French luxury group Kering expects a 40% to 45% plunge in first-half operating profit, it said on Tuesday, after first-quarter sales declined as wealthy shoppers curbed spending on products from its star label Gucci. Sales for the three months ending in March were down 10% on a comparable basis at 4.5 billion euros ($4.8 billion)….
Fashion retailer Express Inc has filed for Chapter 11 bankruptcy in the United States and intends to close more than 100 stores, it said on Monday. The retailer whose portfolio includes brands such as Express, Bonobos and UpWest Express, listed assets and liabilities in the range of $1 billion to $10 billion, according to a…
The U.S. Federal Trade Commission on Monday sued to block Coach parent Tapestry‘s $8.5 billion deal to buy Michael Kors owner Capri, saying it would eliminate “direct head-to-head competition” between the flagship brands of the two luxury handbag makers. In a statement, the FTC said the tie-up, which would create a company with about 33,000…
British fashion chain Superdry proposed a rescue package on Tuesday involving a fundraising backed by CEO Julian Dunkerton, quitting the London Stock Exchange and a restructuring plan, to avoid falling into administration. The restructuring plan is dependent on the successful completion of the equity raise, which requires shareholder approval. Trading in Superdry’s shares was briefly…
About 15 Ted Baker stores in the UK will be shut down, including shops in London Bridge and Milton Keynes, leading to nearly 250 job losses, joint administrators of the collapsed British fashion retailer said on Monday. WHY IT’S IMPORTANT Ted Baker, a popular brand name in the UK, fell into administration last month, after…
German online fashion retailer Zalando on Wednesday forecast a return to growth this year and said it was opening up its logistics business to more players, raising hopes of a boost to its performance and helping to lift its shares. The stock jumped as much as 18.5% after the company also said late Tuesday it…
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…
British fashion retailer Superdry is to explore a radical restructuring that could include substantial numbers of store closures and job cuts, Sky News reported on Saturday. Superdry declined to comment on the report when contacted by Reuters. Sky News report reported that Superdry and its advisers at PricewaterhouseCoopers (PwC) are starting work on plans that…
Representative image. San Francisco: Fossil Group has announced to stop making smartwatches and the Gen 6 series will be the last of its wearable devices. Fossil has been one of the most prolific makers of Wear OS smartwatches over the years, reports The Verge. “As the smartwatch landscape has evolved significantly over the past few…
MADRID: Swedish fashion retailer H&M announced on Friday a plan to close down more than a quarter of its stores and lay off as many as 588 workers in Spain, home of its bigger rival, Zara owner Inditex, local unions said. The company will carry out the layoffs for unspecified organizational, productive and economic reasons,…
