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 reported a net loss of $327 million in the first half of 2020 and saw sales drop 46.1 percent.
Green shoots of recovery emerge in China after more than 780 million people endured some level of quarantine for two months. But how long will it take for pre-pandemic levels of spending to return?
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.
A rebound in Swiss watch sales exonerates Swatch Group CEO who refused to cut his skilled work force when profits were declining.
Revenue will rise 7 percent to 10 percent in local currencies, Nick Hayek said in an interview. The CEO’s forecast was off last year, however: he had predicted a 5 percent increase, but sales slumped 11 percent.
Swatch Group has signed a contract with Chinese car maker Geely, allowing it to use an innovative battery developed by the watchmaker's research firm Belenos.
Growth in Swiss watch sales may have dipped but industry the 'is and remains healthy,' Swatch chief executive officer Nick Hayek said in an interview with the French language newspaper LeTemps.
Swatch Group AG plans to introduce three smartwatches this year, as the Swiss company jostles with Apple Inc. and TAG Heuer in the market for wearable devices that do more than tell time.
Bits and Bytes is a weekly roundup of the most important news in the fast evolving fashion-tech space.
Swatch has filed 173 smartwatch-related patents in recent years, even though chief executive officer Nick Hayek has been dismissive of the devices.
Swatch Group chief executive Nick Hayek has signed a contract with credit card company Visa Inc. in connection with the Swiss firm's new watch that enables wearers to make payments.
Swatch Group expects to launch a smartwatch that can be used to make payments in Switzerland next spring, chief executive Nick Hayek said in an interview.
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.