Latest Articles in Business

Warby Parker's revenues increase by 16.3 percent

For the first quarter, Warby Parker's net revenue increased 28 million dollars or 16.3 percent to 200 million dollars. GAAP net loss for the quarter was 2.7 million dollars, gross margin increased 1.6 points to 56.7 percent, while adjusted EBITDA reached 22.4 million dollars and adjusted EBITDA margin was 11.2 percent. The company opened eight...

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My Wardrobe HQ merges with Cercle

Luxury rental and re-commerce platform My Wardrobe HQ has announced its merger with fellow UK-based fashion rental and resale platform Cercle, which focuses on unique luxury and vintage items. The strategic merger is to expand its global presence and enhance its offering, explained My Wardrobe HQ in a statement, as it looks to form a global...

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Nona Source: Why the success of its business model favours a new circular model

Nona Source, the platform specialising in the marketing of deadstock materials from fashion houses, has introduced a solid business model. In a sector that is still poorly mastered eco-circularity, Nona Source pays particular attention to remaining economically balanced, while retaining awareness of the other factors that need to be taken into...

Business

Safilo sales hit by North America, lower Jimmy Choo sales

In the first quarter, Safilo's net sales amounted to 277.2 million euros, down 1.8 percent at constant exchange rates and 3.5 percent at current exchange rates influenced by the reduction in sales of Jimmy Choo. The company said in a statement that the other main drivers of the period were the weak performance of North America and the temporary...

Business

Shopify reports strong first quarter

Shopify’s first quarter gross merchandise volume (GMV) increased 23 percent to 60.9 billion dollars. Revenue also increased 23 percent to 1.9 billion dollars, translating into year-over-year growth of 29 percent after adjusting for the sale of logistics businesses. “Our outstanding Q1 performance is clear proof of our dedication to the new shape...

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Wolverine Worldwide Q1 revenues drop 34 percent, names new CFO

Wolverine Worldwide revenues of 394.9 million dollars declined 34.1 percent or 34.6 percent on a constant currency basis. Revenues from the ongoing business were down 24.5 percent or 25.1 percent constant currency to 390.8 million dollars. Gross margin for the quarter improved 650 bps to 45.9 percent, while adjusted gross margin improved 250 bps...

Business

Delta Apparel Q2 loss widens

Second quarter net sales at Delta Apparel decreased to 78.9 million dollars. Salt Life Group segment net sales declined to 15.5 million dollars compared to the prior year period, while net sales in the Delta Group segment declined to 63.4 million dollars. Gross margins for the quarter were 4.3 percent compared to 14.7 percent in the prior year...

Business

Department store chain Galeria Karstadt Kaufhof to change its name upon backing of US investor

Beauty products, handbags, shoes, underwear - these are to be the focal points of German department store chain Galeria Karstadt Kaufhof's product range in future. ‘This will enable us to clearly differentiate ourselves from the competition,’ the company's managing director, Olivier Van den Bossche, said on Tuesday. For beauty products such as...

Business

Prada says it is open to acquiring more brands, as Italian luxury consolidates

At a factory opening that produces Prada knitwear, Lorenzo Bertelli, the group’s marketing director and son of Miuccia Prada and CEO husband Patrizio Bertelli, told reporters the company is open to M&A opportunities. “We have been and will always be open to considering opportunities,” Bertelli said at the Torgiano-based based factory. Prada has...

Business

TikTok sues U.S. government in fight against potential app ban

TikTok, the main sponsor of this year's Met gala, is fighting back against a potential ban in the United States by filing a lawsuit against the government. In a court filing on Tuesday, TikTok's parent company, Bytedance, contends that the U.S. Congress has crossed a constitutional line by singling out and aiming to prohibit the app. The...

Business

Burberry wins trademark infringement case in China

British heritage fashion house Burberry has been awarded six million renminbi (675,668 pounds) in damages in a Chinese trademark infringement case. Lusheng, a Chinese law firm and patent agency specialising in multinational intellectual property, helped Burberry win the significant trademark infringement case against Chinese company Xinboli...

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Boohoo posts revenue and profit decline in FY24

Boohoo Group GMV was down 13 percent to 1,809 million pounds for the fiscal year 2024, as group performance continued to be impacted by a difficult macroeconomic environment. The company said that revenue for the year of 1,461 million pounds, declined 17 percent reflecting increased focus on profitability and difficult market conditions. Boohoo...