Latest Articles in Business

L’Oréal records strong Q1 results

First quarter sales of 11.24 billion euros, increased 9.4 percent like-for-like and 8.3 percent reported at L’Oréal. The company’s adjusted like-for-like growth was 8.1 percent. Commenting on the figures, Nicolas Hieronimus, CEO of L'Oréal, said in a statement: “2024 is off to a very good start with like-for-like growth of 9.4 percent,...

Business

Reitmans posts Q4 revenues increase of 3.8 percent

Apparel retailer Reitmans Canada (RCL) increased fourth quarter revenues by 8.1 million Canadian dollars or 3.8 percent to 221 million Canadian dollars, while comparable sales including e-commerce net sales, decreased 1.6 percent. Net revenues for fiscal 2024 decreased by 8.6 million Canadian dollars or 1.1 percent to 794.7 million Canadian...

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Veesual raises 7.5 million US dollars and announces US expansion

Veesual, the Paris-based AI-powered virtual try-on platform for the fashion industry, has closed a 7.5 million US dollar seed round led by AVP (AXA Venture Partners) and Techstars. The investment will accelerate the company's plan to expand into the US market by opening its first US-based office in New York in 2025, recruiting senior US talent,...

Business

Kinnevik proposes cash distribution of 6.4 billion Swedish krona

During the first quarter, Kinnevik announced the divestment of its full shareholding in Tele2 to Iliad/NJJ for a total consideration of 13 billion Swedish krona. Following this transaction, the company’s board intends to propose an extraordinary cash distribution of 23 Swedish krona per share or 6.4 billion Swedish krona in total. “With Kinnevik...

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Brunello Cucinelli confirms FY24 forecast on strong Q1

First quarter sales at Brunello Cucinelli were up by 16.5 percent at current exchange rates and 17.9 percent at constant exchange rates to 309.1 million euros. The company said that the first quarter performance is in line with expectations and consistent with the 10 percent growth expected for the full year. Commenting on the results, Brunello...

Business

OVS sales and profit improve, outlook positive

OVS ended the year with net sales of 1,536 million euros, up 1.5 percent despite exceptionally unfavourable weather that penalised the apparel market in the initial periods of both seasons. The company’s sales in the first months of 2024 are up by around 5 percent. OVS said in a release that the positive full year result was also due to the best...

Business

Amazon Live launches shoppable channel on Prime Video and Freevee

Amazon is bringing its ‘Amazon Live’ interactive and shoppable livestreams to Prime Video and Amazon Freevee, meaning that customers can browse, shop, and engage with content they're watching on the TV screen by using their mobile devices. Previously Amazon Live streams were only available on desktop, mobile, and Fire TV, the new FAST (free...

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Asos reports H1 loss, names new CFO

For the first half period, Asos reported an adjusted pre-tax loss of 120 million pounds, while total sales declined by 18 percent to 1,505.8 million pounds. Adjusted EBITDA loss widened to 16.3 million pounds compared to the 4.6 million pounds in the period last year. Asos reiterated guidance for FY24 sales decline of 5 to 15 percent, positive...

Business

Adidas raises outlook on better than expected Q1 results

Adidas reported preliminary currency-neutral revenues increased 8 percent in the first quarter. In euro terms, the company’s revenues grew 4 percent to 5.458 billion euros. The company’s gross margin improved 6.4 percentage points to 51.2 percent and operating profit increased to 336 million euros. As a result of the better-than-expected...

Business

LVMH posts Q1 organic revenue growth of 3 percent

LVMH Moët Hennessy Louis Vuitton recorded revenue of 20.7 billion euros in the first quarter, down 2 percent reported, while organic revenue growth was 3 percent. LVMH said in a statement that the company had a good start to the year despite a geopolitical and economic environment that remains uncertain. While Europe and the United States...

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Fy! acquires marketplace Trouva

London-based Trouva, the platform for independent boutiques and brands, has been acquired by Fy!, the AI-enabled marketplace for home and living. The acquisition doubles Fy!'s business size and is part of its wider strategy to leverage artificial intelligence to offer unparalleled marketplace experiences for sellers and buyers alike. Trouva,...

Business

Matalan brings 17 new third-party brands to platform

Matalan has announced the expansion of its range of third-party labels, with 17 new brands having now joined the retailer’s offering across core categories. Among the newly added names in the apparel division are Mountain Warehouse, Threadbare, Brave Soul, ToeZone and Regatta, all sitting alongside Matalan’s existing roster and building on the...