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.
German sportswear company Puma raised its 2021 sales outlook on Friday, boosted by strong second quarter demand, especially in North America.
Puma said it now expects 2021 currency-adjusted sales to rise by at least 20 percent, up from its previous forecast of mid-teens sales growth for the year.
It also specified full-year operating profit guidance, now expecting earnings before interest and taxes (EBIT) between €400 and 500 million ($472-590 million).
Second quarter currency-adjusted sales nearly doubled to €1.589 billion and EBIT swung to a profit of around €109 million, Puma said.
By Riham Alkousaa; Editor: Maria Sheahan
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.