De Beers Makes Sweeping Cuts to Its Elite Diamond-Buying Club
The diamond company produced less than 22 million carats last year, down from almost 35 million in 2022.
Russia
Global Markets
Can Brands Prove They Aren’t Using Russian Diamonds?
Tracking the origin of a gem back to the mine is a notoriously difficult challenge but new sanctions on Russian diamonds are set to radically transform the jewellery industry, requiring “mine-to-finger” traceability in key markets.
Can Brands Prove They Aren’t Using Russian Diamonds?
Tracking the origin of a gem back to the mine is a notoriously difficult challenge but new sanctions on Russian diamonds are set to radically transform the jewellery industry, requiring “mine-to-finger” traceability in key markets.
Global Markets
What Fashion Should Understand About New Sanctions on Russian Diamonds
Nearly two years after Russia invaded Ukraine, a group of the world’s biggest economies have imposed a rolling ban on stones from the country, starting this week.
What Fashion Should Understand About New Sanctions on Russian Diamonds
Nearly two years after Russia invaded Ukraine, a group of the world’s biggest economies have imposed a rolling ban on stones from the country, starting this week.
Global Markets
Report: Japan’s Uniqlo to Exit Russia, Paving the Way for Sale of Business
Uniqlo owner Fast Retailing suspended the clothing brand’s operations in Russia in March of 2022, joining scores of international companies, after Moscow launched its attack on Ukraine, calling it a “special military operation.”
Report: Japan’s Uniqlo to Exit Russia, Paving the Way for Sale of Business
Uniqlo owner Fast Retailing suspended the clothing brand’s operations in Russia in March of 2022, joining scores of international companies, after Moscow launched its attack on Ukraine, calling it a “special military operation.”
Global Markets
Gap Says Russia Deliveries Stopped in March, but Its Clothing Kept Coming
Russian customs records reviewed by Reuters show that between March 11 and July 16, Gap’s franchisee in Moscow received 1,585 clothing shipments with a declared value of $5.2 million.
Gap Says Russia Deliveries Stopped in March, but Its Clothing Kept Coming
Russian customs records reviewed by Reuters show that between March 11 and July 16, Gap’s franchisee in Moscow received 1,585 clothing shipments with a declared value of $5.2 million.
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Beauty
Sephora Makes Permanent Exit From Russia
LVMH is selling Sephora’s Russia business to the local general manager, the company said on Monday in an emailed statement. In early March, the group temporarily closed its Russian stores.
Sephora Makes Permanent Exit From Russia
LVMH is selling Sephora’s Russia business to the local general manager, the company said on Monday in an emailed statement. In early March, the group temporarily closed its Russian stores.
Retail
Nike to Fully Exit Russia, Will Scale Down in Coming Months
Nike said on March 3 it would temporarily suspend operations at all its Nike-owned and -operated stores in Russia in response to Moscow’s actions in Ukraine, adding that those still open were operated by independent partners.
Nike to Fully Exit Russia, Will Scale Down in Coming Months
Nike said on March 3 it would temporarily suspend operations at all its Nike-owned and -operated stores in Russia in response to Moscow’s actions in Ukraine, adding that those still open were operated by independent partners.
Global Markets
Civil Society Group Criticises Diamond Watchdog Over Russia Stalemate
A rift has emerged within the Kimberley Process (KP) — a coalition of governments, the diamond industry and the umbrella coalition representing civil society — created to prevent the use of gems to fund conflict, over top producer Russia’s invasion of Ukraine.
Civil Society Group Criticises Diamond Watchdog Over Russia Stalemate
A rift has emerged within the Kimberley Process (KP) — a coalition of governments, the diamond industry and the umbrella coalition representing civil society — created to prevent the use of gems to fund conflict, over top producer Russia’s invasion of Ukraine.
Retail
Mango to Franchise Russian Stores to Local Partners
The first two of the 55 shops Mango was directly operating in Russia will be transferred this week to local partners, the Spanish company said in a statement on Monday.
Mango to Franchise Russian Stores to Local Partners
The first two of the 55 shops Mango was directly operating in Russia will be transferred this week to local partners, the Spanish company said in a statement on Monday.
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Retail
Russia’s Wildberries Selling Zara Clothes Online Despite Inditex Halting Operations
Other Inditex brands, Massimo Dutti and Pull&Bear, were also available on Wildberries, which said it would continue offering such goods to Russian consumers.
Russia’s Wildberries Selling Zara Clothes Online Despite Inditex Halting Operations
Other Inditex brands, Massimo Dutti and Pull&Bear, were also available on Wildberries, which said it would continue offering such goods to Russian consumers.
Global Markets
Russians Turn To Domestic Clothing Brands Amid Western Exodus
Sales of clothes, footwear and accessories by Russian brands and manufacturers were 2.6 times higher in March and April than in the same months last year, Ozon, Russia’s second-largest e-commerce platform, said.
Russians Turn To Domestic Clothing Brands Amid Western Exodus
Sales of clothes, footwear and accessories by Russian brands and manufacturers were 2.6 times higher in March and April than in the same months last year, Ozon, Russia’s second-largest e-commerce platform, said.
Luxury
Chanel Restricts Sales to Russians Abroad
The French luxury giant is refusing to sell to Russians unless they can prove they live outside the country and declare they will not take purchases to Russia, upsetting some clients.
Chanel Restricts Sales to Russians Abroad
The French luxury giant is refusing to sell to Russians unless they can prove they live outside the country and declare they will not take purchases to Russia, upsetting some clients.
Global Markets
Rich Russians Spend Big on Luxury to Stop Savings Melting Away
As sanctions take their toll, Russia’s wealthy are turning to luxury jewellery and watches in a bid to preserve the value of their savings.
Rich Russians Spend Big on Luxury to Stop Savings Melting Away
As sanctions take their toll, Russia’s wealthy are turning to luxury jewellery and watches in a bid to preserve the value of their savings.
The News in Brief
L’Oréal India in Talks to Acquire Beauty Company Innovist
L’Oréal is in advanced talks to acquire a majority stake in Bare Anatomy parent Innovist sources told The Economic Times India.
Zegna Chairman Says War Has Clouded Visibility of Demand in Middle East
The Italian fashion house cautioned the war is reducing visibility on demand in the Middle East, which accounts for 7 percent of its sales, though all stores are currently open in the region.
Glossier Appoints New CMO
Nicole Solorzano, who joins from Ouai, is the Millennial beauty brand’s latest hire.
Macy’s CEO Points to E-Shaped Economy, Signalling Consumer Shift
The mention of a forked economy by the head of America’s largest department store signals a heightened wariness that middle-income Americans will continue to spend at the same pace.
France’s Bid to Suspend Shein’s Marketplace Rejected by Appeals Court
The decision from Paris’ Court of Appeal marked a win for the fast-fashion giant after a scandal over sex dolls resembling children for sale on its site.
Coty Announces Board Revamp
The embattled Covergirl owner has appointed five new independent directors amidst a wider leadership and company shakeup.
Zimmermann Names Roberto Eggs CEO
The Moncler Group executive will succeed longtime CEO Chris Olliver, who is staying on as executive chairman.