Latest Articles in Business

G-III ups FY outlook, announces licensing deal with Halston

G-III Apparel Group has upped its full-year revenue and profit outlook after exceeding both its top and bottom line guidance in the first quarter. Net sales for the first quarter ended April 30 dropped 11.9 percent to 606.6 million dollars, while net income narrowed to 3.2 million dollars from 30.6 million dollars. The group, whose portfolio...

Business

Chico’s posts increase in Q1 profit, but lowers FY outlook

US retailer Chico’s has lowered its full-year outlook after reporting widening profits but a drop in sales in the first quarter. The women's clothing and accessories company posted a net income of 39.9 million dollars in the three months to April 29, up from 34.9 million dollars a year earlier. Despite the increase in profitability, the retailer...

Business

Diesel appoints Matteo Lena as CEO of North America

Diesel, part of the OTB Group, has announced the appointment of Matteo Lena as the brand’s new CEO for North America. Lena, the company said in a statement, brings over 20 years of experience in the fashion and luxury industry. He will step into the new role at Diesel on June 5, 2023. “Matteo Lena is a manager with wide international experience,...

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N Brown: Revenue and profit decline amid challenging market conditions

N Brown Group revenue for the year to March 4 2023 fell 5.3 percent to 677.5 million pounds, reflecting challenging online market conditions. The company said that product revenue declined 6.9 percent, with strategic brands down 5.3 percent. Lower retail sales, net of higher customer credit penetration, led to lower FS revenue, down 2.4 percent....

Business

Pepco Group posts 22.8 percent H1 revenue growth

For the first half period, Pepco Group revenue of 2,839 million euros, rose 22.8 percent compared with prior year on a constant currency basis, while like-for-like (LFL) sales growth was 11.1 percent. The company said LFL growth was driven by a good Christmas peak trading period of 13 percent LFL in the first quarter, followed by a resilient...

Business

Image Skincare names Sennen Pamich as chief executive officer

Image Skincare has appointed Sennen Pamich, former president of Wella Company Americas, as the company’s new chief executive officer, effective as of May 2023. Pamich, the company said in a release, brings more than 30 years of experience in the consumer packaged and luxury goods industries to Image, as well as a long track record of success...

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Tilly’s reports drop in Q1 sales, swings to loss

US retailer Tilly’s has reported a drop in sales and a net loss in the first quarter of the year as its young shoppers were impacted by inflation. The company generated net sales of 123.6 million dollars in the three months to April 29, down 15.2 percent from the same quarter a year earlier. Comparable net sales, which includes both physical...

Business

Frasers Group confirms job cuts in cost-cutting drive

British fashion giant Frasers Group has confirmed it will be looking to cut jobs after reviewing its team structures “to identify efficiencies and streamline processes”. As many as 200 jobs could be axed, sources at the group told The Sun. Responding to the media reports, a spokesperson for the fashion chain said: “Frasers Group has gone through...

Business

Uniqlo Japan May same-store sales up 4.4 percent

May 2023 same-store sales including online sales at Uniqlo Japan increased by 4.4 percent year on year while total sales including online sales increased by 9 percent. The company, part of the Fast Retailing Group, said same-store sales rose in May as sales of summer products and items that had successfully captured the latest trends sold well....

Business

Sorel brand president Mark Nenow steps down

Columbia Sportswear Company has announced that Mark Nenow, president of the Sorel brand, has resigned in order to focus on his health. Nenow joined the company in 2007 to lead footwear. The company said in a statement that he recognized an opportunity to transform the Sorel brand, from primarily a men’s winter work boot to a fashion-forward, all...

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Authentic Brands Group snaps up British heritage brand Hunter

Continuing on its string of notable acquisitions, Authentic Brands Group has announced that it has acquired the intellectual property (IP) of Wellington boot specialist Hunter. Speculation of Authentic’s potential takeover had been evident since the beginning of the year, when it was reported that Hunter was mulling a possible cash injection in...

Business

Marks & Spencer commits to protecting price of school uniform

Marks & Spencer has announced that it is going to continue protecting the price of its school uniform, a decision that has now extended into its third year after initially being introduced in 2021. The revelation comes ahead of Back-to-School season, for which the retailer said it will be offering an additional 20 percent off school uniform for...