Latest Articles in Business

Gildan outlines strategic priorities, confirms 2024 outlook

Gildan Activewear’s president and CEO, Vince Tyra has unveiled his key strategic priorities for the company. Concurrently, Gildan also reconfirmed its 2024 full year guidance and said that the preliminary first quarter revenue is expected to come in at approximately 695 million dollars or down about 1 percent year over year. Reflecting on his...

Business

Digital Brands Group manages to reduce full year loss

Full year revenues at Digital Brands Group increased 6.8 percent to 14.9 million dollars excluding revenue from Harper & Jones. Gross margin increased 10.2 percent to 6.5 million dollars and gross profit margins increased to 43.9 percent. Net loss per share reduced to 10.2 million dollars or 20.46 dollars per share. "Despite lower revenue...

Business

Douglas Group reduces net debt, Q2 sales up 11.5 percent

Omni-channel beauty retailer Douglas Group has secured a new refinancing of 1.3 billion euros. Following its listing on the Frankfurt Stock Exchange at the end of March, the company had used the proceeds and a capital injection to partially prepay an existing facilities agreement amounting to 675 million euros. With the fresh financing, the...

Business

Textile Exchange urges industry to find alternatives for existing synthetics

In its latest report, ‘The Future of Synthetics’, non-profit Textile Exchange has issued a call on the industry to reevaluate its relationship with synthetic fibres and textiles, while cautioning suppliers on a potentially overbearing reliance on raw materials. While the organisation is urging fashion to eliminate the use of new virgin, fossil...

Business |In Pictures

Milan Design Week: Five ‘icons of Italian design’ get Gucci Ancora update

Adapted iterations of five iconic Italian design pieces have been unveiled at Gucci’s flagship store on via Monte Napoleone, Milan, where this year’s design week is currently underway. From April 15, an exhibition at the location, conceived by Spanish architect Guillermo Santomà, will house the objects that “represent the golden age of Italian...

Business

Sports Direct fails to secure injunction against Newcastle United over replica kits

Mike Ashley’s Sports Direct has been unable to secure an injunction against Newcastle United Football Club (NUFC) that would have allowed the retailer to sell the club’s replica kits for the 2024/25 season. The sportswear retailer filed a complaint against NUFC with the Competition Appeal Tribunal during March, in which it had alleged that the...

Business

AAFA supports call to extend duty-free deal with African markets

The American Apparel & Footwear Association (AAFA) has welcomed and expressed support for a new bill attempting to extend the currently in place African Growth and Opportunity Act (AGOA), which is set to expire September 2025. The AGOA Renewal and Improvement Act of 2024, introduced by Senators Chris Coons and James Risch, calls on the original...

Business

Dr. Martens sues Temu for trademark infringement

Footwear specialist Dr. Martens is preparing to take on Temu for alleged trademark infringement, launching a lawsuit in an attempt to halt the Chinese marketplace from using keywords associated with the brand. The legal action was taken to the UK’s High Court, according to a report by the Times, for which a case filing alleged that Temu had been...

Business

Esprit turns attention to New York offices where layoffs commence

Following bankruptcy filings for its Belgian and Swiss businesses, Esprit is now said to be laying off employees at its New York offices, yet a similar restructuring is not likely to be pursued. This was confirmed by the company’s chief executive officer, William Pak, who told WWD that while the restructuring strategy and Switzerland and Belgium...

Business

From JW Anderson to Thom Browne: What to look out for at Milan Design Week

In what has been established to be an event that merges fashion and design, Milan Design Week returns to the Italian fashion capital alongside the Salone del Mobile, running from April 15 to 21, during which time a curation of home collections by fashion brands will be showcased. Over the course of the week, 33 brands with 44 appointments will...

Business

Restructuring plan of Signa Holding GmbH deflects into bankruptcy

Signa Holding GmbH, long-time co-owner of the Selfridges Group, is turning its insolvency proceedings into bankruptcy, the company announced in a press release. The restructuring plan is thus withdrawn. What the bankruptcy means for Belgian department store Inno is not yet known. The focus of the restructuring plan was mainly on the value-based...

Business

Ebay introduces AI-powered ‘Shop the Look’ feature

Resale marketplace Ebay has introduced a new feature to its app that provides customers with a personalised carousel of inspirational outfits tailored to their shopping history. Dubbed ‘Shop the Look’, the generative AI-powered addition looks to speak to users’ style preferences through recommendations made of images and items that evolve...