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Boohoo switches auditing model

Reuters has reported that online retailer Boohoo will be moving all of its suppliers to a new auditing model over the next 12 months. This was in response to controversies over their supply chain and poor labor practices. Last July the the London-based company commixed a review after the British press exposed them for subpar factory working...

30 Jul 2021

Business

Michael Kors and Versace parent Capri Holdings raises revenue forecast

Versace and Michael Kors parent Capri Holdings Ltd on on Friday raised its annual revenue forecast from 5.2 billion dollars to 5.3 bn dollars. The US-based conglomerate navigated the pandemic like most luxury giants, seeing a positive growth in sales of its accessories and ready-to-wear collections at the start of 2021. The company said revenue...

30 Jul 2021

Business

Carter's posts strong sales and earnings growth in Q2

Carter’s, Inc. reported net sales increase of 231.5 million dollars or 45 percent to 746.4 million dollars, reflecting strong growth in all business segments. The company’s U.S. retail, U.S. wholesale and International segments grew 34 percent, 53 percent and 93 percent, respectively. The company said in a release that the second quarter results...

30 Jul 2021

Business

VF revenues jump 104 percent, raises guidance

First quarter revenue at VF Corporation increased 104 percent or 96 percent in constant currency to 2.2 billion dollars. The company said in a statement that excluding the impact of acquisitions, revenue increased 90 percent or 83 percent in constant dollars driven by VF’s largest brands and the EMEA and North American regions, which experienced...

30 Jul 2021

Business

Prada reports strong H1 sales, swings to profit

Prada has reported a 60 percent increase in sales at constant exchange rates in the first half of the year in what is the latest sign of the luxury industry’s recovery. In the six months to June 30, the Italian fashion house reported revenue of 1.5 billion euros, compared to 938 million euros last year when the company was hit hard by...

30 Jul 2021

Business

Top 3 Trends Shaping Apparel in Latin America

This month’s Fashion Friday podcast series by Euromonitor International explores how casualisation, sustainability and digitalisation has impacted the apparel industry in Latin America. As consumers focused on maximising their budgets and cut unnecessary expenses, the apparel and footwear market declined by 30% in constant fixed prices at a...

30 Jul 2021

Business

Hermès rebounds to pre-corona sales and profit levels

French luxury group said Friday that its sales and profit had bounded past pre-pandemic levels in the second quarter. While the firm known for its leather handbags and silk scarves acknowledged the exceptional nature of its performance due to the fact its stores were closed in many countries during the second quarter of last year, it also said...

30 Jul 2021

Business

Mothercare reports widening full-year losses

Mothercare has reported widening losses and a drop in full-year turnover as the pandemic put a spanner in the works of the maternity and childrenswear specialist’s ongoing transformation strategy. For the year to March 27, the company’s statutory loss widened to 21.5 million pounds from 8.5 million pounds a year earlier, while its turnover fell...

29 Jul 2021

Business

Wolverine Worldwide posts Q2 sales growth of 81 percent

For the second quarter of 2021, Wolverine World Wide, Inc. said, reported revenue was 631.9 million dollars, up 81 percent versus the prior year. On a constant currency basis, revenue was up 77.7 percent versus the prior year. The company said in a release that total direct-to-consumer reported revenue was up 17.5 percent versus the prior year...

29 Jul 2021

Business

Dr Martens Q1 sales jump above pre-Covid levels

British bootmaker Dr Martens has reported a surge in first-quarter sales ahead of pre-Covid 2019 levels. The company, which earlier this year launched its IPO on the London Stock Exchange, said revenue in the three months to June 30 reached 147.3 million pounds, that’s 52 percent higher than a year ago, which the company said was a “weak...

29 Jul 2021

Business

Puma sales and profit increase, expects FY21 sales to grow by 20 percent

Sales at Puma increased by 95.8 percent currency adjusted and 91.2 percent reported to 1,589.1 million euros. The company said, all regions and product divisions contributed with at least double-digit currency adjusted sales increases. The company added that Americas reported the strongest currency adjusted growth of 181.8 percent, driven by...

29 Jul 2021

Business

Steve Madden Q2 revenues increase 178.6 percent

Steven Madden, Ltd. reported revenue increase of 178.6 percent to 397.9 million dollars compared to the same period of 2020. The company’s gross margin increased to 42.7 percent compared to 39.1 percent in the same period of 2020. Net income attributable to Steven Madden, Ltd. was 36.9 million dollars or 45 cents per diluted share, compared to...

29 Jul 2021