Latest Articles in Business

SportFits grows annual revenues by 31 percent

SportFits, the e-commerce specialist for outdoor, bike and winter sports items, reported a sales increase of 31 percent to 24.4 million euros for 2023. The operating net margin was 6.51 percent with the company managing to grow profitability for the sixth year in a row. Commenting on the full year trading and outlook, Florian Weis, CEO of...

BusinessFeatured

Moncler Group revenues rise 16 percent in the first quarter

In the first three months of 2024 Moncler Group revenues of 818 million euros, increased 16 percent including Moncler brand revenues of 705 million euros and Stone Island brand revenues of 113 million euros. Moncler brand revenues increased by 20 percent cFX, driven by strong growth in the DTC channel across all regions, while Stone Island brand...

Business

River Island receives Science Based Target initiative approval

British fashion retailer River Island has announced that its science-based targets have been approved by the Science Based Targets initiative (SBTi), the global body that supports businesses to reduce emissions in line with the latest climate science. In a statement, River Island said it is committed to long-term and near-term emissions...

Business

AB Foods-owned Primark posts increased profit margins

Primark sales were up 7.5 percent for the 24 weeks to March 2, 2024 marked by a slow start for many cold weather categories due to unseasonal warm weather, followed by strong Christmas trading with seasonal ranges selling through well. However, the company, part of the diversified Associated British Foods (ABF), said in a release that adjusted...

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Zegna's Q1 revenues improve, while Thom Browne declines

Ermenegildo Zegna Group announced unaudited revenues of 463.2 million euros for the first quarter, up 8.1 percent or 10.7 percent at constant currency and down 5.3 percent on an organic growth basis. Revenues for the Zegna segment amounted to 324.9 million euros, up 1.7 percent and 4.3 percent on an organic growth basis, while revenues for the...

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Kering forecasts sharp decline in H1 operating profit

Kering Group’s first quarter revenue of 4.5 billion euros, declined 11 percent as reported and 10 percent on a comparable basis. The company said in a statement that revenue from the directly operated retail network fell 11 percent on a comparable basis, as a result of lower store traffic. Revenue in the wholesale and other segments was also...

Business |Interview Featured

Eleven years after Rana Plaza, where is the fashion industry in terms of transparency?

Eleven years ago today, on 24th April 2013, the Rana Plaza building in Savar, Bangladesh collapsed, killing more than 1,100 garment workers and injuring more than 2,500, many of them severely. All of those deaths and injuries could have been prevented had the five garment factories housed in the building evacuated on time like the other...

Business |Beauty

Glossier brings back scheme to support Black beauty entrepreneurs

Beauty brand Glossier has confirmed that its UK Black Beauty Grant Programme, which launched last year in partnership with Black Girl Fest Studios, is returning for 2024 to offer funding and tailored business support to Black beauty entrepreneurs in the UK. The UK grant programme builds off Glossier’s US initiative that began in 2020 and has...

Business

Tapestry responds to FTC's lawsuit blocking acquisition of Capri Holdings

The Federal Trade Commission (FTC) has sued to block Tapestry’s 8.5 billion dollars acquisition of Capri Holdings Limited, a deal that seeks to combine three close competitors – Tapestry’s Coach and Kate Spade brands and Capri’s Michael Kors brand. The Commission issued an administrative complaint and authorised a lawsuit in federal court to...

Business

Colombian designer jailed 18 months over reptile handbags

A celebrity fashion designer was sentenced Monday to 18 months in prison for smuggling handbags made from the skin of protected reptiles into the United States. Colombian national Nancy Gonzalez, 71, admitted in November to illegally importing purses made from caiman and python skins between February 2016 and April 2019. Both animals are...

Business

JD Sports to acquire US-based Hibbett for 1.08 billion dollars

JD Sports Fashion has announced the proposed acquisition of sports-fashion brand Hibbett. Today the group proposed to acquire 100 percent stake in Hibbett for a price of 87.50 dollars per share in cash, implying an equity value of 1,083 million dollars and an enterprise value of 1,109 million dollars. Commenting on the development, Régis...

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...