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.
The sportswear giant reported net income grew to $1.87 billion in its first quarter from $1.52 billion a year earlier, beating analyst estimates. Revenue rose 16 percent to $12.2 billion, falling short of the average forecast. Digital sales were a bright spot, rising 29 percent year on year.
Nike also said it had lowered its outlook for its current fiscal year, as supply chain problems ranging from Covid-related factory closures in Vietnam (where the company produces about half of its shoes) to congestion at major ports were expected to take a bigger bite out of sales than previously expected. Shares dropped nearly 4 percent in after hours trading.
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Nike and Adidas Supplier Suspends Production at Vietnam Plant Due to Covid
Joan Kennedy is Editorial Associate at The Business of Fashion. She is based in New York and covers beauty and marketing.
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.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.