Latest Articles in Business

Estée Lauder delivers Q3 sales and earnings growth

For the third quarter, The Estée Lauder Companies reported net sales of 3.94 billion dollars, an increase of 5 percent with organic net sales increase of 6 percent due to double-digit growth in Europe, the Middle East & Africa (EMEA), driven by stronger sales in Asia travel retail. The company’s third quarter net earnings rose to 330 million...

Business

Vestiaire Collective: “Our world cannot afford fast fashion”

“The idea that fast fashion is more affordable is simply wrong” - this is the conclusion of new research by Vestiaire Collective. The French resale platform published its ‘Circularity Report 2024’ last week. The company's third annual impact report shows the results of a joint study with carbon tracking software Vaayu. A consumer survey with...

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Lounge reports positive growth and plans to continue retail expansion

Multi-channel underwear and apparel retailer Lounge has reported positive year-on-year growth due to growth in its international markets and retail expansion in the UK. The British-based brand has reported sales of 67.9 million pounds for the year ended June 30, a 6 percent increase and a pre-tax profit of 5.5 million pounds compared to the...

Business

Rebag launches new membership programme to grow sales

Luxury resale retailer Rebag has launched a membership programme aimed at increasing customer purchasing power by 27 percent. The Rebag+ programme aims to offer an industry-first approach to resale, allowing customers to fund now, buy later, by converting 100 percent of membership contributions to R+ Credit usable for future purchases. To join...

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Amazon triples quarterly profit as cloud, ads and retail businesses thrive

E-commerce titan Amazon on Tuesday said profit in the first three months of 2024 tripled. Amazon shares were up about one percent in after-market trades that followed release of the earnings figures, with Wall Street keeping a close eye on the impact of AI as well as costs involved. "It was a good start to the year across the business," Amazon...

Business

Next Q1 sales increase, maintains profit outlook

In the first quarter, full price sales at Next were up 5.7 percent versus last year, slightly ahead of the previous outlook of an increase of 5 percent. Maintaining its sales and profit guidance for the full year, the company said in a statement that it continues to expect group profit before tax to be 960 million pounds, up 4.6 percent and...

Business

Rocky Brands posts Q1 profit, sales increase 2.2 percent

Rocky Brands net sales increased 2.2 percent to 112.9 million dollars in the first quarter and increased 7.6 percent excluding Servus brand net sales from the year ago period. The company said in a release that operating income increased 92.1 percent to 8 million dollars or 76.4 percent to 8.7 million dollars on an adjusted basis. Net income was...

Business

Vince Holding is back in the black during 'transformation year'

US clothing supplier Vince Holding Corp. has returned to profitability in the 2023/24 financial year despite a significant drop in sales. The group "took the right steps" in a "year of transformation", explained interim CEO David Stefko in a statement published on Tuesday. The company had indeed made drastic changes to its business model: the...

Business

Frasers Group buys back part of Matches' intellectual property

Frasers Group has acquired part of the intellectual property of Matches Fashion Limited, according to a statement from the Sports Direct owner. The deal is notable because earlier this year Frasers placed Matches in receivership and closed the doors of the e-tailer. The press release stressed that only part of the intellectual property has been...

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Lanvin Group maintains growth momentum in 2023

Lanvin Group full year revenue of 426 million euros, increased 1 percent; and gross profit was 251 million euros, representing a 59 percent gross margin, a 250 bps increase versus 2022. Commenting on the full year trading, Zhen Huang, chairman of Lanvin Group, said: "In reviewing our 2023, I thought back to the resiliency we showed during the...

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Taipei Fashion Week and beyond: 5 Emerging Taiwanese talents to know

In recent years, few Taiwanese designers have managed to capture the market on a global scale, yet the local industry is budding with emerging talent that is beginning to draw in much deserved attention. Alongside this, the country is also beginning to increasingly experiment and invest in its biannual Taipei Fashion Week, which came to a close...

Business

Global Fashion Group: Q1 revenue declines by 19 percent

Global Fashion Group’s (GFG) first quarter net merchandise value decreased 16.5 percent to 238.8 million euros, while revenue decreased 18.8 percent to 152.7 million euros. Commenting on the first quarter trading performance, Christoph Barchewitz, CEO of GFG, said in a statement: "We are progressing our strategy with our platform transition and...