Asos Says It Will Take ‘Necessary Actions’ After 18% Drop in Sales
Asos has said it will take “necessary actions” to transform its fortunes after the fast fashion retailer’s first-half losses widened and sales fell by nearly a fifth.
With other retailers finally catching up to Inditex's super fast supply chain, the world's biggest fashion retailer will have to rely on its ability to spot trends and make blockbuster items to maintain its competitive edge.
Even a more generous dividend policy unveiled Wednesday failed to stem the decline, showing the Spanish giant is not immune to the retail malaise that has burdened rival H&M.
The retailer is setting the goal of make clothes available online anywhere in the world amid growing investor concern about stronger competition from upstart rivals.
The Zara owner reported its weakest profitability in a decade, showing that it isn’t immune to the troubles ailing Swedish rival H&M.
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Inditex reported first-half profit that beat analysts’ estimates as the company prioritised online expansion over store openings.
Operating profit increased 6 percent to €705 million ($790 million) in the three months through April, Inditex said.
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Asos has said it will take “necessary actions” to transform its fortunes after the fast fashion retailer’s first-half losses widened and sales fell by nearly a fifth.
The effort to force TikTok’s Chinese parent company ByteDance Ltd to divest its ownership of the social media platform would quickly become law under a plan outlined Wednesday by House Speaker Mike Johnson.
The French publisher has appointed Tunis-based firm Nissa Editions Group as the local licensing partner and Cairo-based fashion media veteran Susan Sabet as both managing director and editor-in-chief of the new title.
The US Federal Trade Commission (FTC) is preparing to sue to block Coach parent Tapestry’s $8.5 billion deal to buy Michael Kors owner Capri Holdings, NYT Dealbook reported on Wednesday, citing people familiar with the matter.
Harvey Nichols has named Julia Goddard chief executive following the departure of Manju Malhotra — who held the post for 25 years — in late 2023.
The capital injection will strengthen the company’s earlier pivot from being an African designer e-commerce site to being a business-to-business venture helping emerging brands enter global retailers.
The German sportswear company now expects to generate operating profit of around €700 million ($743 million), an increase from the previous target of €500 million.
Amid a luxury slowdown, strong performance by LVMH’s perfumes and cosmetics and selective retailing divisions show a healthy appetite for beauty.