Latest articles in Business

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...

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111Skin secures investment from Kim Kardashian’s Skky Partners

Skky Partners, the consumer-focused private equity firm co-founded by Kim Kardashian and Jay Sammons, the former head of consumer at Carlyle Group, has acquired a “significant” minority stake in UK-based skincare brand 111Skin for an undisclosed amount. The luxury skincare brand was co-founded in 2012 by plastic and reconstructive surgeon Dr...

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Schuh to slash workforce in bid to cut costs

Footwear retailer Schuh has begun a voluntary redundancy process among its staff as it bolsters efforts to cut costs. Speaking to The Scotsman, Schuh president, Colin Temple, said: “At Schuh, our people have and always will be our most important asset. Due to ongoing challenging economic conditions and rising costs, we have made the difficult...

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The Rise of Temu: Disruption, convenience, and the hidden costs of hyper-consumerism

In an era of digital marketplace transformation, Temu has emerged as a lightning rod for both economic innovation and critical scrutiny of contemporary consumption patterns. The platform's meteoric rise — achieving a 53 percent year-on-year growth in monthly active users in the United Kingdom — represents more than a digital success story; it...

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Frasers accuses Boohoo of making undisclosed payments to founder’s son

On January 21, Frasers Group’s final resolution for Boohoo shareholders was ultimately turned down, meaning the fast fashion conglomerate’s founder, Mahmud Kamani, was to retain his place as director. While this seemingly brought an end to another chapter in the duo’s leadership battle, it appears yet another twist in the story is only just...

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Australia’s Myer and Premier Investments receive shareholder backing for merger

Australian department store Myer has received shareholder backing for its proposed merger with the Apparel Brands subsidiary of Premier Investments Limited. In a general meeting held by the company, 95.45 percent of shareholders voted in favour of the proposal. Upon announcing the results of the meeting, Myer executive chair, Olivia Wirth, said...

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Chanel cuts 70 jobs across US workforce

Luxury fashion giant Chanel is cutting 70 jobs in the US, representing about 2.5 percent of its workforce in the region, according to a report initially made by online publication Puck News and later confirmed by Bloomberg. The decision to reduce its workforce is intended to curb expenses and help the company “better adapt to current economic...

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Revolution Beauty projects 25 percent sales decline for FY25

In an annual trading update, Revolution Beauty Group said that it now expects net sales to decline 25 percent and high single digit millions underlying adjusted EBITDA supported by the continued positive delivery of operational and cost savings programmes. The company discontinued over 6,000 unproductive SKUs – around 75 percent of its original...

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Primark cuts outlook following disappointing UK and Ireland sales

Associated British Foods (ABF), the owner of Primark, has cut its outlook for the budget retail chain as like-for-like sales in the UK and Ireland dropped 6 percent, while overall sales fell 4 percent, due to a general decline in the region’s clothing market and cautious consumer sentiment. For the first quarter, spanning the 16 weeks to 4...

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River Island reportedly appoints financial advisors

British fashion chain River Island has reportedly hired financial advisers from global consultancy AlixPartners as the retailer looks to improve profits and cut costs, Sky News reports. River Island has been struggling with declining financial results and rising costs over an extended period. In October 2024, the company posted a pre-tax loss of...

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Galeries Lafayette's ambitious bet on the success of men's fashion

As the luxury sector experiences a post-pandemic slowdown, Galeries Lafayette in Paris is taking a decisive turn by focusing on men’s fashion as a lever for growth. This strategy responds to a growing global trend: the rise of men’s ready-to-wear. A strategic repositioning for men's fashion Galeries Lafayette was quick to see the growth...

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Ganni signs offtake agreement with Ambercycle for circular polyester

Danish womenswear brand Ganni A/S has further strengthened its sustainability goals by signing an offtake agreement with Ambercycle, a Los Angeles-based circular textile innovator. The agreement will see Ganni replace 20 percent of its use of virgin polyester and recycled bottle-based polyester with Ambercycle’s regenerated polyester, which is...