Latest Articles in Business

EU toughens safety rules on Chinese fashion retailer Shein

The European Union on Friday added Chinese-founded online retailer Shein to its list of digital companies that are large enough to come under stricter safety curbs. The company joins Facebook, TikTok, X, YouTube in a list of 23 "very large online platforms", which have more than 45 million monthly active users in the European Union. From the end...

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SMCP targets returning to growth by 2026

SMCP, parent company of the Sandro, Maje and Claudie Pierlot and Fursac brands, reported first quarter sales at 287 million euros, down 5 percent on an organic basis. The company continued to optimise its store network with 11 net closings during the quarter, mainly in Asia to reach 1,719 points of sales worldwide. The company will close 100...

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Hermès records strong Q1 growth

The Hermès Group’s consolidated revenue amounted to 3,805 million euros in the first quarter of 2024, up 17 percent at constant exchange and 13 percent at current exchange, driven by strong growth in all geographical areas. In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an...

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Skechers achieves Q1 sales growth of 12.5 percent

Skechers first quarter sales increased 12.5 percent as a result of a 15.2 percent increase internationally and a 7.8 percent increase domestically. “For the first quarter, Skechers achieved a new sales record of 2.25 billion dollars, EPS of 1.33 dollars, gross margins of 52.5 percent and an operating margin of 13.3 percent, all notable...

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Columbia Sportswear's Q1 net sales drop by 6 percent

For the first quarter, Columbia Sportswear Company’s net sales decreased 6 percent to 770 million dollars reflecting lower wholesale net sales in the United States and Canada. The company said in a release that full year net income is now expected to be 217 to 240 million dollars, resulting in diluted earnings per share of 3.65 dollars to 4.05...

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Showroomprivé reports slight decline in Q1 revenues

Showroomprivé (SRP Groupe), reported a first quarter GMV of 247.2 million euros, up 3 percent, while revenues decreased slightly by 3 million euros or 1.9 percent. Showroomprivé confirms that 2024 will be a year of transformation, with operating expenses that may impact profitability. Commenting on the first quarter update, David Dayan, chairman...

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Techtextil & Texprocess Innovation Awards highlight relevant textile industry trends

At this year's Innovation Awards at the Techtextil and Texprocess textile fairs, which are taking place in Frankfurt, Germany until Friday, a total of 15 winners in eight categories were honoured on Tuesday for pioneering research and new products, processes or technologies. The award winners were selected by juries of internationally renowned...

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...

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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...

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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...