LVMH’s group managing director Toni Belloni will step down, the company said on Thursday, with Stephane Bianchi taking over his operational functions, in a rare top management reshuffle at the world’s biggest luxury group.
German perfume retailer Douglas AG slumped as much as 11 percent as it began trading in Frankfurt after raising €850 million ($929 million) in the country’s largest listing this year.
China-founded fast fashion company Shein will make its supply-chain infrastructure and technology available to global brands.
Next Plc expects profit to expand to nearly £1 billion ($1.3 billion) this year as rising wages free up British shoppers to spend more on fashion.
Senate Commerce Chair Maria Cantwell said she’s considering holding a public hearing on TikTok and social media following a classified briefing Wednesday.
US retail sales are expected to rise as much as 3.5 percent this year, a slower pace than 2023.
The statement comes after a report that the brand was mulling succession plans.
Thousands were arrested or threatened with detention following demonstrations over changes to the country’s minimum wage for garment workers last fall.