Latest Articles in Business

Guess? and WHP Global closes acqcuisition of Rag & Bone

Guess?, Inc. (GES) and global brand management firm WHP Global announced Wednesday that they have completed the previously announced acquisition of New York based fashion brand rag & bone. Under the terms of the transaction, Guess? has contributed 57.1 million dollars towards the purchase of rag & bone, in addition to contributions from WHP...

Business

Temu owner Pinduoduo nearly doubles annual profit

Chinese low-price online retailer Pinduoduo, the owner of the Temu app and Alibaba's main competitor, almost doubled its net profit in 2023, the group announced on Wednesday. The Shanghai-based giant, which has made affordable products its speciality since launching in China in 2015, posted a year-on-year net profit jump of 90 percent in 2023 to...

Business

Liverpool based delivery service Yodel acquired by YDLGP Limited

Parcel carrier Yodel has been acquired by YDLGP Limited, a newly formed company backed by a Shift-led consortium, to create a “super scale logistics platform”. YDLGP is backed by a consortium of investors, including Solano Partners Ltd, an independent boutique investment bank that also advised on the acquisition, as well as the leadership team...

Business

Deckers Brands appoints Robin Green as president of Hoka

Deckers Brands , the parent company of Teva, Ugg and Deckers, has appointed Robin Green as president of Hoka, effective immediately. In her new role Green will be reporting directly to Dave Powers, CEO and president of Deckers Brands and serving the executive leadership team. Green brings with her a proven track record of overseeing global...

BusinessFeatured

Rapidly growing luxury fashion storage company treats garments like fine art

As designers prepare to present their fall 24 collections next month and the days become longer making us anticipate swapping out our winter woolies for spring weights, those of us living in city apartments might wish that our closet space was a little more accommodating. Or how many times do we open up boxes that we thought were well-sealed...

Business

Amazon French warehouses unit fined 32 million euros

France's data protection agency said Tuesday it had fined Amazon's French warehouse management unit 32 million euros ($34.9 million) for an "excessively intrusive" surveillance system to monitor staff performance. Amazon France Logistique monitored the performance of employees through data from scanners used by the staff to process packages,...

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Zegna Group Q3 revenue up 20.8 percent, US market shines

Thom Browne parent Zegna Group has reported a 20.8 percent increase in revenue in the third quarter as it saw double-digit growth across key markets, including a particularly strong performance in the US. The group generated Q3 revenue of 431.1 million euros, up from 356.9 million euros a year earlier. Breaking it down by segment, revenue at...

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Puma Q3 constant-currency sales up 6 percent, reaffirms FY outlook

Puma has said it is “well on track” to achieve its full-year guidance as sales increased in the third quarter, but its profit narrowed. The German sportswear giant generated revenue of 2.3 billion euros in Q3, an increase of 6 percent on a constant-currency basis, driven by its biggest market, EMEA, where sales rose 9.9 percent to 1 billion...

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Hermès reports sales growth despite dip in Asia

French luxury group Hermes, known for its leather bags and silk scarves, on Tuesday said it continued to see sales growth in the third quarter despite a dip in Asia. The 7.3-percent rise in overall sales in the third quarter from the same period last year to 3.4 billion euros (3.6 billion dollars) narrowly beat analyst expectations. The...

Business

Steve Madden acquires Almost Famous for 52 million dollars

Steven Madden, Ltd. has completed the acquisition of privately held Almost Famous, a designer and marketer of women’s apparel. The company said in a statement that the acquisition was completed for 52 million dollars in cash, plus an earn-out provision based on future financial performance. Commenting on the acquisition, Edward Rosenfeld,...

Business

Inter Parfums reports strong Q3 trading results

Inter Parfums, Inc. third quarter net sales rose to 368 million dollars, up 31 percent compared to the same quarter of 2022. Commenting on the trading update, Jean Madar, chairman & CEO of Inter Parfums, stated: “Strong market conditions, in combination with increased market share driven by new product launches, brand extensions, and the...

Business

Modo Group acquires eyewear brand Italia Independent

Modo Group has acquired eyewear label Italia Independent for an undisclosed sum. The group, which produces and distributes the Modo and Eco brands, and which has been in the independent eyewear industry since 1990, said its know-how will be a “key factor” in the new direction of the Italian brand, which was founded by Lapo Elkann. “I have always...