The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — British e-commerce company The Hut Group upgraded its full-year revenue guidance on Monday in its first trading update since listing last month, boosting its shares by 10 percent.
The company, which helps sell retail brands including Lookfantastic and skincare group ESPA, said that following a strong third-quarter performance and continued momentum into its final quarter, it now expected full-year revenue to rise by up to a third to about £1.48 to £1.52 billion ($1.93 to $1.98 billion).
At the time of its initial public offering (IPO), it had guided to revenue of about £1.43 billion.
The company said revenue in its third quarter increased 38.6 percent year on year to £378.1 million, up from the 35.8 percent growth rate seen in the first half.
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Shares in the company, which were sold at 500 pence in the IPO, rose to a new high of 780 pence in early dealing. They were up 10.5 percent at 749 pence at 10.07am GMT.
By Paul Sandle; editor: Mark Potter.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.