Latest Articles in Business

Nike struggles amid sales slump and layoffs, forecasts margin pressure

Nike, a leading sports maker, is facing challenges in a year marked by declining sales and corporate layoffs, as it strives to regain momentum. The company's third-quarter results revealed a 9 percent revenue decrease to 11.3 billion dollars. The gross margin dropped by 330 basis points to 41.5 percent, net income fell 32 percent to 0.8 billion...

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Temu's Chinese owner sees revenue growth slow

Chinese e-commerce giant PDD Holdings announced Thursday slower revenue growth for the third quarter running, as the Temu owner confronts trade tensions between Beijing and Washington. The Shanghai-based company posted revenues of 110 billion yuan ($15 billion) in the three months to December 31, up 24 percent year-on-year. The figure was down...

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Ann Summers strikes partnership with Liwa to expand into Middle East

Lingerie label Ann Summers has established a new franchise agreement with Liwa Trading Enterprises as it sets about expanding into the Middle East. Through the strategic partnership, Ann Summers’ lingerie products will become available in the United Arab Emirates (UAE), Kuwait, Saudi Arabia, Qatar, Bahrain and Oman, with Liwa to serve as the...

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UKFT launches Reuse and Recycling membership

The UK Fashion & Textile Association (UKFT) has launched a new membership category for textile collectors, sorters, graders, mechanical recyclers, upcyclers and recycling innovators. The new Reuse and Recycling membership is dedicated to supporting circularity, growth and innovation within the UK fashion and textile industry by providing...

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In The Style bought out of administration by Alps Sourcing Limited

Fast fashion retailer In The Style (ITS) has been rescued from administration following a sale to UK-headquartered Alps Sourcing Limited. The move has saved 87 jobs in the UK, according to administrators at FTS Recovery. The insolvency firm announced the pre-pack sale in a press release, however, news had already broken yesterday (March 19) when...

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Topshop continues relaunch roll out

Social media lit up last month as Topshop began hinting at its impending “return”. Having operated solely under the banner of Asos since 2021, the British brand is on the verge of relaunching its own website. Yet, to ring it in, the company is rolling out in phases, the first of which has just been unveiled. Topshop has partnered with...

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Richemont, a fundamental reorganisation at the top of the watchmaking industry

Richemont Group, officially known as Compagnie Financière Richemont SA, is embarking on a major transformation of its internal organisation. Under the leadership of CEO Nicolas Bos, the Specialist Watchmakers (SWM) division is being dissolved, leading to strategic reassignments within the group's watchmaking companies. Among these changes,...

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Record profit for Footasylum: Strategic initiatives drive success

Sportswear retailer Footasylum has reported a 9.4 percent increase in revenue to 349.5 million pounds (453.5 million dollars) for FY25, according to its unaudited results. Underlying EBITDA for the year rose 26 percent to 28.2 million pounds, operating profit increased 123 percent to 23.3 million pounds and pre-tax profit jumped 188 percent to...

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Shein accused of counterfeiting Coach products

Tapestry, the American fashion group whose brands include Coach, has sued Shein for plagiarism. Coach's parent company accuses the Chinese e-commerce giant of violating its property rights and trademark, according to court documents. Tapestry alleges that Shein engages in misleading advertising and distributes products that closely resemble...

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Bimba y Lola closes 2024 with sales of 234 million euros

Madrid – Spanish fashion brand Bimba y Lola has reported its performance for the full year 2024. The financial year, which ended on February 28, saw the company, founded by sisters Uxía and María Domínguez, grow by 3 percent, driven by online sales. According to the fashion firm's management, Bimba y Lola closed 2024 with total sales of 234...

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Lenzing sustainability report 2024: net zero goal is inching closer

Austrian cellulose fibre producer Lenzing Group has published its 2024 annual report alongside its sustainability report, the latter for the first time in accordance with the European Sustainability Reporting Standards (ESRS). Accordingly, Lenzing has updated its climate targets in 2024 to align its commitment to climate protection with the...

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Frasers Group to make another bid for Norway’s XXL ASA

Frasers Group is once again pursuing XXL ASA. The company issued a statement via the Oslo Stock Exchange to confirm that it was to make a mandatory offer for the remaining shares of the Norwegian sportswear retailer. As part of a fully underwritten rights issue announced by XXL in January, Frasers will be granted just under 28.8 million...