Condé Nast Union Threatens Strike Ahead of Met Gala
The union delivered the announcement through a video at a bargaining session today, promising “a week of union actions” in the statement.
The British retailer's "transformation" plan has been hindered after weakened clothes sales, resulting in a 17 percent drop in first-half profit.
Humphrey Singer will step down after a little more than a year at the retailer, marking another setback for the company as it's demoted from the UK's leading share index.
The British retailer is expected to report a renewed decline in clothing and homeware sales in its latest quarter, dampening the euphoria in recent months of its first increase in two years.
The appointment follows this week’s surprise announcement that Halfords Group Plc CEO Jill McDonald will take over as head of M&S’s struggling clothing business.
"CEO Steve Rowe must surely follow the success of the food business and make M&S clothing more aspirational."
Steve Rowe, a 26-year company veteran, took over as chief executive in April and has the tough task of reviving the 132-year-old British institution.
BoF compiles the most important professional moves of the week.
The union delivered the announcement through a video at a bargaining session today, promising “a week of union actions” in the statement.
The transaction, which includes funding from Blackstone and Goldman Sachs, values the company at $6.4 billion.
The Lithuania-based group said growth had been spurred by entering new markets including Denmark and Finland and an expansion into luxury fashion.
The Barcelona-based firm set the price guidance at €24.50 per share, according to terms seen by Bloomberg News, giving the company an implied market value of €13.9 billion ($14.9 billion).
Chairman Reinold Geiger’s investment holding company, L’Occitane Groupe SA, is considering an offer for the Hong-Kong listed firm’s shares he does not already own, at HK$33 to HK$34 per share, the report said, citing people familiar with the matter.
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.