Fashion
Uncertainty for Ted Baker as UK and European arm goes into administration
The British fashion retailer is planning to appoint administrators, a spokesman for owner Authentic Brands Group confirmed on Tuesday. Hundreds of jobs are expected to be at risk
Strong performance of Inditex in 2023
The Spain-based fashion group reported a 10.4% year-over-year growth in sales to 35.9 billion euros in 2023, with positive results across all channels and regions. Profits up by 30.3%
Mango hits the 3 billion sales mark
The Spanish-based fashion group has increased its turnover by 15%, reaching more than 3.1 billion euros for the first time in 2023. It aims now to pass the 4 billion mark by 2026
Macy’s announces fourth quarter and fiscal 2023 results
The US company has posted a year-on-year decline in sales and profits for both the fourth quarter and full year, but said it’s in a better financial position to continue its modernisation strategy
UK Retail: challenging times may be ahead after disappointing fourth quarter in 2023
Retail sales of clothing and footwear disappointed in the last quarter of the year after a promising start on Black Friday. This is not particularly surprising given that prices in the category fell more slowly than overall prices and items remain relatively more expensive, making consumers more cautious in their choices. There are some long-term positive signs for retailers when it comes to consumer confidence, but there are likely to be some bumps in the road in the meantime
H&M plans up to 588 job cuts in Spain
The Sweden-based retailer plans to close a fifth of its stores and lay off up to 588 employees in Spain. H&M currently operates 133 stores in the country and employs nearly 4 000 people
H&M announces results for 2023, CEO steps down
The Sweden-based group has reported a 6% growth in net sales in 2023, as compared to the previous year. However, its CEO has stepped down amid sluggish sales at the start of the year
Daniel Ervér is the new President and CEO of H&M
At the same time as reporting its 2023 results, the fashion group announced a change at the top. Daniel Ervér is the group’s new CEO, succeeding Helena Helmersson, who stepped down after four years in the role
LVMH names new Chairman and CEO of Fashion Group
The French-based luxury conglomerate has named Michael Burke as Chairman and CEO of LVMH Fashion Group. He succeeds Sidney Toledano, who was appointed Advisor to Bernard Arnault
Macy’s cuts 2 350 jobs
As it continues to streamline its business, the department store chain has announced that it will lay off about 3.5% of its workforce, or around 2 350 employees, and close five stores
Ferragamo reports decreasing full year revenue
The luxury group has warned of a slowdown in luxury demand, with preliminary consolidated revenue for 2023 down by 7.6% at current exchange rates and 8.1% at constant exchange rates year-on-year
LVMH reports another strong year
The French-based luxury conglomerate highlighted a “remarkable performance” from its Fashion & Leather Goods business group, with organic revenue growth of 13% year-on-year in 2023
Parent company of Uniqlo posts solid performance
Fast Retailing posted a revenue growth of 13.2% in the three months to the start of November 2023, as compared to the same period of 2022, driven by the performance of Uniqlo abroad
Sistema Moda Italia withdraws from Cofindustria Moda
Sistema Moda Italia is no longer part of the Italian Federation of Textiles, Fashion and Accessories (Cofindustria Moda). The need to respond quickly to new European regulations was at the heart of the decision
Mango foresees to achieve record sales in 2023
Amid an expansion of its retail footprint, the Spanish-based fashion retailer foresees ending the fiscal year with sales of more than 3 billion euros, which would represent a double-digit growth over 2022-
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