Latest Articles in Business

Iconix Brand Group Q3 revenues decline, swings to loss

Iconix Brand Group for the third quarter ended September 30, 2019 reported revenue of 35.5 million dollars, a 23 percent, as a result of the transition of its Danskin and Mossimo direct to retail licenses in the women’s segment and the effect of the Sears bankruptcy on Joe Boxer and Bongo brands in women’s and the Cannon brand in home. The...

Business

John Lewis fashion sales improve by 2.4 percent

Total sales at John Lewis, for the week to November 9, 2019, were down 2.3 percent on the same week last year but the company said in a statement that customers enjoyed shopping promotions across lighting, fashion and beauty. Fashion sales for the week were up 2.4 percent, while beauty, wellbeing & leisure sales were up 11.6 percent as the...

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Labfresh reaches crowdfunding goal in less than 2 hours

Amsterdam-based clothing company, Labfresh, known for treating its products with dirt-repellent, antibacterial and innovative textile technologies, has successfully crowdfunded for its stain repellent trousers in less than two hours to surpass its 13,000-pound goal. The Kickstarter campaign marked the fash-tech label’s fourth crowdfunding...

Business

Adidas to close Speedfactories, transfer technologies to Asian suppliers

Adidas has announced it will close its two state-of-the-art ‘Speedfactories’ and will be transferring the technologies to two of its suppliers in Asia at the end of this year. The German sportswear giant said it plans to close the high-tech "robot" factories in Ansbach, Germany, and Atlanta, USA by April 2020, in a move that it expects will...

Business

Q3 net loss widens at Sequential Brands Group

Third quarter revenues at Sequential Brands Group, Inc. were 25.4 million dollars compared to 29.5 million dollars in the prior year quarter. On a GAAP basis, net loss was 18.4 million dollars or 28 cents per diluted share compared to 10.5 million dollars or 16 cents per diluted share. Non-GAAP net loss for the quarter was 0.9 million dollars or...

Business

Hudson's Bay Company sells Lord + Taylor to Le Tote

Hudson’s Bay Company (HBC) has announced completion of the sale of Lord + Taylor to Le Tote, Inc., a fashion rental subscription service, for 99.5 million Canadian dollars (75 million dollars) in cash and a secured promissory note for 32.2 million Canadian dollars (25 million dollars) payable in cash after two years, subject to customary...

Business

LVMH does not rule out raising Tiffany bid: sources

French luxury giant LVMH has not ruled out raising its initial 14.5 billion dollars offer to take over US jewelers Tiffany, sources close to the deal told AFP on Friday. The two groups resumed their stalled talks this week after Tiffany's board asked LVMH to reconsider its bid, which the sources said Tiffany believed was too low. The owner of...

Business

Brunello Cucinelli nine months revenues increase by 8.8 percent

Net revenues at Brunello Cucinelli, for the first nine months of 2019 totalled 459.2 million euros (507 million dollars), a rise of 8.8 percent at current exchange and 7.7 percent at constant exchange rates compared to last year. Commenting on the preliminary update, Brunello Cucinelli, the company’s Chairman and CEO, said in a statement: “We...

Business

Alibaba sets eyes on 15 billion dollars Hong Kong listing: report

Chinese online retail titan Alibaba is hoping to raise up to 15 billion dollars in a Hong Kong IPO, a report said Friday, which would be the city's biggest listing for nine years. The share sale by Asia's biggest company would also come as Hong Kong authorities battle months of sometimes violent protests that have dented the financial hub's...

Business

Richemont revenue increase 9 percent for H1

Richemont reported its net profit for H1 dropped on Thursday. Revenues increased by 9 percent from the same period last year. The company's net profit for H1 was 869 million euros, down from 2,253 million euros a year earlier. Furthermore, revenues climbed to 7,397 million euros. Compared to 33 percent a year ago, the profit margin of the...

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Tod's posts 4 percent revenue drop in the first nine months

Tod’s SpA sales for the first nine months of 2019 were 677.7 million euros (748.7 million dollars), down 4 percent from the same period of 2018. Retail revenues for the period totalled 466.5 million euros and represented 70 percent of the group’s turnover. In the third quarter, this channel grew by 8 percent, driven by the sound double-digit...

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Millennials whose financial position improved will spend more on trends, mainly apparel

New York – A recent study shows that out of all consumer whose financial position has improved in the last year, Millenials were the most likely generation to increase spending on consumer products. Within the apparel segment, consumers are favouring value brands, those with strong value proposition, such as fast fashion, quality/price,...