LVMH-Backed L Catterton Agrees to Buy Majority Stake in Kiko
The private equity fund has entered into a definitive deal with the Percassi family, which will retain a “significant stake” in the business.
Inditex managed to reduce stock-in-trade by 19 percent at the end of July, softening the blow to earnings.
In a joint agreement with global workers' union IndustriALL, the Zara owner has committed to ensuring health and safety standards are met and workers' rights to unionise are maintained.
The Zara owner reported a net loss of $465 million despite a 95 percent increase in online sales in April.
Inditex managed to rely on its online business to keep operations running, limiting the damage from shuttered stores.
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The Zara owner will open several of its smaller stores as the Spanish government eases some lockdown restrictions, according to a source close to the company.
Major brands including H&M and Adidas are working with the International Labour Organisation to commit to paying factories for finished goods.
The fashion giant's logistics centres in Spain have reopened, but the company is said to be taking measures to ensure staff safety.
The fast-fashion chain's operations have come to a halt as the coronavirus pandemic continues.
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Inditex reported a net profit of €1.17 billion ($1.3 billion) for the third quarter and forecasts full-year sales growth of up to 6 percent.
The Zara-owner has cut the number of stores it has in its home market, but is expanding the footprint of existing locations.
The clothing retailer said on Thursday it would split its current dual role of chief executive and chairman, leaving Pablo Isla leading the company as chairman and appointing COO Carlos Crespo as the new CEO.
The Spanish group missed third-quarter profit estimates and shares slipped 4.5 percent in initial trading, but like-for-like sales at the end of November grew 3 percent after a good start to the season.
The private equity fund has entered into a definitive deal with the Percassi family, which will retain a “significant stake” in the business.
The company confirmed in January that it planned to restart activities in Venezuela in the first half of 2024 with local partner Grupo Futura.
The move means Shein could be liable for fines of as much as 6 percent of global revenue for violating the law, designed to curtail the spread of illegal content online.
Since the merger announcement, Capri has reported weaker-than-forecast earnings twice, spurring concern about its performance in the coming quarters.
The new scent, Zouzou, is the fashion house’s first new perfume since 2022.
Unilever Plc sales jumped more than expected in the first quarter as Chief Executive Officer Hein Schumacher pushes ahead with his turnaround plan and shoppers come back to premium brands.
President Biden signed the bill that gives China-based ByteDance 270 days to divest TikTok’s US assets or face a ban.
The Alphabet Inc. company said in a blog post Tuesday that it’s still working with the ad industry and regulators on the plan.