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Richemont shares plummet after expectations omit YNAP sale

Share in Richemont fell sharply on Friday, the lowest in two years since the pandemic, after the luxury group missed expectations and failed to address the uncertainty regarding its divestment of YNAP, the online luxury and discounting sites. Last year discussions emerged with Farfetch as a possible contender, but complications with various...

20 May 2022

Business

Ulta Beauty launches retail media network

Beauty retailer Ulta Beauty has announced the launch of a new retail media network, UB Media, which will offer brands advertising opportunities through leveraging its beauty community, Ultamate Rewards. Building on its existing Digital Marketing Partner Programme, the feature will allow brand partners to access a digital strategy centred around...

20 May 2022

Business

US Cotton Trust Protocol doubles participation in one year

The US Cotton Trust Protocol has announced a new milestone for the 2021/22 crop, doubling the programme’s participation since its pilot last year. The initiative is focused on setting a new standard for sustainable cotton production which pushes for transparency and reducing environmental footprints. “During our second year we doubled the number...

20 May 2022

Business

Marks & Spencer to launch alumni mentoring programme

British department store Marks & Spencer has announced the launch of its first alumni mentoring programme, designed to aid in the development of its former and current colleagues. Coming as an extension of its ongoing mentoring scheme, the new programme hopes to keep the retailer’s network of alumni as active members and further allow current...

20 May 2022

Business

Burberry bans exotic skins following seven year PETA campaign

Luxury fashion label Burberry has announced it will no longer be using exotic skins in its products following a lengthy campaign by People for Ethical Treatment of Animals (PETA). The animal rights organisation, which became a shareholder of Burberry during the pandemic, has zoned in on the fashion house over several years, demanding it to halt...

20 May 2022

BusinessFeatured

THG rejects takeover offer, property mogul Nick Candy also mulling bid

British e-commerce giant The Hut Group (THG) has turned down a 2 billion pound takeover offer from two investment companies after saying it undervalued the business. The group said late Thursday that it received an unsolicited takeover bid from Belerion Capital Group Limited and King Street Capital Management of 170 pence per share. It rejected...

20 May 2022

BusinessFeatured

Growth across core geographies boosts Richemont's sales and profit

Compared to the prior year, sales at Richemont grew by 46 percent at actual exchange rates and by 44 percent at constant exchange rates to 19,181 million euros, as growth rebounded in all major markets and distribution channels. The company said strong sales growth rates experienced throughout the first three quarters of the fiscal year...

20 May 2022

Business

Eco-friendly sneaker start-up, Psudo, raises three million dollars in seed funding

US sneaker brand Psudo has announced the completion of a three million dollar seed financing round, led by SternAegis Ventures. The sustainable start-up, which utilises Repreve yarn for its sneakers, will use the funding to develop plans to establish a new standard for sustainable manufacturing that will allow shoes to be created on demand....

20 May 2022

Business

Pantone partners with Spatial Labs on wearable metaverse technology

Colour authority company Pantone has revealed a new partnership with Spatial Labs (sLABS) with the launch of a wearable hardware product that looks to standardise colours in the metaverse. Coined by sLABS as ‘the wearable internet’ and entitled LNQ, the device hopes to enhance user experience in Web3. Founded by Iddris Sandu, the technology has...

20 May 2022

Business

Deckers Brands president of performance lifestyle steps down

Deckers Brands has announced that after seven years leading the Hoka and Teva brands to new heights Wendy Yang is stepping down from her role as president of performance lifestyle, effective as of the end of the month. "Over the last seven years, our Performance Lifestyle segment has delivered immense growth – with nearly 900 million dollars in...

20 May 2022

BusinessFeatured

VF's Q4 sales increase 9 percent, earning jump

VF Corporation’s fourth quarter revenue of 2.8 billion dollars, rose 9 percent or 12 percent in constant dollars. Earnings per share of 21 cents, increased 32 percent; while adjusted EPS of 45 cents, was up 67 percent. Full year revenue of 11.8 billion dollars, increased 28 percent or 27 percent in constant dollars. Excluding acquisitions,...

20 May 2022

Business

Ross Stores Q1 sales and earnings decline

Ross Stores, Inc. reported earnings per share of 97 cents on net earnings of 338 million dollars for the first quarter compared to 1.34 dollars per share on net income of 476 million dollars for the 13 weeks ended May 1, 2021. Sales for the quarter were 4.3 billion dollars versus 4.5 billion dollars in the prior year period, while comparable...

20 May 2022