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OVS FY20 sales decline by 25.7 percent

Full year net sales at OVS spa, amounted to 1,018.5 million euros, down by 25.7 percent against 2019. The company said in a statement that in spite of a low propensity to out of home activities across the full year in the period between the two lockdowns, OVS recorded a positive LFL performance. The company added that adjusted EBITDA for the...

5 hours ago

Business

Luxury fashion M&A activity reactivates in 2021 with five deals in March

While it has taken a few months to take off, major investments, merges and acquisitions within the fashion and luxury industry seem to have started to flourish in 2021. From divestments to major acquisitions, these are the five deals that have the industry talking: Dondup, OAMC, Louboutin, Jil Sander and Vestiaire Collection. Confirming the...

12 hours ago

Business

Destination XL appoints Elaine Rubin to its board of directors

Destination XL has appointed Elaine Rubin, 58, to the company’s board of directors. The company said, she will serve as a director until the company’s next annual meeting of stockholders, at which time she will stand for re-election. With her appointment, the size of the company’s board is now seven members. Commenting on Rubin’s appointment,...

21 hours ago

Business

Canada Goose announces new sustainability goals

Luxury outerwear brand Canada Goose is adapting to a sustainable future, as it commits to using recycled and organic materials and sustainable packaging, alongside naming world-renowned science educator Bill Nye aka ‘The Science Guy’ as its sustainability advisor. The announcement was revealed alongside the company’s second annual sustainability...

1 day ago

Business

Fashion's digital reckoning: one year on

When Tommy Hilfiger introduced a fully digital showroom back in 2015, little did parent company PVH know it would spell the future of wholesale. While offering a seamless interface of selling tools, a novel touchscreen where buyers can merchandise collections without requiring to see samples, it hadn’t banked on the notion that one day those...

1 day ago

Business

The Hut Group swings to full-year loss despite soaring revenue

The Hut Group (THG) has posted a full-year loss despite a 41.5 percent jump in revenue. For the year ending December 31, the British group reported an operating loss of 481.8 million pounds, compared to a profit of 33.5 million pounds a year earlier. The company said this was driven by one-off, non-cash items including costs associated with its...

1 day ago

Business

Rattled Chinese tech giants pledge to end unfair competition

Beijing - More than 20 Chinese tech giants have made a public pact to abide by anti-monopoly guidelines, after regulators told them to note “the warning” of a record fine against e-commerce giant Alibaba. Beijing is taking China’s tech firms to task to curtail the reach of private companies into the daily finances of the Chinese public — and,...

15 Apr 2021

Business

RNB Retail Q2 comparable sales drop by 26.2 percent

For the second quarter, net sales at RNB Retail decreased to 47 million Swedish krona compared to 118 million Swedish krona in the same quarter last year. The company said in a release that comparable sales on all national markets for all business decreased by 26.2 percent. RNB Retail posts negative result in Q2 Sales for comparable units in...

15 Apr 2021

Business

American Eagle expects to surpass 1 billion dollars revenue mark

American Eagle Outfitters has announced that business is exceeding expectations with first quarter revenue on track to over 1 billion dollars, a mid-teens increase compared to pre-Covid-19 first quarter reported revenue. The company said, demand has accelerated across the American Eagle and Aerie brands, generating strong margins, higher...

15 Apr 2021

Business

Kathleen Wilson-Thompson to join Wolverine Worldwide’s board of directors

Wolverine World Wide, Inc. has appointed Kathleen Wilson-Thompson to its board of directors, effective May 5, 2021. Wilson-Thompson, 63, the company said, brings to the boardroom a wealth of global retail experience in senior executive roles, along with a combined 14 years as a director for three public companies. “Kathleen brings a breadth of...

15 Apr 2021

Business

Steve Madden completes stake acquisition in European JV

Steven Madden, Ltd. has announced that it has completed the acquisition of the 49.9 percent share that it did not already own of its European joint venture. Commenting on the development, Edward Rosenfeld, the company’s chairman and chief executive officer, said: “Since its formation nearly five years ago, our European joint venture has...

15 Apr 2021

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...

14 Apr 2021