Latest Articles in Business

Elena Strahova, CEO, Riga Fashion Week: 'Latvian brands tend to operate within their own niche'

On the fringes of the traditional fashion industry circuit, Fashion Week in Latvia's capital Riga has established itself as a benchmark event in the Baltic region, distinguished by its focus on sustainability and ethics in fashion. Elena Strahova, founder and CEO of Riga Fashion Week (RFW), which took place from April 8 to April 11, takes stock...

Business

More job cuts at Lululemon as it closes U.S. distribution center

Canadian Athleisurewear giant Lululemon is set to close its distribution center in Washington, leading to the layoffs of 128 employees, according to a filing in the local state. Shares in the company have fallen over 31 percent since the start of 2024. The job cuts are expected to commence on June 21, with plans to shut down the facility by the...

Business |OPINION Featured

Why Earth Day has become largely a marketing gimmick

What do Mother's Day, Valentine's Day and Earth Day have in common? They are all days that highlight something/someone that should go without saying and be celebrated every day of the year - mothers (parents in general), love and our earth. The very existence of such days of remembrance shows that something is amiss - why do mothers need to be...

Business

Nike to axe over 700 jobs from its Oregon headquarters

Nike's Oregon headquarters is set to eliminate approximately 740 jobs by late June as part of its multiyear cost-cutting plan. Michele Adams, Nike’s vice president of people solutions, disclosed this intention in a filing with the state of Oregon on Friday, describing it as a “second phase of impacts” as the world’s largest sportswear company...

BusinessFeatured

WHP-led consortium initiates sales deal with Express

Express, Inc. announced that announced that it has received a non-binding letter of intent from a consortium led by WHP Global, a wholly owned subsidiary of Simon Property Group and Brookfield Properties for the potential purchase of the company’s retail stores and operations. Express also announced that it has named Mark Still as senior vice...

BusinessFeatured

Fashion Revolution on achievements in the last ten years and future needs

In the last ten years, the fashion industry has come a long way - the simple question, “Who made my clothes?” could not be answered after the collapse of the Rana Plaza building on 24th April 2013. Rescuers had to dig through the rubble looking for clothing labels to figure out which brands were producing clothes there. Even then, brands and...

Business

Can Asos ramp up revenue after its sales decline?

Asos wants to reverse its sales decline, grappling with an 18 percent drop in revenue amidst intensified competition from brands like Shein, H&M, and Zara. This challenge is compounded by shifting consumer preferences away from exclusive online shopping, marking a stark departure from the gains Asos experienced during the pandemic, the Guardian...

Business

Agilitas to design and distribute Lotto products in India, Australia and South Africa

WHP Global has announced a new long-term licence for Lotto with Agilitas Sports. Through this licence, WHP said in a release, Agilitas will have the exclusive rights to design, manufacture, promote, and distribute the Lotto brand in India, Australia, and soon in South Africa. Commenting on the development, Stanley Silverstein, chief commercial...

Business

Nordstrom establishes special committee amid founding family's privatization proposal

Nordstrom Inc.'s (JWN) founding family has notified the board of its interest in taking the company private. The company formed a special committee to evaluate any proposal from the company's Chief Executive Officer Erik Nordstrom and the company's president Pete Nordstrom, and any proposals from other parties and consider whether they are in...

BusinessFeatured

Case law: How protected is a brand in the metaverse?

In a rapidly digitising world, protecting brands is becoming increasingly complex and essential, even alongside the rise of the metaverse. With the evolution of technologies such as virtual reality (VR), the metaverse is becoming a new arena in which companies need to establish and protect their brand identity. What exactly is the metaverse and...

Business

L’Oréal records strong Q1 results

First quarter sales of 11.24 billion euros, increased 9.4 percent like-for-like and 8.3 percent reported at L’Oréal. The company’s adjusted like-for-like growth was 8.1 percent. Commenting on the figures, Nicolas Hieronimus, CEO of L'Oréal, said in a statement: “2024 is off to a very good start with like-for-like growth of 9.4 percent,...

Business

Reitmans posts Q4 revenues increase of 3.8 percent

Apparel retailer Reitmans Canada (RCL) increased fourth quarter revenues by 8.1 million Canadian dollars or 3.8 percent to 221 million Canadian dollars, while comparable sales including e-commerce net sales, decreased 1.6 percent. Net revenues for fiscal 2024 decreased by 8.6 million Canadian dollars or 1.1 percent to 794.7 million Canadian...