Converse Cuts Jobs as Part of Parent Nike’s Cost-Savings Plan
Nike is undergoing a $2 billion cost-cutting plan that includes slashing 2 percent of its workforce.
The futures of multi-brand luxury heavyweights Yoox Net-a-Porter and Neiman Marcus may be decided in the coming days.
Mytheresa may not be leaps above its struggling online luxury peers, but its sales and profit growth are still modest. The company is betting that appealing to top spending clients will keep it from suffering the same fate as its competitors.
Mytheresa may not be leaps above its struggling online luxury peers, but its sales and profit growth are still modest. The company is betting that appealing to top spending clients will keep it from suffering the same fate as its competitors.
As a workaround, the embattled marketplace is considering providing “complete anonymity” to third-party retailers in exchange for sourcing certain luxury brands, according to internal documents reviewed by BoF.
The Swiss luxury conglomerate reports quarterly results this week, as the failed deal to offload its struggling e-commerce unit to Farfetch looms large. That, plus what else to watch for in the coming days.
ADVERTISEMENT
With global demand in flux, brands ramped up their presence at concert tours, Formula One races, tennis championships and more. New creative directors debuted at Louis Vuitton, Gucci, Burberry and Tom Ford.
While cash-strapped e-tailers Farfetch and Matches narrowly avoided collapse this week, both inking sales to new owners, online luxury’s way forward remains unclear.
Farfetch is in discussions with a liquidity provider to secure $500 million in emergency funding, in a deal that would also take the company private and wipe out shareholders, according to a report from The Sunday Times.
Sebastien Fabre will lead the Paris-based vintage start-up as it seeks to scale its platform and extend sourcing operations to the US.
ADVERTISEMENT
The e-commerce giant is seeking a cash injection to avert a collapse that could send shockwaves across the fashion industry. So far nobody has come to the table and time is running out, but founder Jose Neves may yet have a move up his sleeve.
The e-commerce giant is seeking a cash injection to avert a collapse that could send shockwaves across the fashion industry. So far nobody has come to the table and time is running out, but founder Jose Neves may yet have a move up his sleeve.
Farfetch’s chief executive José Neves is reportedly conferring with top shareholders, including Richemont and Alibaba, and JP Morgan about delisting the company, The Telegraph reported on Tuesday. A take-private deal could happen imminently as Farfetch’s stock remains under pressure, according to the report. The e-tailer’s share price has plummeted more than 80 percent since its 2018 IPO.
Farfetch’s chief executive José Neves is reportedly conferring with top shareholders, including Richemont and Alibaba, and JP Morgan about delisting the company, The Telegraph reported on Tuesday. A take-private deal could happen imminently as Farfetch’s stock remains under pressure, according to the report. The e-tailer’s share price has plummeted more than 80 percent since its 2018 IPO.
The complex agreement would see the luxury marketplace eventually take control of its top competitor from current owner Richemont.
Financial results from Kering and Hermès will confirm or counter warning signs about the spending of wealthy consumers. That, plus what else to watch for in the coming week.
Nike is undergoing a $2 billion cost-cutting plan that includes slashing 2 percent of its workforce.
During her tenure, Drucker Mann was instrumental in ushering the business into the digital age, said Roger Lynch, Condé Nast’s chief executive.
The miner set out its plans for a potential break-up via a demerger or sale of some of its assets, as it fights off a $43 billion takeover bid from BHP Group.
The company, whose stock soared to a record during the pandemic, has languished as faster inflation and shoppers returning to stores pummelled sales in 2022 and 2023.
Fast-growing DTC sales helped the brand beat Wall Street expectations in the quarter ending March 31.
The British fashion house will likely reveal that its fiscal fourth quarter — which will be reported on Wednesday — is expected to be the year’s worst, according to analyst estimates compiled by Bloomberg.
A sale would undo a blockbuster trans-Atlantic merger that took place in stages beginning more than a decade ago.
Ouai founder Jen Atkin’s 10-year-old editorial hair care site Mane Addicts has effectively shut down.