Latest Articles in Business

THG delivers 4.5 percent Q1 sales increase

Overall THG Group achieved first quarter revenue growth of 4.5 percent to 455.4 million pounds. The company said in a release that THG Beauty delivered a growth of 11.1 percent to 267.6 million pounds following targeted changes to geographic strategy through 2023, focusing on more profitable customers and territories closest to the global...

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Golden Goose posts strong Q1, appoints Marco Bizzarri to board

Following a strong performance in 2023, Golden Goose net revenues for the first quarter increased by 12 percent at constant exchange and 11 percent on a reported basis, while maintaining strong margins. The company also announced the appointment of Marco Bizzarri, former president and CEO of Gucci, to its board of directors. The company’s...

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Charles Tyrwhitt posts strong sales growth in 2023

Turnover at British shirt maker Charles Tyrwhitt for the year to July 29, 2023 increased 45 percent to 269.2 million pounds, of which 49 percent was contributed by the UK market and 51 percent by the rest of the world. Founders Nicholas Wheeler and his wife, Chrissie Rucker earned over 21 million pounds last year as the company benefitted from...

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HanesBrands Inc to achieve zero waste across its operations by 2025

HanesBrands Inc., the parent company of apparel brands Hanes, Champion, Bonds, Maidenform, and Bali, is set to achieve zero waste across its operations by 2025, according to its latest Sustainability report. The report, published on Earth Day, April 20, highlights the steps the apparel company has taken to ensure it reaches its sustainability...

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Perry Ellis International expands partnership with CleanHub against plastic waste

Perry Ellis International, Inc (PEI), the parent company of Original Penguin and Perry Ellis, has expanded its partnership with CleanHub to include the Perry Ellis brand in its effort to intercept plastic waste before it contaminates oceans and waterways. The expansion of its partnerships sees PEI allocating a portion of its sales towards...

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Elena Strahova, CEO, Riga Fashion Week: 'Latvian brands tend to operate within their own niche'

On the fringes of the traditional fashion industry circuit, Fashion Week in Latvia's capital Riga has established itself as a benchmark event in the Baltic region, distinguished by its focus on sustainability and ethics in fashion. Elena Strahova, founder and CEO of Riga Fashion Week (RFW), which took place from April 8 to April 11, takes stock...

Business

More job cuts at Lululemon as it closes U.S. distribution center

Canadian Athleisurewear giant Lululemon is set to close its distribution center in Washington, leading to the layoffs of 128 employees, according to a filing in the local state. Shares in the company have fallen over 31 percent since the start of 2024. The job cuts are expected to commence on June 21, with plans to shut down the facility by the...

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Why Earth Day has become largely a marketing gimmick

What do Mother's Day, Valentine's Day and Earth Day have in common? They are all days that highlight something/someone that should go without saying and be celebrated every day of the year - mothers (parents in general), love and our earth. The very existence of such days of remembrance shows that something is amiss - why do mothers need to be...

Business

Nike to axe over 700 jobs from its Oregon headquarters

Nike's Oregon headquarters is set to eliminate approximately 740 jobs by late June as part of its multiyear cost-cutting plan. Michele Adams, Nike’s vice president of people solutions, disclosed this intention in a filing with the state of Oregon on Friday, describing it as a “second phase of impacts” as the world’s largest sportswear company...

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WHP-led consortium initiates sales deal with Express

Express, Inc. announced that announced that it has received a non-binding letter of intent from a consortium led by WHP Global, a wholly owned subsidiary of Simon Property Group and Brookfield Properties for the potential purchase of the company’s retail stores and operations. Express also announced that it has named Mark Still as senior vice...

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Fashion Revolution on achievements in the last ten years and future needs

In the last ten years, the fashion industry has come a long way - the simple question, “Who made my clothes?” could not be answered after the collapse of the Rana Plaza building on 24th April 2013. Rescuers had to dig through the rubble looking for clothing labels to figure out which brands were producing clothes there. Even then, brands and...

Business

Can Asos ramp up revenue after its sales decline?

Asos wants to reverse its sales decline, grappling with an 18 percent drop in revenue amidst intensified competition from brands like Shein, H&M, and Zara. This challenge is compounded by shifting consumer preferences away from exclusive online shopping, marking a stark departure from the gains Asos experienced during the pandemic, the Guardian...