Fashion
Nordstrom raises fiscal year outlook
The American chain of luxury department stores reported second quarter results, which reflected continued broad-based improvement in sales trends across categories and geographies
Alibaba with 34% revenue growth
The Chinese-based ecommerce giant has announced results for the quarter ended on the 30th of June 2021. In the period, revenue of Alibaba totalled 205.740 billion Renminbi (31.87 billion US dollars), an increase of 34% year-over-year
Changes to the Board of Directors of Richemont
In advance to its upcoming annual general meeting due to be held on the 8th of September 2021, Richemont has announced changes to its Board of Directors
Inspiramais looks at the future
The latest edition of the Latin America exhibition Inspiramais, focused on solutions relating to sustainability, technology and fashion, was held between the 13th and the 16th of July. Over a thousand materials for the 2022_II season were launched
Ferragamo's revenue up by 44.1%
The increase in revenue has been achieved despite the permanence, in some countries, of lockdowns and bans driven by COVID-19. On the 30th of June 2021, Ferragamo was operating with 53% of retail stores at full capacity
Nordstrom with new Chief Human Resources Officer
The fashion retailer announced Farrell Redwine as its new Chief Human Resources Officer. She will join the executive team and report to Nordstrom CEO Erik Nordstrom
LVMH to buy majority stake in Off-White
The international luxury group announced the acquisition of 60% of shares of Off-White LLC, owner of the Off-White brand
L Catterton acquires majority stake in Italian-based Etro
Under the agreement, L Catterton Europe will acquire a majority stake in the company, while the Etro family will retain a significant minority. Founder Gerolamo Etro will be appointed as Chairman
Administrators appointed to liquidate Arcadia Group
Auditing firm Mazars has been appointed as liquidator to oversee the process. They will focus on what remains of Sir Philip Green’s collapsed Arcadia Group empire
Nordstrom acquires minority stake in Asos brands
Asos has formed a joint-venture with US-based multi-channel retailer Nordstrom, which will invest for a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands
LVMH appoints Vanessa Moungar Director of Diversity and Inclusion
Continuing on its strategy to reaffirm its interest in diversity and inclusion, the French luxury group has just recruited a director of “Diversity and Inclusion”, the Franco-Chadian Vanessa Moungar, known for her commitment to social justice in the world
H&M reports profit
Sweden-based fashion brand Hennes & Mauritz AB announced profit for the second quarter around 3.6 billion Swedish Krona (422 million US dollars), growing by 10 billion Swedish krona (1.2 billion US dollars) from the previous period
Gap closes its stores in the UK and Ireland
The American fashion group, owner of tags such as Gap, Banana Republic, Old Navy, Athleta, decided it would no longer have a physical presence in the UK and Ireland. In France and Italy, it has identified local partners who may continue to operate the brand
Ferragamo with 10% growth in sales
As of the 31st of March 2021, the Salvatore Ferragamo Group reported total revenue of 245 million euros, up by 10.3% at current exchange rates (+13.0% at constant exchange rates), which compares with 222 million euros recorded in the first quarter of 2020
UAE: 46% of consumers expect the effects of the pandemic to last another year
This is according to a study by Kearney, which also revealed that 73% of consumers have changed their shopping habits to adapt to the new normal, with expenditure on essential items showing a sustained increase, and spending on non-essentials continues to decline-
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