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 sportswear company also announced the sale of its MyFitnessPal exercise tracking platform for $345 million.
The sportswear maker expects to incur $235 million in charges, including up to $135 million for contract termination.
The sportswear company's net revenue fell about 41 percent to $707.6 million in the second quarter, but beat forecasts of $558.5 million.
The sportswear brand said the notice is in connection to a federal probe about whether it shifted sales from quarter to quarter to meet objectives.
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The sportswear brand reported a net loss of $589.7 million the first quarter ended March 31, compared with a profit of $22.5 million a year earlier.
The sportswear brand said the coronavirus outbreak in China would have a $50 million impact on first-quarter sales.
The sportswear company confirmed on Sunday that it is assisting a federal investigation into claims it had shifted sales from quarter to quarter dating back to 2017.
The US-based sportswear brand has partnered with Virgin Group on a new collection of spacesuits.
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The company said it expects a slight decline in North America revenue for fiscal 2019, compared with a prior forecast of flat revenue.
Sales in international markets, including Europe and Asia, rose 12 percent and accounted for 27 percent of overall revenue.
The sports retailer's stock rose 3.8 percent after Citigroup raised its rating from 'neutral' to 'buy.'
Shrinking inventory by cutting underperforming products has been key to the sportswear brand's restructuring efforts.
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.