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.
NEW YORK, United States —L Brands Inc. reported a 63 percent rise in same-store sales on Wednesday, helped by strong demand for Bath & Body Work's sanitizers and hand creams, sending its shares up about 4 percent in extended trading. The strong growth was fuelled by the skincare brand, which posted 123 percent increase in comparable sales in the second quarter. Victoria's Secret saw comparable sales increase 28 percent in the same quarter.
Net sales came in at $2.32 billion, compared with Wall Street estimates of $2.21 billion, according to IBES data from Refinitiv.
The company reported a net loss of $49.6 million, or 18 cents per share, in the second quarter ended Aug. 1, compared with a profit of $37.6 million, or 14 cents per share, a year earlier.
By Nivedita Balu; editor: Shinjini Ganguli
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.