Latest Articles in 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...

BusinessFeatured

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...

Business

Japan’s Spiber secures 65 million dollar funding to scale Brewed Protein

Japanese biotech firm Spiber has announced the completion of a fundraising round through which it raised over 10 billion Japanese yen (64.7 million dollars) to support the mass production of its Brewed Protein material. Developed over 15 years of research, the material utilises the cyclical nature of proteins in a microbial fermentation process...

Business

Sosandar posts 9 percent increase in full year revenues

Sosandar plc reported revenue of 46.3 million pounds, up 9 percent year-on-year and improved gross margin to 57.6 percent. Sosandar believes that market expectations for the year ended 31 March 2024 are revenue of 46.8 million pounds and PBT of 0.1 million pounds. Post year-end, the company said in a release that April trading has been strong...

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 gains 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...