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Swiss luxury conglomerate Richemont’s stock market value surpassed 100 billion Swiss francs ($110 billion) for the first time, bolstered by the appeal of its blockbuster jewellery label Cartier. Shares of the company controlled by billionaire Johann Rupert have risen for six straight days since the company last week reported better-than-expected sales for the most recent…
Abu Dhabi-based investment vehicle Royal Group has acquired a controlling stake in material science and apparel brand Pangaia, the company said Thursday. The financial terms of the deal were not disclosed. Pangaia launched just ahead of the pandemic and enjoyed an initial explosion of success, as lockdown-bound consumers snapped up its brightly coloured tracksuits. But…
President Donald Trump is considering changing a key US trade benefit to other nations, the “de minimis” exemption on import tariffs, as he accuses China of unfair trade practices and blames it for a crisis over the deadly drug fentanyl. His predecessor Joe Biden, in one of his last acts as president on Friday, proposed…
The Business of Fashion is pleased to reveal that Tarang Amin, chief executive of E.l.f. Beauty, Yasmin Sewell, founder of cult perfumery brand Vyrao, and Nykaa’s executive director and chief executive Anchit Nayar are among the speakers who will be joining us at The Business of Beauty Global Forum, taking place from June 9-11, 2025…
Chanel Inc. is cutting 70 roles in the US as the luxury fashion and beauty label warned it faces a more difficult economic environment. The decision to reduce headcount follows previous moves to limit spending and will help Chanel “better adapt to the current economic challenges,” it said in a statement Wednesday. The 70 jobs…
Associated British Foods Plc cut guidance for sales growth at its Primark discount fashion retailer, blaming weak UK consumer sentiment. The British conglomerate, which also has sugar, agriculture and ingredient arms, said Thursday it is now targeting low-single digit growth this year for the retailer. AB Foods previously forecast mid-single digit sales growth. Primark’s like-for-like…
Procter & Gamble Co. organic sales surpassed estimates on higher volume, a change from earlier quarters where most of the company’s growth came from price hikes. Organic sales rose 3 percent in the three months ended Dec. 31, P&G said Wednesday, the biggest increase in three quarters. Most of that was due to higher volume,…
Puma shares slid 18 percent on Thursday after the German sportswear brand reported lower than expected fourth-quarter sales and a decline in annual profit, raising questions about its ability to compete against bigger rivals Adidas and Nike. The weak results late on Wednesday came after Adidas reported strong sales and profitability, highlighting the work Puma…
The Oscars will go on as planned in March, though with special accommodations to acknowledge to devastating wildfires in Los Angeles, according to a new update from the Academy of Motion Picture Arts and Sciences. A letter from the CEO, Bill Kramer, and president Janet Yang, sent to all members on Wednesday, confirmed that the…
For a growing number of European and Asian fashion brands, America is the land of opportunity. A host of international retail giants are aggressively expanding their US footprints, with combined plans to open hundreds of stores in dozens of states in the next few years, according to a BoF analysis. Spanish retailer Mango opened 42…