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 British retailer said the move was part of its strategy to return to sustainable profit by 2025.
This week, Felicia Mayo, former head of diversity at Tesla, replaced Kellie Leonard in a similar role at the American sportswear giant.
The move follows as the British department store chain focuses on e-commerce, which is set to represent around 60 to 70 percent of its total sales this year and next.
This week, Alasdhair Willis exited the British heritage brand, while LOVE appointed Pierre A. M’Pelé, aka Pam Boy, as its senior editor.
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Sales at the department stores were down 17 percent year-on-year since the middle of March.
Sharon White will be John Lewis' sixth chairman and the first woman to hold the high-profile position in the retailer's 155-year history.
The cuts underscore the depth of Britain's current retail crisis.
Britain's biggest department stores operator said demand was 'very strong' on Christmas Eve, indicating that shoppers had delayed rather than cut spending.
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The group said profit before one-off items slumped 99 percent in first half of 2018, hit by its stores' pledge to match prices at rivals.
The warning comes after it reported a 22 percent drop in core profit to £289 million for its last financial year in March.
This week, ASOS bans silk, mohair and cashmere, while fashion assistants stand up for their rights.
The retailer wants to build more personalised relationships with its customers through concierge-style services, doubling down on everything it says Amazon can’t do.
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.