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.
earnings-report
Beauty
L’Oreal Sales Fell More than Expected in Second Quarter
The group posted a net profit of 2.14 billion euros for the January to June period, down from 2.47 billion euros a year earlier.
L’Oreal Sales Fell More than Expected in Second Quarter
The group posted a net profit of 2.14 billion euros for the January to June period, down from 2.47 billion euros a year earlier.
Luxury
Brunello Cucinelli Expects Sales to Fall 10 Percent in 2020 as it Writes Down $34 Million in Excess Inventory
The Italian luxury group expects a recovery in the second half of the year.
Brunello Cucinelli Expects Sales to Fall 10 Percent in 2020 as it Writes Down $34 Million in Excess Inventory
The Italian luxury group expects a recovery in the second half of the year.
Retail
Gap's Quarterly Sales Down 43% on Coronavirus Hit
Net loss came in at $932 million, or $2.51 per share, for the three months ending May 2.
Gap's Quarterly Sales Down 43% on Coronavirus Hit
Net loss came in at $932 million, or $2.51 per share, for the three months ending May 2.
Retail
Nordstrom Sales Plunge Nearly 40% in Quarterly Sales
Digital sales rose only 5 percent in the same period.
Nordstrom Sales Plunge Nearly 40% in Quarterly Sales
Digital sales rose only 5 percent in the same period.
Luxury
Moncler Hopes for Rebound in Second Half of 2020
Analysts on average expect Moncler's sales to fall by 6 percent in 2020, better than most rivals, because most of its sales take place towards the end of each year.
Moncler Hopes for Rebound in Second Half of 2020
Analysts on average expect Moncler's sales to fall by 6 percent in 2020, better than most rivals, because most of its sales take place towards the end of each year.
Beauty
L'Oreal Sales Fall in First Quarter, E-Commerce Surges
The cosmetics maker said demand in China had begun to pick up again as coronavirus restrictions there are eased.
L'Oreal Sales Fall in First Quarter, E-Commerce Surges
The cosmetics maker said demand in China had begun to pick up again as coronavirus restrictions there are eased.
Retail
M&S Warns of 'Severe Impact' From Coronavirus
The British retailer, already seeing a substantial decline clothing and homeware sales, will not pay a final dividend for its 2019-20 year and said it was unable to provide meaningful guidance on 2020-2021 earnings.
M&S Warns of 'Severe Impact' From Coronavirus
The British retailer, already seeing a substantial decline clothing and homeware sales, will not pay a final dividend for its 2019-20 year and said it was unable to provide meaningful guidance on 2020-2021 earnings.
Retail
Nordstrom Earnings Fall Below Market Expectations
The Seattle-based retailer missed estimates for fourth-quarter revenue, sending its shares down 9 percent in after-market trading.
Nordstrom Earnings Fall Below Market Expectations
The Seattle-based retailer missed estimates for fourth-quarter revenue, sending its shares down 9 percent in after-market trading.
Fashion Week
Kanye West’s Paris Fashion Week Surprise
This week, everyone will be talking about Kanye West at Paris Fashion Week, the watch industry's troubles and the coronavirus' financial impact. Get your BoF Professional Cheat Sheet.
Kanye West’s Paris Fashion Week Surprise
This week, everyone will be talking about Kanye West at Paris Fashion Week, the watch industry's troubles and the coronavirus' financial impact. Get your BoF Professional Cheat Sheet.
Luxury
Six Key Takeaways from LVMH’s 2019 Results
It was another year of record growth for the luxury conglomerate, which placed big bets on the experience economy and fine jewellery. But there are challenges ahead.
Six Key Takeaways from LVMH’s 2019 Results
It was another year of record growth for the luxury conglomerate, which placed big bets on the experience economy and fine jewellery. But there are challenges ahead.
Retail
Nike Earnings Fail to Wow Investors After Stock Hits Record
Despite posting quarterly results that sailed past Wall Street estimates, the shares dipped in late trading, suggesting some investors were looking for an even bigger upside surprise.
Nike Earnings Fail to Wow Investors After Stock Hits Record
Despite posting quarterly results that sailed past Wall Street estimates, the shares dipped in late trading, suggesting some investors were looking for an even bigger upside surprise.
Retail
Nordstrom Quarterly Profit Beats Estimates
Nordstrom's upbeat guidance comes in contrast to profit forecast cuts by larger rivals Macy's and Kohl's ahead of the crucial holiday season.
Nordstrom Quarterly Profit Beats Estimates
Nordstrom's upbeat guidance comes in contrast to profit forecast cuts by larger rivals Macy's and Kohl's ahead of the crucial holiday season.
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.