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.
Exports rose 8.3 percent in July compared to the same month in 2021 to 2.2 billion Swiss francs ($2.3 billion), the Federation of the Swiss Watch Industry said Thursday.
Switzerland’s Federal Council decided Friday to adopt the measures which will come into force in the next few days, the government said in a statement.
The US remained the top market with a 15 percent share while China accounted for almost 12 percent of the nearly 2 billion francs ($2.1 billion) in total monthly exports, the Federation of the Swiss Watch Industry said Thursday.
The Cartier owner posted an 82 percent drop in net profit for its first half to September 30 despite a 78 percent jump in Chinese sales.
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Patrick Pruniaux, CEO of Swiss watch brands Ulysse Nardin and Girard Perregaux, said the economic fallout of Covid-19 will have a knock-on effect on the industry over the next several years.
Johann Rupert said the pandemic hit the watch and jewellery maker's cash flow, making it necessary to halve its dividend to 1 Swiss franc per share.
The Cartier-owner seeks to preserve cash during the pandemic having already halved its dividend.
The Cartier-owner's sales fell 47 percent to €1.99 billion ($2.27 billion), a similar decline posted by rival Swatch Group earlier this week.
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The Swiss watchmaker reported a net loss of $327 million in the first half of 2020 and saw sales drop 46.1 percent.
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Sophie Guieysse will be stepping down from the committee but will reportedly stay on in her HR role, despite mounting employee anger over executive compensation.
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.