Latest Articles in Business

CP Company in agreement with Altana for kidswear

Tristate International Sa, licensee of the CP Company brand, joins forces with the Altana Group with a long-term licensing agreement for the creation, production and global distribution of clothing for the CP Company undersixteen children's line. The product, reads a note, will be the result of the Altana Group's experience in managing the kids...

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Abercrombie & Fitch, Kohl's Q1 results top estimates, while Children's Place missed

U.S. retailers Abercrombie & Fitch Co. (ANF) and Kohl's Corp. (KSS) reported on Wednesday results for the first quarter that topped analysts' estimates, with Abercrombie & Fitch raising its outlook for the full-year 2023 and Kohl's affirming its guidance for fiscal 2023. Meanwhile, The Children's Place, Inc. (PLCE) reported results that missed...

Business

UK targets big tech to boost online consumer rights

Global tech giants could face fines of up to 10 percent of their annual turnover if a British government bill to protect consumers launched on Tuesday becomes law. The bill aims to strengthen competition in digital markets and crack down on subscription traps as well as prevent online scams such as fake reviews. It envisages giving the...

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Dr. Martens lowers profit outlook, announces CFO retirement

Dr. Martens expects FY23 EBITDA to be around 245 million pounds due to higher costs at LA DC (Los Angeles distribution centre) and lower wholesale revenue. The company also announced that its chief financial officer Jon Mortimore has decided to retire from his role and he will continue to hold the position until a successor is in place. “We took...

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Fashion retailer Scotch & Soda secures rescue deal

Fashion retailer Scotch & Soda has been rescued by American brand management company Bluestar Alliance after filing for bankruptcy for its Dutch operations last week. Confirming media reports, Scotch & Soda co-trustee Erik Schuurs said the deal was “good news for quite a large group of employees at Scotch & Soda, even if, unfortunately, not all...

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On's FY22 sales accelerate, cross one billion Swiss francs

On Holding AG’s fiscal 2022 net sales increased 68.7 percent to 1,222.1 million Swiss francs with net sales through the DTC sales channel increasing by 61.4 percent to 445.1 million Swiss francs and net sales through the wholesale sales channel increasing by 73.1 percent to 777 million Swiss francs. For the fourth quarter, the company’s net...

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Scotch & Soda files for bankruptcy for Dutch operations amid 'severe cash flow issues'

Fashion retailer Scotch & Soda has filed for bankruptcy for its Dutch operations following “a chain of events that accelerated severe cash flow issues”. The company said in a LinkedIn post that the pandemic combined with high inflation forced it to declare bankruptcy in the Netherlands despite reporting record sales of 342.5 million euros in...

Business

Amazon to cut 9,000 more jobs, CEO confirms

Amazon CEO Andy Jassy said Monday he was cutting 9,000 more jobs from the online retail giant's workforce, following the 18,000 that were axed in January. "Given the uncertain economy... and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount," Jassy said in a memo to staff. The...

Business

Vera Bradley posts Q4 loss

Consolidated net revenues at Vera Bradley, Inc. were 147.1 million dollars for the fourth quarter compared to 149.6 million dollars in the prior year fourth quarter. The company’s net loss for the quarter was 28.2 million dollars or 91 cents per diluted share. On a non-GAAP basis, net income totaled 5 million dollars or 16 cents per diluted...

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Adidas announces management changes, extends contract of CFO

Sportswear giant Adidas has announced changes to its top team the same day it revealed it swung to a loss in the fourth quarter of the year. The German company said Wednesday that the contract of Harm Ohlmeyer, who has been finance chief since 2017, will be extended for three years, meaning he’ll remain in the post until the beginning of 2028....

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Perfect Corp FY revenue up, but losses widen

Perfect Corp, a company that provides augmented reality (AR) and artificial intelligence (AI) Software-as-a-Service (SaaS) for global beauty and fashion businesses, has reported an increase in revenue but widening losses in its most recent full-year report. In the 12 months to December 31, the company’s revenue increased 16 percent to 47.3...

Business

Lenzing suspends dividend policy for FY23

Lenzing AG expects EBITDA for the 2023 financial year to be in a range of 320 million euros to 420 million euros, assuming a further market recovery in the current financial year. On this basis, the company said in a statement that the company’s managing board of Lenzing AG does not consider the execution of the existing dividend policy of at...