Madrid: Zara owner Inditex, the world’s biggest fashion retailer, on Wednesday reported its highest-ever profits in 2023 thanks to buoyant sales and its policy of raising prices. Its net profit reached 5.4 billion euros ($5.9 billion) last year, up 30 percent from 4.1 billion euros in 2022, which also was a record for the fashion…
German sportswear giant Adidas posted its first annual loss in more than 30 years on Wednesday and warned sales in North America would fall again as sportswear retailers in the U.S. struggle with high inventories. Adidas has been battling to right itself after it cut ties with Kanye West in October 2022, suspending sales of…
PARIS: India is a “big priority” market for Decathlon, and the French sports retailer expects the country to be among its top five global markets within the next five years, helped by expansion of store network and increased local sourcing, according to a top company official. Decathlon, as part of its growth plans, will add…
Gold prices steadied on Wednesday, after posting its biggest decline in a month in the previous session after a sticky U.S. inflation report boosted bond yields and slightly tempered hopes for a June interest rate cut from the Federal Reserve. FUNDAMENTALS Spot gold edged 0.1% up to $2,158.26 per ounce, as of 0151 GMT. U.S….
NEW DELHI:In a recent interview, US Congressman Rich McCormick, a Republican from Georgia, expressed unwavering confidence in Prime Minister Narendra Modi‘s prospects for re-election in the upcoming Lok Sabha elections, citing his widespread popularity and progressive leadership.“Prime Minister Modi is incredibly popular. I was just over there. I actually had lunch with Prime Minister Modi…
Mumbai: Fashion brand Powerlook Apparels on Monday announced the opening of its two new offline stores in the city and said it plans to invest Rs 50 crore in expanding the number of such outlets in the country to 50 by 2027. The fashion brand currently has a presence on leading e-commerce websites Myntra and…
Representative image Mumbai: India’s Vishal Mega Mart is planning a $1 billion initial public offering that would value the budget supermarket chain at up to $5 billion with some of the proceeds earmarked to add stores, two people with direct knowledge of the plan said. Switzerland’s Partners Group and India’s Kedaara Capital, which together have…
Investors want Zara owner Inditex to follow rivals H&M and Primark in making its full list of suppliers public so they can better assess any supply chain risks. Inditex is an outlier among big clothing retailers in not publishing which factories it sources from. Regulators and investors want greater transparency and better disclosure from companies….
Spanish fashion retailer Mango reported on Monday record sales of 3.1 billion euros ($3.39 billion) in 2023, beating its forecast after matching domestic rival Zara’s strong expansion in the United States. The Barcelona-based brand said sales jumped 19% last year to exceed its forecast of 3 billion euros through a focus on party wear and…
Superdry on Monday confirmed that it was in talks with lender Hilco to provide additional liquidity, as the struggling British fashion retailer looks to navigate weak demand. The company said it is in discussion to increase its lending facilities by about 10 million pounds ($13 million) and an additional 10 million pounds to meet seasonal…
