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.
financial-results
Luxury
Gucci Is Pulling Further Back from Wholesale, and 6 Other Key Takeaways From Kering's Q1 Results
Kering Chief Financial Officer Jean-Marc Duplaix was hesitant to draw any conclusions about how a global recovery might look like from the few weeks of partially reopened stores in China.
Gucci Is Pulling Further Back from Wholesale, and 6 Other Key Takeaways From Kering's Q1 Results
Kering Chief Financial Officer Jean-Marc Duplaix was hesitant to draw any conclusions about how a global recovery might look like from the few weeks of partially reopened stores in China.
Luxury
Brunello Cucinelli Set to Miss 2020 Targets Due to Covid-19, Halts Dividend
First-quarter revenues for the Italian group fell 2.9 percent at constant exchange rates to €156.7 million ($170.24 million).
Brunello Cucinelli Set to Miss 2020 Targets Due to Covid-19, Halts Dividend
First-quarter revenues for the Italian group fell 2.9 percent at constant exchange rates to €156.7 million ($170.24 million).
Retail
H&M’s March Sales Fall 49% Amid Covid-19 Outbreak
The pandemic has forced H&M to temporarily close most of its stores, flag big layoffs and scrap its annual dividend.
H&M’s March Sales Fall 49% Amid Covid-19 Outbreak
The pandemic has forced H&M to temporarily close most of its stores, flag big layoffs and scrap its annual dividend.
Retail
Nike's Sales Beat Estimates Despite Coronavirus Disruption
The sportswear company saw digital sales increase by 36 percent in the third quarter, following the outbreak.
Nike's Sales Beat Estimates Despite Coronavirus Disruption
The sportswear company saw digital sales increase by 36 percent in the third quarter, following the outbreak.
Retail
Ulta's Fourth-Quarter Sales Beat Estimates
The cosmetics company's net income rose to $222.7 million as shoppers spent more at its stores during the holiday season.
Ulta's Fourth-Quarter Sales Beat Estimates
The cosmetics company's net income rose to $222.7 million as shoppers spent more at its stores during the holiday season.
Retail
Adidas and Puma Forecast Sales Decline in China Amid Coronavirus Outbreak
Shares in Adidas and Puma, already pummelled in the last few weeks, declined 6 percent and 4.4 percent respectively.
Adidas and Puma Forecast Sales Decline in China Amid Coronavirus Outbreak
Shares in Adidas and Puma, already pummelled in the last few weeks, declined 6 percent and 4.4 percent respectively.
Luxury
Despite Coronavirus Concerns, Italian Owner of Margiela and Diesel Is Standing By Annual Sales Target
OTB — which stands for Only The Brave — says it expects sales to grow 12-13 percent this year, even though the recent lockdown in Italy has caused a slowdown.
Despite Coronavirus Concerns, Italian Owner of Margiela and Diesel Is Standing By Annual Sales Target
OTB — which stands for Only The Brave — says it expects sales to grow 12-13 percent this year, even though the recent lockdown in Italy has caused a slowdown.
Financial Markets
Stocks Hit As Oil Prices Slump
Trading on US stock exchanges was halted immediately after opening, as the benchmark S&P 500 fell to its lowest since June 2019.
Stocks Hit As Oil Prices Slump
Trading on US stock exchanges was halted immediately after opening, as the benchmark S&P 500 fell to its lowest since June 2019.
Retail
L Brands Predicts Losses Amid Victoria's Secret Sale
The deal with investment firm Sycamore Partners looks unlikely to curb the company's quarterly net loss of $192.3 million.
L Brands Predicts Losses Amid Victoria's Secret Sale
The deal with investment firm Sycamore Partners looks unlikely to curb the company's quarterly net loss of $192.3 million.
Technology
Shopify Forecasts Full-Year Revenue Above Estimates
For 2020, the e-commerce company predicts revenue in a range of $2.13 billion to $2.16 billion.
Shopify Forecasts Full-Year Revenue Above Estimates
For 2020, the e-commerce company predicts revenue in a range of $2.13 billion to $2.16 billion.
Luxury
Kering Halts Spending in China on Coronavirus Fears
The luxury conglomerate remained upbeat about longer-term prospects as it beat fourth-quarter sales forecasts.
Kering Halts Spending in China on Coronavirus Fears
The luxury conglomerate remained upbeat about longer-term prospects as it beat fourth-quarter sales forecasts.
Beauty
Coty's Sales Beat Wall Street Expectations
The cosmetics company's net revenue fell to $2.35 billion, surpassing analysts' estimates amid its turnaround attempt.
Coty's Sales Beat Wall Street Expectations
The cosmetics company's net revenue fell to $2.35 billion, surpassing analysts' estimates amid its turnaround attempt.
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.