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Next acquires majority stake in Joules for 34 million pounds

British clothing retailer Next has acquired a majority stake in struggling heritage brand Joules through a newly formed company for 34 million pounds in cash. In a regulatory filing, Next said it has partnered with Joules’ founder Tom Joule to acquire the company out of administration. The company has already acquired the current Joules head...

1 Dec 2022

Business

L’Oréal acquires minority stake in French biotech firm Microphyt

Beauty giant L’Oréal has established a strategic partnership with Microphyt, which has seen the group’s venture capital fund acquire a minority stake in the French biotech company. The deal builds on L’Oréal’s Research and Innovation strategy centred towards Greens Science and investments in innovative biotech start-ups around the world. The...

1 Dec 2022

Business

Babor launches skincare coaching feature with Revieve

German skincare brand Babor has launched a personalised skin coaching experience to support customers after they have made a purchase. Developed in partnership with beauty and wellness tech platform Revieve, ‘Babor Skin Coach’ builds on the brand’s efforts to enhance customer loyalty and commitment by encouraging customers to set skin goals and...

1 Dec 2022

Business

Asos loosens performance targets for exec bonus scheme

Fast fashion e-tailer Asos has altered the criteria for its annual executive bonus scheme to reflect its sharp decline in finances. In a notice on its website, the retailer said the changes were “appropriate” in order to “better align with business priorities”. According to the Financial Times, the new scheme will be applicable to Asos’ new CEO...

1 Dec 2022

BusinessFeatured

PVH swings to Q3 loss, but revenue beats estimates

Tommy Hilfiger owner PVH Corp fell into the red in the third quarter despite stronger-than-expected revenue. The US fashion giant made a net loss of 186.7 million dollars in the period compared to a profit of 279.7 million dollars a year earlier. Revenue of 2.281 billion dollars was 2 percent below the previous year, but 7 percent higher on a...

1 Dec 2022

Business

Inspecs appoints two new non-exec directors and CEO to strengthen board

Eyewear manufacture Inspecs Group has announced the appointment of two new non-executive directors, Shaun Smith and Hugo Adams, and a new CEO, Richard Peck, effective today, in a bid to strengthen its board and assist in the delivery of its strategic goals. Smith has previously served in CFO roles at Norcros and Aga Rangemaster Group, where he...

1 Dec 2022

Business

Klarna rolls out Creator Platform globally

Bank and payment service provider Klarna has globally rolled out its Creator Platform, now allowing retailers and influencers in all of its 45 markets to access the feature. Initially launched in the US in October 2022, the initiative aims to match retailers with the right influencers and track performance metrics in a bid to bolster the...

1 Dec 2022

Business

Joules takeover deal by Foschini Group said to be imminent

A new report has suggested that Joules is on the brink of a rescue deal with South African retail conglomerate, the Foschini Group (TFG). According to Sky News, the group, which also owns Hobbs and Whistles, is close to closing an agreement to buy the majority of Joules’ stores and assets, amounting to roughly three-quarters of the brand’s...

1 Dec 2022

Business

UK retailers face ‘inventory crisis’ in evolution of global supply chain woes

A new report by Unleashed has found that UK clothing and fashion businesses are holding 57 percent more stock compared to pre-pandemic levels as new supply chain challenges come to head. In its ‘Manufacturers Health Check’ report, the firm analysed more than 4,500 SMEs through four data points; value of stock on hand, Gross Margin Return on...

1 Dec 2022

Business

Brunello Cucinelli to be honoured with revived Neiman Marcus Award

Brunello Cucinelli has been announced as the honouree of the Neiman Marcus Award for Distinguished Service in the Field of Fashion as the retail group launches a new award platform to recognise leaders in the industry. The Neiman Marcus Group (NMG) unveiled its NMG Awards marking the return of the prestigious prize and an additional new award...

1 Dec 2022

BusinessFeatured

G-III reports increase in Q3 sales, but profits narrow

G-III Apparel Group has reported a drop in profit in the third quarter of the year amid logistical issues at its distribution centers. The Nasdaq-listed group posted net profit of 61.1 million dollars in the three months to October 31, down from 106.7 million dollars a year earlier. Chief executive Morris Goldfarb said higher inventory levels in...

1 Dec 2022

Business

Gordon Brothers loans 25 million dollars to Everlane to support growth

Global advisory firm Gordon Brothers has announced that it has provided American clothing retailer Everlane with a 25 million dollar term loan secured by the brand and its working capital assets. In a release, the company said the brand would use the loan to support “over a decade of continued growth”. Speaking on the agreement, Tobias Nanda,...

1 Dec 2022