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.
The Swiss watchmaker's sales took a hit, dropping 2.7 percent amid ongoing political unrest in Hong Kong.
As watchmakers increasingly rely on their own distribution networks, the industry's largest annual conference runs the risk of becoming obsolete.
The results will likely spark concern that the watch rebound is fading.
Operating income rose 70 percent in the first half to 629 million francs ($628 million).
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As the Swiss watch industry rebounds from the longest slump since the quartz crisis, wholesalers are no longer holding back on orders to stock up again, Nick Hayek said.
Swatch shares dropped as low as 377.3 francs after Apple unveiled its Series 3 watch that can make calls and receive messages without a mobile phone.
A rebound in Swiss watch sales exonerates Swatch Group CEO who refused to cut his skilled work force when profits were declining.
Swatch Group, the maker of Omega and Tissot timepieces, said first-half profit fell about 50 percent to 60 percent on weak demand in Asia and Europe and the strength of the Swiss franc.
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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.