HERZOGENAURACH, Germany — Puma SE revised its outlook for 2013 revenue and profit lower after reporting first-quarter earnings that trailed analysts’ estimates, saying weaker consumer demand in Europe hurt its business.
HERZOGENAURACH, Germany — Puma SE, Europe’s second-largest sporting-goods maker, appointed Pandora A/S leader Bjoern Gulden as chief executive officer after a four-month search.
PARIS, France — PPR's sportswear unit Puma will soon have a new chief executive, the French group's head said on Friday. PPR chief executive François-Henri Pinault was speaking at a news conference at which he unveiled a new name for the luxury goods group, which will be rebranded as Kering.
HERZOGENAURACH, Germany — Adidas is to stick with its troubled Reebok business even though the German sportswear group had to make a 265 million euro ($344.5 million) write-down on the brand at the end of last year. Adidas, which bought Reebok in 2005 for $3.8 billion to try to close the gap with market leader Nike, last year had to cut its 2015 sales target for the brand by a third after two quarters of declining sales. But the
Uniqlo.com to the Rescue of Middle America (Business Week) “Uniqlo, the Japanese clothes giant, launched an online shopping site in the U.S. this week. This may not seem like important news to many, but to a certain American consumer—think very well-dressed, without much money, and living between the coasts—it is like a food drop from a Marshall Plan plane in 1940s Berlin.” Coach bags an earnings rebound (FT)
Two Years After Entering Market, Yoox Launches Chinese Site (Jing Daily) “Two years after entering the China market with the launch of emporioarmani.cn, this week Milan-based designer discount e-commerce site Yoox launched a new Chinese site, Yoox.cn.” M&S retail veteran Bostock to join Asos (FT) “Kate Bostock, the former head of non-food retailing at Marks and Spencer, is to join Asos, the online fashion
São Paulo Fashion Week: One of the biggest fashion weeks in the world (Exec) “For many years, quality fashion in Brazil came from the European market. Brazilian magazines used to maketheir fashion editorials based on the international aesthetic. The designers of the time were required to follow trends dictated by the international textile industry. However, there was a need to explore the fashionable Brazilian cultural
Why Coach Continues to Bag Soaring Profits (Forbes) “The wins just keep on coming for Coach. The New York-based leather goods and accessories brand just reported a 21 percent bump in profits as sales for its fiscal third quarter rose 16.6 percent to $1.11 billion.” Puma says hit by slowdown in Europe in Q1 (Reuters) “German sporting goods company Puma said wariness among European consumers hurt its first
Stores Go Online to Find a Perfect Fit (NY Times) “When Andy Dunn helped start Bonobos five years ago, he wanted to shake up the retail industry with a men’s wear brand exclusively sold online. Now Mr. Dunn, 33, is embracing the brick-and-mortar model, striking a partnership with Nordstrom. It is a symbiotic deal. Bonobos will get $16.4 million in cash and more than 100 stores to sell its clothes, while Nordstrom will get
A Marriage of Economic Convenience (NY Times) “More than a decade since Target first popularized collaborations between high-end designers and mass retailers, and seven years since H&M introduced a collection with Karl Lagerfeld, there is still allure in the concept of cheap and chic… Such collaborations are proving to be both a reliable business model for retailers and a business in themselves.” Marc Jacobs’s
Taxing luxury goods becomes a hot issue (China Daily) “International luxury brands competing to expand their presence in China have to face the fact that Chinese consumers prefer to buy premium goods abroad instead of domestically. The World Luxury Association released a report revealing the Chinese spent nearly $50 billion in Europe, four times what they spent on luxury goods in 2010 on the Chinese mainland.” Anya
Pretty, posh and profitable (FT) “Even though Jack Wills is a rapidly expanding global business… you could be forgiven for never having come across it before. [The company targets] teens with money… It prides itself on its stealth marketing and its very direct relationship with its consumers.” Three decades later, Michael Kors’ shows no signs of slowing down (Globe and Mail) “Optimism is in the spring
On the Straight and Narrow (IHT) “It is back to the straight and narrow in New York Fashion Week. No more loose and sloppy casual clothes, easy sportswear or girlish frills. Women — grown-up women — are being asked to smarten up.” Who Buys These Clothes? They Do (WSJ) “Many of the runway styles are actually purchased by a small group of customers, not all of them from the isle of Manhattan. And unlike celebrities