experience are appealing to a wide range of customers. With our above-plan profitability results in the third quarter, we are raising our full year guidance for pretax profit margin and earnings per share.”

TJX invests in Axo and Brands For Less

During the third quarter, TJX completed its investment in the joint venture with Grupo Axo, an operator of global brands in Mexico and South America that includes both full and off-price formats for 179 million dollars in cash. Under the terms of the definitive agreements, TJX owns 49 percent and Axo owns 51 percent of the joint venture.

After the end of the third quarter, the company completed its investment for a 35 percent minority equity stake in Brands For Less (BFL) for 344 million dollars. BFL is based in Dubai and is the region’s only major off-price branded apparel, toys, and home fashions retailer. BFL currently operates over 100 stores, primarily in the UAE and Saudi Arabia, as well as an e-commerce business.

During the quarter under review, the company increased its store count by 56 stores overall to a total of 5,057 stores.

TJX raises pre-tax profit margin and earnings outlook

For the fourth quarter, TJX continues to expect consolidated comparable store sales to be up 2 percent to 3 percent.

The company now expects pretax profit margin for the quarter to be in the range of 10.8 percent to 10.9 percent and diluted earnings per share to be in the range of 1.12 dollars to 1.14 dollars.

For the full year, the company continues to expect consolidated comparable store sales to be up 3 percent. Increasing its outlook, the company said it expects pretax profit margin to be 11.3 percent and diluted earnings per share to be in the range of 4.15 dollars to 4.17 dollars.