Executive Report news and archive

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...

Business

Mister Spex acheives Q1 sales growth of 2 percent

Omnichannel optician Mister Spex reported a 2 percent growth in the first quarter achieving sales of 51.1 million euros. The company said that the development in the key product categories was impacted by an earlier Easter, which negatively affected the number of working days and therefore, the production of prescription glasses. Commenting on...

Business

Lenzing's Q1 revenues improve by 5.7 percent

The Lenzing Group’s revenue rose by 5.7 percent to 658.4 million euros in the first quarter of 2024 driven by higher fibre sales volumes. The company said in a release that EBITDA for the quarter more than doubled to 71.4 million euros, while EBIT was slightly positive at 1.5 million euros compared with minus 41.4 million euros in the first...

Business

Revolve Group Q1 sales and earnings decline

Revolve Group’s first quarter net sales were 270.6 million dollars, a decrease of 3 percent. Net sales in April 2024 increased by a low single digit percentage, a sequential improvement compared to the trend reported for the first quarter of 2024. "We delivered significant expansion of our gross margin and year-over-year efficiency in our...

Business

Richemont acquires Italian jeweller Vhernier

Richemont has acquired 100 percent stake in Vhernier, the distinctive Italian jewellery maison, in a private transaction. Founded in Valenza, Italy in 1984 and headquartered in Milan, Vhernier was acquired by the Traglio family in 2001. Commenting on the acquisition, Johann Rupert, chairman of Richemont, said: “Maison Vhernier brings a...

Business

About You posts revenue and profit growth

The About You Group achieved revenue growth of 1.6 percent to 1,935.2 million euros and improvement in adjusted EBITDA to 3.2 million euros despite tougher-than-expected market conditions. For fiscal year 2024-2025, the company’s management board expects group revenue growth between 1 percent and 10 percent year-on-year and an increase in...

Business

Zalando improves profitability in Q1, confirms outlook

Zalando delivered growth and improved profitability in the first quarter with gross merchandise volume (GMV) increase of 1.3 percent to 3.3 billion euros and revenues of 2.2 billion euros compared with 2.3 billion euros in the prior-year period. Zalando said, adjusted EBIT rose to 28.3 million euros, in line with market expectations and...

Business

Sycamore may take Nordstrom private

New York-based private equity firm Sycamore Partners has set its sights on acquiring U.S. department store group Nordstrom, with plans to take it private. Following discussions held by Nordstrom CEO Erik Nordstrom and President Pete Nordstrom with the chain's board last month, the company confirmed its exploration of the possibility of...

Business

Tod's to be delisted after successful takeover bid by fund associated with LVMH

Milan - The friendly takeover bid for Tod's launched by L Catterton, an investment fund associated with LVMH, has exceeded the threshold of 90 percent of the capital, which will allow the Italian luxury shoe maker to be delisted from the Milan Stock Exchange, according to results published on Friday. "Tod's shares will be automatically withdrawn...

Business

Puig IPO raises 2.6 billion euros

Europe’s biggest IPO of 2024 saw Spanish conglomerate Puig exceed its share price of 24.50 euros to 25.50 euros on Friday, resulting in a market capitalisation of 13.9 billion euros after it sold 106.5 million shares. The funds raised, some 2.6 billion euros, will allow the fragrance and fashion group to make further acquisitions and reduce its...

People

OTB appoints Stefano Rosso as Marni’s new CEO

The OTB Group has announced the appointment of Stefano Rosso as Marni’s new CEO. The company said Rosso replaces Barbara Calò, who will support him during the transitional period. Rosso will report to OTB Group CEO, Ubaldo Minelli. “Stefano will have the important responsibility of fast-tracking Marni’s positioning on the luxury market and the...

People

New Era Cap names Dao-Yi Chow as creative director

New Era Cap has announced the appointment of American fashion designer Dao-Yi Chow to vice president and creative director for the brand. As a part of his new role, the company said that Chow will oversee the creation and development of the brand’s first namesake apparel line called Brand New Era. With the unveiling of Brand New Era, set for...