Latest Articles in Business

Despite record sales: Abercrombie & Fitch's first-quarter profit declines

US apparel group Abercrombie & Fitch Co. set a new sales record in the first quarter of the 2026/27 financial year. However, its profit declined. According to a statement released on Wednesday, sales in the 13 weeks to May 2 amounted to approximately 1.11 billion US dollars. This was a two percent increase on the same quarter last year and a new...

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Nigeria launches new programme to revive its cotton, textile and garment industry

The federal government of Nigeria has launched a new initiative to revitalize its cotton, textile, and garment (CTG) industry as it aims to reposition the sector as a hub for employment, industrial growth, and export competitiveness. Also known as the National Cotton, Textile and Garment Industrial Transformation Programme (NCTG-ITP), the...

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Capri Holdings reduces quarterly loss despite revenue decline

US fashion group Capri Holdings Limited also suffered a decline in sales in the fourth quarter of the 2025/26 financial year. The company made significant progress in its earnings thanks to extensive reforms. Management is now also forecasting sales growth for the current year. In the final quarter of the past financial year, which ended on...

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Dick's Sporting Goods raises low end of full year outlook following Foot Locker acquisition

US sports retailer Dick's Sporting Goods today reported its financial results for the first quarter ended May 2, 2026, delivering strong comparable store sales growth and increasing the lower threshold of its annual sales guidance. The consolidated results reflect the operation of the recently acquired Foot Locker business for the entire 13-week...

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Lululemon enters cooperation agreement with Chip Wilson

Lululemon Athletica inc. has entered into a cooperation agreement with founder Dennis J. “Chip” Wilson, who holds approximately 8.7 percent of the outstanding common stock of the Canada-based company. As part of the agreement, Laura Gentile, former chief marketing officer of ESPN, and Marc Maurer, former co-chief executive officer of On, will...

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New leadership at Damartex to address financial challenges and debt

French group Damartex, based in Roubaix, has announced a change in its leadership with the appointment of Anne-Sylvie Hubert and Filiep Blontrock. The company is also undertaking a fundamental review of its operations. Anne-Sylvie Hubert, formerly of Kiabi and KPMG and chief financial officer of the Damartex group since 2023, has been appointed...

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The Platform Group increases quarterly sales by 51 percent

The Düsseldorf-based e-commerce group The Platform Group SE & Co. KGaA has continued its growth trajectory in the first three months of the 2026 financial year. On Wednesday, the company announced significant increases in sales and operating profit, as expected. It also confirmed its annual forecasts. In the first quarter, group sales reached...

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Gordon Brothers acquires British accessories brand Radley

Boston-based asset and brand investment firm Gordon Brothers have acquired British heritage brand Radley and all related intellectual property, for an undisclosed amount. In a statement, Gordon Brothers said it will add Radley to its growing fashion and lifestyle portfolio and plans to pursue a growth strategy focused on expanding Radley’s...

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Philippine's sustainable textiles get boost from banana plantations

The recent establishment of the Natural Textile Fiber Innovation Hub (NTFIH) in Benito Soliven, Isabela, represents a significant leap for the Philippine textile industry. By leveraging the region’s vast banana plantations, which cover approximately 1,200 hectares, the Department of Science and Technology (DOST) is transforming agricultural...

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Okaïdi (IDKIDS) announces 290 job cuts and 60 store closures in France

French children's ready-to-wear brand Okaïdi announced a reorganisation plan this Tuesday, May 26. The plan could lead to up to 290 job cuts in France and the closure of 60 stores. This marks a new stage in the restructuring undertaken by the IDKIDS group since it was placed in receivership last February. According to RTL, citing AFP, the plan...

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Alipay introduces artificial intelligence payment infrastructure

Chinese digital platform Alipay has introduced its full-stack artificial intelligence payment solution to partners across various industries, including traditional retailers and technology firms. The company debuted two new services this week, AI Wallet and Token Pay, to support the rapid growth of the agentic commerce ecosystem. The launch...

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Benetton Group reduces losses by over 65 percent in 2025

Benetton's turnaround plan is starting to bear fruit. The company, led by CEO Claudio Sforza, will close 2025 with losses reduced by over 65 percent. Appointed in June 2024, Sforza immediately initiated a plan to revitalise and streamline the company and its distribution network. Following the reorganisation, the sales network of the company,...