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Hugo Boss meets 2018 targets, reveals Q4 sales growth of 7 percent

On a preliminary basis, Hugo Boss Ag said that group sales grew by 7 percent in the reporting currency and 6 percent in local currencies to 783 million euros (889 million dollars) with both the company’s own retail business and the wholesale business recording positive growth. On non-audited basis, Hugo Boss achieved sales of 2,796 million euros...

Management|ANALYSIS Featured

Debunking Sear’s eleventh-hour rescue plan

New York - Sears’ chairman Eddie Lampert reached a deal with Sears early this month to acquire 425 Sears stores and other assets for about 5.2 billion dollars after winning a bidding process. Lampert’s ESL Investments will put 850 million dollars into a new asset-based loan, according to a regulatory filing last from January, 18. "We are pleased...

Management

Mountain Warehouse posts record festive sales

Outdoor retailer Mountain Warehouse has defied the high street and reported record Christmas trading, with sales rising by nearly 12 percent to 84.7 million pounds in the 13 weeks to January 6. The group, which specialises in outdoor clothing and equipment, stated that it served more than three million customers during the 13-week festive period...

Management

Sir Philip Green launches ‘radical review’ of Arcadia

Retail tycoon Sir Philip Green has called in advisers from Deloitte to launch a ‘radical review’ of Arcadia, as the fashion group risks losing 100 stores when their leases come to an end in late 2020, the Telegraph reported. Arcadia, which owns Topshop and has closed more than 200 of its stores since 2016, has seen a prolonged dip in sales and...

ManagementFeatured

Chad Leat replaces Millard Drexler as Chairman of J.Crew Group

J.Crew Group, Inc. chairman and former chief executive officer Millard "Mickey" Drexler has retired to devote his full time to the development of Drexler Ventures, LLC and other interests. The company said that its board of directors has now elected Chad Leat to succeed Drexler as Chairman, effective immediately. Leat has served as a director of...

Management|ANALYSIS Featured

Fossil Inc. sells its smartwatch technology to Google: stock soars

New York - The American group of watches and accessories Fossil Inc. has just announced the sale of its technology for the manufacture of smartwatches to Google. As announced on Thursday evening via statement, the deal includes Fossil’s intellectual property and part of the research and development team. The sale has been closed for around 35...

ManagementFeatured

VF's full year outlook raised on strong Q3 performance

VF Corporation’s revenues for its third quarter ended December 29, 2018 were up 8 percent or 10 percent in constant dollars to 3.9 billion dollars. Excluding acquisitions net of divestitures, the company said, revenue increased 7 percent or 9 percent in constant dollars, driven by VF’s largest brands, international and direct-to-consumer...

Management

Christina Stenbeck leaves Kinnevik board of directors

Kinnevik AB has announced that Cristina Stenbeck, Erik Mitteregger and Mario Queiroz have decided not to stand for re-election to Kinnevik's board of directors at the 2019 annual general meeting, and that the nomination committee will propose Susanna Campbell and Brian McBride as new board members. Stenbeck, the company said, was elected to the...

Management|ANALYSIS Featured

Primark's better-than-expected quarterly sales cheer markets

New York - The giant of affordable fashion has presented its quarterly results for the period spanning the 16 weeks ended on January, 5. The figures, which include Christmas sales, reflect an increase of 4 percent. The market has received the news with joy, sending the shares of Associated British Foods (ABF), the parent company of Primark, up...

Management

Primark posts 4 percent sales rise, maintains full year profit outlook

For the first quarter to January 5, 2019, sales at Primark, part of the Associated British Foods, were 4 percent ahead of last year, at both constant currency and actual exchange rates. The company said in a statement that with a higher operating profit margin, profit was well ahead and that sales growth was driven by increased retail selling...

Management

Delphine Arnault joins the executive committee of LVMH

Delphine Arnault, Executive Vice President of Louis Vuitton has been appointed to the executive committee of French luxury conglomerate LVMH. Delphine Arnault is daughter of the group’s Chairman and CEO Bernard Arnault. “I am delighted to have Delphine join us on the executive committee of the group. Her arrival increases the number of women on...