• Home
  • News
  • Business

Latest articles in Business

Business

Ted Baker faces investor revolt over proposed exec pay rises

Ted Baker is reportedly facing an investor revolt over plans to increase the salary of its executive team despite the label’s financial woes. Institutional Shareholder Services (ISS) has recommended investors to vote down the company’s remuneration policy at its annual meeting next week, The Sunday Times reports. The Advisory group believes the...

19 hours ago

Business

Tommy Hilfiger commits to diversity with ‘People's Place Program’

American fashion brand Tommy Hilfiger has announced that it is launching a new platform in response to the Black Lives Matter movement, which will seek to advance the representation of Black, Indigenous and people of colour (BIPOC) working within the fashion and creative industries. Dubbed the ‘People's Place Program’, the initiative takes its...

19 hours ago

Business

Primark and John Lewis expected to turn down job retention bonus

John Lewis and Primark are both reportedly set to turn down government money to bring furloughed staff back to work. The Jobs Retention Bonus, announced last week, allows UK employers to receive a one-off bonus of 1,000 pounds for each furloughed employee that returns to work. To be eligible, the worker must still be employed at the business by...

19 hours ago

Business

Armani reports “better performance” than forecast in 2019

Italian fashion group Giorgio Armani has reported a return to growth in 2019, a year in advance following the rollout of its strategic plan to upgrade its brand portfolio and streamline its distribution network. In 2019, the Armani Group reported consolidated net earnings totalling 124 million euros on net sales revenue of 2,158 million euros,...

20 hours ago

Business

Quiz suspends supplier following reports of living wage breach

Quiz has suspended a supplier over allegations of non-compliance with the National Living Wage requirement. The British fashion retailer said it was investigating reports that workers at one of its suppliers' factories in the Leicester region had been paid just 3 pounds an hour to make clothing for the company. “Quiz is extremely concerned by...

21 hours ago

Business

The Sports Edit launches crowdfunding campaign

Premium activewear e-tailer, The Sports Edit, has launched a crowdfunding campaign to further accelerate its growth. The campaign follows 2020 marking the company’s “best year yet,” growing online revenues by 145 percent, despite global economic uncertainty, and the company reported some of its best months in April and May during lockdown. “The...

21 hours ago

Business

Kinnevik's Q2 NAV improves 38 percent, proposes special dividend

For the second quarter, Kinnevik reported NAV of 89.6 billion Swedish krona or 323 Swedish krona per share, up 24.7 billion Swedish krona or 38 percent in the quarter. The company’s net cash position was 5.5 billion Swedish krona, corresponding to 6.6 percent of portfolio value by quarter-end, and amounting to 3.6 billion Swedish krona adjusted...

21 hours ago

Business

Calvin Klein enters licensing deal with Marc Fisher

PVH Corp.-owned Calvin Klein Inc. is entering a licensing deal with footwear company Marc Fisher Ltd. for the production and distribution of Calvin Klein and Calvin Klein Jean's men's and women's footwear offerings in the U.S. and Canada. In addition to this licensing agreement, Calvin Klein Inc. will be bringing its European and Asian footwear...

10 Jul 2020

Business

Ace & Tate secures 14 million euros to fund European expansion

Dutch eyewear label Ace & Tate has raised 14.25 million euros to help fund its European expansion. The Amsterdam-based brand said the money will be focused on three areas: retail expansion in new and existing European markets; new technologies to bolster its omnichannel model; and building on current sustainability initiatives. The...

10 Jul 2020

Business Interview

Anna Meyfarth: “TikTok isn’t like the picture perfect world of Instagram”

As younger generations spend increasingly more time online, one social media platform has been catching the attention of everyone: TikTok. But what do fashion brands have to do to grow their presence on the app? The Chinese-owned short-video platform has such addictive qualities that teenagers and young adults find themselves scrolling through...

10 Jul 2020

Business

Express sees improved comparable sales as stores re-open

As of July 5, Express Inc., has reopened approximately 95 percent of its stores and expects to open the remaining stores in the coming weeks. The company said in a statement that with each successive wave of store openings, sales and traffic improved steadily through the third week in June, with sales outpacing traffic due to higher conversion...

10 Jul 2020

Business

Fast Retailing lowers full year outlook, sees around 50 percent profit decline

The Fast Retailing Group’s consolidated revenue for the first nine months, totalled 1.5449 trillion yen, down 15.2 percent and operating profit totalled 132.3 billion yen, down 46.6 percent caused primarily by the impact of Covid-19, which the company said, spurred its decision to either temporarily close or introduce shorter opening hours for...

10 Jul 2020