Latest Articles in Business

George at Asda welcomes ‘soaring growth’ in fashion sales

Supermarket giant Asda has said that its clothing brand George welcomed “soaring growth” in both online and in-store fashion sales over the latest six-month period. According to the retailer with reference to a report by Kantar, George at Asda had significantly outperformed the market, with online sales up 13.4 percent over the 24 weeks to March...

Business

International Woolmark Prize sees a refresh with two-year extension

The International Woolmark Prize has announced a series of strategic updates to the initiative as it looks to better support the emerging fashion talent it awards in upcoming editions. The latest changes come ahead of this year’s chapter in the programme, for which applications are open from April 16 to June 30, after which an advisory council...

Business

Tapestry and Capri merger gain EU and Japan antitrust approval

The planned merger between luxury powerhouses Tapestry and Capri Holdings has been approved by market regulators in both Japan and the European Union, bringing the duo one step closer to their goal. In a regulatory filing, Tapestry confirmed the news that the merger plan had been cleared by the European Commission under the EU Merger Regulation...

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Superdry confirms proposed restructuring plan, possible delisting on horizon

Amid heightened speculation surrounding its future, Superdry has outlined its proposed restructuring strategy as part of the company’s broader ongoing turnaround plan aimed at delivering a more financially sound operating model. The struggling retailer said that C-Retail Limited, a wholly owned subsidiary of the company which owns the leasehold...

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Gildan outlines strategic priorities, confirms 2024 outlook

Gildan Activewear’s president and CEO, Vince Tyra has unveiled his key strategic priorities for the company. Concurrently, Gildan also reconfirmed its 2024 full year guidance and said that the preliminary first quarter revenue is expected to come in at approximately 695 million dollars or down about 1 percent year over year. Reflecting on his...

Business

Digital Brands Group manages to reduce full year loss

Full year revenues at Digital Brands Group increased 6.8 percent to 14.9 million dollars excluding revenue from Harper & Jones. Gross margin increased 10.2 percent to 6.5 million dollars and gross profit margins increased to 43.9 percent. Net loss per share reduced to 10.2 million dollars or 20.46 dollars per share. "Despite lower revenue...

Business

Douglas Group reduces net debt, Q2 sales up 11.5 percent

Omni-channel beauty retailer Douglas Group has secured a new refinancing of 1.3 billion euros. Following its listing on the Frankfurt Stock Exchange at the end of March, the company had used the proceeds and a capital injection to partially prepay an existing facilities agreement amounting to 675 million euros. With the fresh financing, the...

Business

Textile Exchange urges industry to find alternatives for existing synthetics

In its latest report, ‘The Future of Synthetics’, non-profit Textile Exchange has issued a call on the industry to reevaluate its relationship with synthetic fibres and textiles, while cautioning suppliers on a potentially overbearing reliance on raw materials. While the organisation is urging fashion to eliminate the use of new virgin, fossil...

Business |In Pictures

Milan Design Week: Five ‘icons of Italian design’ get Gucci Ancora update

Adapted iterations of five iconic Italian design pieces have been unveiled at Gucci’s flagship store on via Monte Napoleone, Milan, where this year’s design week is currently underway. From April 15, an exhibition at the location, conceived by Spanish architect Guillermo Santomà, will house the objects that “represent the golden age of Italian...

Business

Sports Direct fails to secure injunction against Newcastle United over replica kits

Mike Ashley’s Sports Direct has been unable to secure an injunction against Newcastle United Football Club (NUFC) that would have allowed the retailer to sell the club’s replica kits for the 2024/25 season. The sportswear retailer filed a complaint against NUFC with the Competition Appeal Tribunal during March, in which it had alleged that the...

Business

AAFA supports call to extend duty-free deal with African markets

The American Apparel & Footwear Association (AAFA) has welcomed and expressed support for a new bill attempting to extend the currently in place African Growth and Opportunity Act (AGOA), which is set to expire September 2025. The AGOA Renewal and Improvement Act of 2024, introduced by Senators Chris Coons and James Risch, calls on the original...

Business

Dr. Martens sues Temu for trademark infringement

Footwear specialist Dr. Martens is preparing to take on Temu for alleged trademark infringement, launching a lawsuit in an attempt to halt the Chinese marketplace from using keywords associated with the brand. The legal action was taken to the UK’s High Court, according to a report by the Times, for which a case filing alleged that Temu had been...