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.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
While travel to Europe remains muted, Chinese shoppers are flocking to Singapore, Thailand and other Southeast Asian destinations where fashion retailers are hoping Lunar New Year marketing investments will pay off.
Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.
Despite the country’s protracted property crisis, deflationary pressures and other economic headwinds, its domestic luxury market is expected to grow 4 to 6 percent in 2024, outpacing both Europe and the US.
ADVERTISEMENT
The rise of competing shopping hubs like China’s Hainan island, changing consumer preferences and a rise in online shopping have fundamentally changed demand for luxury goods in Hong Kong.
Brands looking to invest in new developments and rapidly changing shopping districts across China’s major cities are scrutinising locations harder than before the economic slowdown.
This week’s round-up of global markets fashion business news also features Russian diamonds, Botswana’s gem trading investment and India’s Diwali fashion ads.
The app’s Shop feature, which has gone live for some US users, is plagued by the same problems with a free-for-all marketplace Amazon has faced.
ADVERTISEMENT
As the country’s economy moves into deflationary territory, manufacturing output declines and a real estate crisis worsens, some consumers are becoming increasingly cautious.
Luxury brands are betting on store upgrades, tax-free shopping and VIC strategies to drive sales in China, writes Pierre Mallevays.
This Masterclass explores how global luxury brands and retailers can adapt to China’s shifting shopping landscape.
Chinese fashion and beauty customers — long pivotal for the global luxury market — are reshaping how and where they shop, according to BoF Insights’ new report.
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.