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In early January, e-commerce tech firm Rokt brought its more than 600 employees to Austin, Texas for its annual retreat — a tradition with a hefty price tag (past host cities have included Phuket, Thailand and Sydney). But there’s a crucial reason the New York-based company is doubling down on the investment. “When there’s a…
Italy is the epicentre of luxury’s supply chain: many of the world’s biggest luxury brands rely on thousands of workshops across the country to make their best-selling products, which arrive in glittering stores emblazoned with the prestigious “Made in Italy” stamp. But across Italy’s manufacturing sector, a crisis is playing out that threatens this critical…
As the global luxury industry flounders amid tepid consumer demand this year, Mytheresa continues to buck the trend. The luxury e-tailer finished its fiscal year, which ended in June, with sales up 10 percent to €841 million ($927 million) and €26 million in adjusted earnings before interests, taxes, depreciation and amortisation, it announced in its…
Hindustan Unilever, the India unit of the global personal care conglomerate, announced on Wednesday that it will acquire a majority stake in Minimalist, the Indian premium beauty brand. Financial terms of the deal were not disclosed. Hindustan Unilever has taken a 90.5 percent stake in the company and will progress to full ownership within two…
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…