Latest Articles in Business

Mytheresa to operate as LuxExperience following YNAP acquisition

Munich-based fashion retailer Mytheresa will operate under a new name following the takeover of Yoox Net-a-Porter (YNAP). MYT Netherlands Parent BV is currently preparing to rename the company as LuxExperience BV, the firm announced on Monday. Subject to shareholder approval in March, the company will be called LuxExperience and its ticker...

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Target rolls back DEI initiatives as Trump’s term begins

US retail giant Target has announced that it will be concluding its three-year diversity, equity and inclusion (DEI) goals, alongside other associated initiatives, in a move that seemingly aligns with the values of the new Trump administration. In a press release, Target said that in addition to the conclusion of its DEI goals, it would also be...

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PrettyLittleThing reportedly cuts jobs at Manchester HQ

Boohoo-owned PrettyLittleThing (PLT) is believed to be in the process of carrying out a string of redundancies, with over 50 employees reportedly impacted. According to Drapers, the process is in regards to staff members at the company’s Manchester head office, who the media outlet said had already been informed of the layoffs during a video...

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MF Brands Group in talks to sell The Kooples

The Swiss-based MF Brands Group, owner of renowned labels such as Lacoste and Aigle, announced on Monday that it has entered into exclusive negotiations with a French industrial group to sell the The Kooples brand. The move is part of a strategy to refocus on activities aligned with its core identity. The proposed transaction involves the...

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Hackett London opens new showroom in Munich

Hackett London is opening a new showroom in Lodenfrey Park in Munich, the British menswear specialist announced on Monday. The new Munich showroom exhibits the brand's entire product range, including the new footwear collection, over 170 square meters. The opening marks a further step in the strategic reorientation of the brand. From January 1,...

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Shein bans cotton from unapproved regions for US

Chinese fast-fashion giant Shein has introduced new rules for sourcing cotton in products destined for the US market, Reuters reports. The company announced that cotton will now only be sourced from approved regions, such as the US, India, Brazil and Australia. Pressure is mounting for Shein to be more transparent about its supply chain,...

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Zegna Group reports over 1.9 billion euros in 2024 revenues, driven by DTC growth

Luxury fashion house Ermenegildo Zegna Group reported revenues exceeding 1.9 billion euros in 2024, a 2.2 percent year-on-year increase. Fourth-quarter revenues reached 589 million euros, up 3 percent. The company's performance was driven by the Zegna brand, up 8 percent. The direct-to-consumer channel grew by 9 percent for the group and 11...

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Aeffe, the parent company of Moschino, reports a 21% drop in annual revenue

Italian fashion group Aeffe SpA felt the impact of adverse market conditions in fiscal year 2024. On Thursday, the parent company of brands such as Moschino, Alberta Ferretti, and Pollini, announced significant revenue losses. The company also announced the departure of Moschino CEO Goffredo Palmerini. Preliminary figures show Aeffe's group...

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Dr. Martens aims to turn around US performance

Dr. Martens revenue for the third quarter to December 29, 2024, was up 3 percent at constant currency and down 3 percent reported to 267 million pounds. DTC revenue for the quarter increased by 1 percent driven by ecommerce revenue growth of 2 percent and retail revenue decline of 1 percent. “I am excited to be CEO of Dr. Martens. Our Q3 trading...

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2025: A year of challenges for the luxury sector

Paris - A slow-to-recover Chinese market, the risk of new American taxes, and "weary" consumers: the luxury industry faces significant challenges in 2025, following a 2024 already disrupted by slowing consumption. The heady post-Covid years, when luxury groups recorded insolent double-digit growth, seem a distant memory. Major groups like Hermè...

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Aeffe announces strategic review for Moschino after sales loss

Aeffe Spa, the Italian parent company of brands including Alberta Ferretti, Philosophy di Lorenzo Serafini, Moschino and Pollini, has announced preliminary sales figures for the 2024 financial year. The fashion group reported a 21.3 percent decline in consolidated sales, totaling 251 million euros compared to 319 million euros in 2023. In Italy,...

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Asos integrates marketplace sellers into main site

E-tailer Asos has confirmed that it is to migrate vintage and independent boutique sellers on its Asos Marketplace to its main platform, a feat it plans to have completed by April 2025. According to the company, the strategy intends to benefit customers by “offering one central destination” that showcases all of what Asos has to offer. For the...