Executive Management news and archive

Ermenegildo Zegna Group reports 8 percent decline in Q3

Ermenegildo Zegna Group reported unaudited revenues of 1,357.4 million euros for the first nine months, up 1.7 percent or down 4 percent organic. In the third quarter, revenues reached 397.3 million euros, down 7.8 percent and down 6.7 percent organic. Commenting on the results, Ermenegildo “Gildo” Zegna, chairman and CEO of the company, said: “...

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With Nothing Underneath secures 2.5 million pounds in funding

British luxury womenswear brand With Nothing Underneath (WNU) has closed its first funding round, securing 2.5 million pounds from Pembroke VCT and JamJar Investments to support its international expansion plans. The womenswear brand, founded in 2017 by Pip Durell, former Tatler editor and Vogue stylist, is inspired by men’s tailoring and offers...

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Cult Mia tops up seed funding to 5 million US dollars

UK-based luxury retail platform Cult Mia has raised an additional 2 million US dollars in its latest seed funding round with participation from H&M Group Ventures, Fuel Ventures and David Wertheimer. The investment comes less than a year after Cult Mia raised 3 million US dollars in seed funding in a round led by Fuel Ventures with Morgan...

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Brunello Cucinelli records strong revenue growth

For the first nine months, Brunello Cucinelli reported a turnover of 920 million euros, growth of 12.4 percent at current and 12.7 percent at fixed exchange rates. In the third quarter, turnover of 300 million euros increased by 9.2 percent. Commenting on the strong results, Brunello Cucinelli, the company’s executive chairman and creative...

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Autone raises 17 million US dollars in Series A funding

London-based AI-powered inventory management platform Autone, which helps retailers predict demand, reduce waste and increase sales, has raised 17 million US dollars in Series A funding. The round was led by General Catalyst, alongside all existing investors from its seed round, including Speedinvest, YCombinator, Seedcamp, 2100VC, Motier,...

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Ferragamo sales decline amid weak consumer demand in Asia Pacific

In the third quarter, Salvatore Ferragamo’s revenues amounted to 221 million euros, down 7.2 percent at constant exchange and down 9.6 percent at current exchange rates penalised by a weak Asia Pacific market, secondary channel and wholesale environment. In the nine month period, revenues amounted to 744 million euros, down 9.8 percent at...

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LVMH says Q3 sales fell 4.4 percent to 19 billion euros

The French luxury goods group Moët Hennessy Louis Vuitton (LVMH) also suffered a decline in sales in the third quarter of the 2024 financial year. With its results published on Tuesday evening, the group fell short of market expectations. In the period from July to September, group sales amounted to just under 19.1 billion euros. This...

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Revlon names former CVS executive Michelle Peluso as CEO

Beauty brand Revlon has appointed former CVS Health chief customer and experience officer Michelle Peluso as its new chief executive officer to lead the company’s “next phase of growth”. Peluso, who oversaw the end-to-end consumer experience across all channels at CVS Health, will join Revlon on November 4 as CEO and will also join the company’s...

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Surprising profit: Zalando is more optimistic for 2024

After a good start to the autumn and winter season of 2024, the online retailer Zalando wants to step it up a gear. In day-to-day business, the group is aiming for more profit than previously communicated. Managers are also no longer expecting the worst for other key financial indicators. Co-CEO Robert Gentz sees the company as well positioned...

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THG to spin off Ingenuity into private company, reports continued growth in Q3

THG reported third quarter revenue of 433.1 million pounds, down 0.6 percent. The company however witnessed continued growth in THG Beauty and THG Ingenuity, with improving trends in THG Nutrition during the quarter. The company said in a statement that it is demerging Ingenuity into an independent private company at an equity valuation of up to...

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Aritzia reports strong results driven by retail expansion in the US

Second quarter net revenue at Aritzia increased 15.3 percent to 615.7 million dollars, with comparable sales growth of 6.5 percent. United States net revenue increased 23.9 percent to 345.4 million dollars, retail net revenue increased 17.6 percent to 425.6 million dollars. "Our performance during the second quarter exceeded our expectations....

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Uniqlo parent Fast Retailing posts strong sales and profit growth

Fast Retailing revenue crossed 3 trillion yen, up 12.2 percent and operating profit over 500 billion yen, up 31.4 percent, while profit attributable to owners of the parent of 371.9 billion yen, increased by 25.6 percent. The company plans to offer a year-end dividend of 225 yen per share. The company said in a statement that when added to the...