Executive Report news and archive

Valesco buys majority stake in Moncler’s headquarters in Milan

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...

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Wacoal announces leadership transition in European sales

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...

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Abercrombie & Fitch to Enter India

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...

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Gymshark CFO Mathew Dunn resigned

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...

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The Children’s Place reports ‘significant improvement’ in gross profit margin to 35% in Q3

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...

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Cyber Monday: UK shoppers to spend a 3.33 billion pounds online

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...

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Benetton Group plans to close 500 stores

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...

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Gucci Logistica increases stake in Colonna Group tannery to 100 percent

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...

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United Nomads Group acquires experiential brand Caravana

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...

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Nordstrom Q3 net sales increase, adjusts FY24 outlook

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...

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Burlington Stores names Shira Goodman to the board of directors

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...

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JD Sports acquires Courir for 520 million euros

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...