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Latest Articles in Business

Business

Vera Wang signs deal with Pronovias

Vera Wang is joining Pronovias in holy matrimony. The designer has signed a 10-year licensing deal with Barcelona-based Pronovias for the manufacturing, distribution, and marketing of Vera Wang Bride to Pronovias’ global fleet of stores and wholesale accounts starting October of this year. Vera Wang Bride is at a more accessible price point than...

14 hours ago

Business

Carlyle Group acquires majority stake in Beautycounter

Global investment firm The Carlyle Group has acquired a majority stake in digital-native clean beauty brand, Beautycounter, an investment that values the company at 1 billion US dollars. The investment will set Beautycounter up for “accelerated growth,” said Carlyle in a statement, by allowing the beauty company to accelerate its strategic...

18 hours ago

Business

Fashionette posts 29.6 percent sales growth in 2020

In a preliminary results announcement for fiscal year 2020, Fashionette AG, said driven by increasing sales in all product categories, the company achieved growth in net revenues after returns and discounts of 29.6 percent to 94.8 million euros in 2020. The company added that adjusted EBITDA increased by 24.5 percent to 8.9 million euros,...

20 hours ago

Business

Why garment producers are choosing Ethiopia

The fashion industry is setting its sights on Ethiopia as a new home of manufacturing. Martijn van der Erve, CEO of Erve Group, saw the opportunity to produce in Ethiopia as an alternative to popular manufacturing locations like Bangladesh. In 2014, the company established Beconnected Africa, a buying house for finished garments. Following its...

21 hours ago

Business

Following record Alibaba fine, China is not letting up on big tech

A record fine, public penitence from a tech giant and a 'who's who' of digital firms warned to "rectify" their ambitions within a month -- state regulators are showing no one is bigger than Beijing in Xi Jinping's China. E-commerce titan Alibaba absorbed the massive 2.78 billion dollar penalty from China's market watchdog last Saturday, after a...

21 hours ago

Business |Commentary

LVMH sees sales of its fashion division return to pre-pandemic levels

LVMH was the first luxury house to post its quarterly results, setting a precedent for other fashion businesses by showing sales have returned to pre-pandemic levels. Sales increased 37 percent over 2019 and 52 percent over last year, when the world first faced lockdowns and store closures; first in Asia, then other markets including Europe and...

22 hours ago

Business

Sales surge at LVMH in bumper first quarter

The world's top luxury goods group LVMH bounced back from the coronavirus pandemic to rake in higher sales in January-March than in the first quarter of 2019, the French company said in partial results published Tuesday. At 14 billion euros (16.7 billion dollars), revenues grew 30 percent on 2020's coronavirus-hit figure to soar above analysts'...

13 Apr 2021

Business

How the pandemic affects countries reliant on manufacturing and production

One year of Corona - one year of lost sales and continuous uncertainties for the fashion industry and global trade. How does this affect the countries where garments are manufactured and produced? Shortly after the Corona outbreak in March of last year, it quickly became apparent that the pandemic would have long-lasting effects across the...

13 Apr 2021

Business

British Fashion Council adopts the Halo Code

The British Fashion Council has announced it has implemented the Halo Code, the UK’s first Black hair code. The Halo Code is a campaign pledge signed by businesses that explicitly protects employees who come to work with natural hair and protective hairstyles associated with their racial, ethnic, and cultural identities. According to the Halo...

13 Apr 2021

Business

Why leading brands decided to digitise their merchandising process

The retail landscape is constantly shifting, and retailers who cannot keep up with the evolving times get left behind. As physical stores around the globe close their doors following governmental restrictions due to the pandemic, many are set to remain closed for good. It is evident that COVID-19 acted as an accelerator for what many brands were...

13 Apr 2021

Business

Pentland Brands partners with UK students to help launch careers

Pentland Brands, which owns Speedo, Berghaus, and other sports and outdoor lifestyle brands, announced it has partnered with academic institutions across the UK to nurture design students through mentoring workshops, career opportunities, and fabric donations. The company stated it has enrolled in the UK Government Kickstart scheme, which grants...

13 Apr 2021

Business

JD Sports reveals strong outlook

JD Sports Fashion Plc said in a statement that despite the temporary closure of stores in a number of countries at various times in the year, total revenue for the group increased by approximately 1 percent in the year to 6,167.3 million pounds. Total gross margin in the year of 48 percent was slightly ahead of the prior year, while pre-tax...

13 Apr 2021