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New Kering CEO charts turnaround plan with customer focus and faster timelines

The new chief executive officer (CEO) of luxury group Kering, Luca de Meo, is set to speak with the group's key managers. This group comprises several hundred executives. They will meet after reviewing a memo outlining several workstreams to revive the group, AFP learned on Wednesday, confirming a report from La Lettre. The meeting will take the...

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French department store operator dropped by investment bank following Shein collab

French department store operator Société des grands magasins (SGM) has seen its deal to acquire the property of the Parisian department store BHV Marais collapse after its new partner, fast fashion giant Shein, caused the withdrawal of a key state-backed investor. SGM, which operates BHV, has condemned what it calls “political pressure” but...

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US tariffs spark concern in India's textile capital

Tiruppur, India - The roar of sewing machines has given way to an unusual quiet in the textile factories of Tiruppur, in southeastern India. Since the tariffs on Indian exports was imposed by Donald Trump at the end of August, most have been operating at a reduced capacity. “US orders are almost at a standstill,” notes a disappointed Ramesh...

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Logicbroker acquires Virtualstock to expand dropship network

Logicbroker, the firm behind the intelligent commerce network used by some of the world's largest retailers, has announced its acquisition of UK-based online retail technology leader, Virtualstock. The combined entity will create a new global leader in multi-party commerce, forming one of the largest international dropship supplier networks with...

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Depop's operating loss narrows amid strong revenue growth

Depop Limited, the circular fashion marketplace headquartered in London, achieved strong financial results for the year ended December 31, 2024, reporting a 42 percent surge in revenue and a 14 percent reduction in operating loss. Revenue for the year rose to 101.6 million pounds, while the operating loss narrowed to 42 million pounds from 49.1...

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H&M and investors back Indian innovator AltMat

Indian material developer AltMat has completed a new funding round, the company announced on LinkedIn. The investors include major names such as H&M, investment funds Rainmatter by Zerodha and Turbostart, and the sustainable innovation platform Fashion for Good. AltMat started with the latter 14 years ago through a startup programme. AltMat...

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Fred Perry sees profits grow in 2024 despite dip in revenue

British premium brand Fred Perry reported a slight decline in revenue for the financial year to December 31, 2024, as a reduction in discounting and other macroeconomic factors impacted performance. In a filing with the UK’s Companies House, the label reported a revenue decrease of 3.7 percent compared to the year prior, amounting to 143.6...

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KPMG fined for audit of N Brown’s FY22 statements

The Financial Reporting Council (FRC) has issued fines against KPMG and a former partner of the advisory firm in relation to their audit of financial statements for fashion retailer N Brown Group. Following an investigation, the FRC has imposed a fine of 1.25 million pounds on KPMG and a further 90,000 pound fine on Anthony Sykes, who resigned...

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Recovo abandons B2B model and focuses on direct-to-consumer recommerce

Recovo was founded in 2021 as a business-to-business (B2B) marketplace specialising in surplus textiles. The company is now launching a recommerce software aimed at the end consumer. This move aims to help fashion brands integrate a channel for buying and selling used garments or returns on their own digital platforms. In this new phase, the...

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Abercrombie & Fitch to open new distribution centre in Ohio

US lifestyle retailer Abercrombie & Fitch (A&F) is set to open a new distribution centre in Ohio as part of an expanded partnership with supply chain and logistics firm Bleckmann. Set to open in the summer of 2026 in Columbus, the new facility builds on A&F’s long-term growth strategy, strengthening its fulfillment capabilities in the North...

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Ebay becomes strategic partner of Global Fashion Agenda

Marketplace giant Ebay has been named the new strategic partner of Global Fashion Agenda (GFA). The duo are combining their efforts to “accelerate the shift to a circular fashion system” by tackling the current linear model of the fashion industry. Through the partnership, GFA and Ebay will work together with industry peers that are already a...

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Digital Brands Group bets on 36 billion dollar sports merchandise market as NIL sector booms

The global licensed sports merchandise market is a rapidly growing segment of the wider apparel industry. The sector, valued at 36.4 billion dollars in 2024, is expected to increase in value to 49 billion dollars over the next five years, according to Grand View Research, as the number of sports enthusiasts and their fervour for casualised...