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.
Brazilian beauty conglomerate, Natura & Co, owner of Avon, Aesop and The Body Shop, reported its first quarter losses narrowed to 156.6 million reais ($9.5 million), compared to a loss of 820.8 million ($154.6 million) over the same period a year ago, as online sales jumped.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 470.7 percent, to 829.1 million reais ($156.16 million) and recurring net income was 60.2 million reais ($11.34 million), excluding expenses incurred by the integration of Avon (which Natura completed its acquisition of in 2020).
Natura’s net revenues also grew by 25.8 percent from a year earlier, to 9.5 billion reais ($1.79 billion), boosted by higher online sales across all brands.
“The Body Shop continued to offset store closures with very strong growth in online ... and Aesop had another spectacular quarter of growth,” Natura & Co CEO, Roberto Marques, said in a statement.
Natura & Co is also likely to be a potential beneficiary of a recent regulatory change in China that exempts most imported beauty products from mandatory animal testing. It has refrained from operating its brands in the mainland market until now due to its cruelty-free stance, but has begun readying brands such as Aesop for a big China push in 2021.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.