Latest articles in Business

Aeffe announces strategic review for Moschino after sales loss

Aeffe Spa, the Italian parent company of brands including Alberta Ferretti, Philosophy di Lorenzo Serafini, Moschino and Pollini, has announced preliminary sales figures for the 2024 financial year. The fashion group reported a 21.3 percent decline in consolidated sales, totaling 251 million euros compared to 319 million euros in 2023. In Italy,...

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Asos integrates marketplace sellers into main site

E-tailer Asos has confirmed that it is to migrate vintage and independent boutique sellers on its Asos Marketplace to its main platform, a feat it plans to have completed by April 2025. According to the company, the strategy intends to benefit customers by “offering one central destination” that showcases all of what Asos has to offer. For the...

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Demand for 'hard luxury' takes Richemont to new heights

Richemont, the Swedish luxury conglomerate, has reached a market value of more than 100 billion Swiss francs (about 88.9 billion pounds) for the first time. Richemont's shares rose 0.5 percent to 169.15 Swiss francs, marking the sixth consecutive day of gains, Bloomberg reported. In the third quarter of fiscal year 2024/25, Richemont achieved a...

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NRF backs Trump’s plans to review tariffs but warns of consumer impact

The National Retail Federation (NRF), the US’ retail trade association, has said that it will welcome president Donald Trump’s review of tariffs but warns of consequences in relation to possible cost increases for consumers. Its comments come after Trump directed federal agencies to examine US trade policies on January 20, 2025, with a goal to...

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Survivors of the earthquake in Türkiye now receive compensation

The Clean Clothes Campaign (CCC) Türkiye, a non-governmental organisation that protects workers' rights in the global supply chain, reports in a press release that a number of workers who survived the devastating 2023 earthquake in southeastern Turkey and Syria, which killed over 50,000 people, have finally been compensated by their employer....

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Sainsbury’s to cut 3,000 jobs in continued ‘Next Level’ strategy

Supermarket giant Sainsbury’s has announced plans to reduce its headcount by over 3,000 roles, including a 20 percent reduction in senior management roles. The move comes as part of its continued ‘Next Level’ strategy, a three-year initiative initially launched in 2023 with the mission of simplifying central divisions and management structure....

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White Stuff records strong Christmas trading

British fashion and lifestyle retailer White Stuff, reported a strong Christmas trading period with total sales up 21.8 percent year on year, underpinned by strong e-commerce growth of 32.5 percent and store sales increase of 8.5 percent. The brand, now part of TFG London, said in a release that full price sales increased by 26.8 percent year on...

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Quiz officially delists, what now?

British fashion retailer Quiz has officially delisted from the London Stock Exchange’s AIM sub-market, leaving it open to move forward with its next step: re-registering as a private company. A total of 98.6 percent of shareholders voted in favour of the proposals during a general meeting held earlier this month, allowing for Quiz to request the...

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Study: How does automation affect workers in Bangladesh’s RMG sector?

Bangladesh is the second largest exporter of readymade garments (RMGs) after China, contributing 10.35 percent of the national GDP and 84.58 percent of the country's exports in fiscal year 2023. The country is also home to 61 of the top 100 highest-rated LEED-certified factories in the world and 229 LEED-certified green factories....

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Abu Dhabi fund propels sustainable fashion-forward brand Pangaia

Abu Dhabi's Royal Group has acquired a majority stake in Pangaia, the innovative materials technology and lifestyle brand that has been reimagining textile production through environmental consciousness. The acquisition represents more than a traditional private equity transaction, signaling a strategic alignment between an emerging Middle...

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Burberry posts smaller drop in quarterly comparable sales

British luxury brand Burberry’s third quarter retail revenue declined by 7 percent reported or 3 percent currency neutral to 659 million pounds. Comparable store sales declined 4 percent in the period versus the 12 percent decrease forecast by analysts. The company said that in light of third quarter performance, Burberry expects its second-half...

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Is Adidas cutting jobs?

The sportswear manufacturer Adidas plans to restructure its headquarters in Herzogenaurach, Germany, and potentially reduce its workforce of 5,800 employees at the location. A company spokesperson stated that specific figures could not be disclosed at this time. However, Manager Magazin and other media outlets, citing company insiders, have...