JD Sports CEO Blames Nike for Slumping Sales
Shoppers “get bored very quickly,” Régis Schultz, JD Sports’ CEO, said.
Exports rose 8.3 percent in July compared to the same month in 2021 to 2.2 billion Swiss francs ($2.3 billion), the Federation of the Swiss Watch Industry said Thursday.
Switzerland’s Federal Council decided Friday to adopt the measures which will come into force in the next few days, the government said in a statement.
The US remained the top market with a 15 percent share while China accounted for almost 12 percent of the nearly 2 billion francs ($2.1 billion) in total monthly exports, the Federation of the Swiss Watch Industry said Thursday.
The Cartier owner posted an 82 percent drop in net profit for its first half to September 30 despite a 78 percent jump in Chinese sales.
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Patrick Pruniaux, CEO of Swiss watch brands Ulysse Nardin and Girard Perregaux, said the economic fallout of Covid-19 will have a knock-on effect on the industry over the next several years.
Johann Rupert said the pandemic hit the watch and jewellery maker's cash flow, making it necessary to halve its dividend to 1 Swiss franc per share.
The Cartier-owner seeks to preserve cash during the pandemic having already halved its dividend.
The Cartier-owner's sales fell 47 percent to €1.99 billion ($2.27 billion), a similar decline posted by rival Swatch Group earlier this week.
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The Swiss watchmaker reported a net loss of $327 million in the first half of 2020 and saw sales drop 46.1 percent.
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Sophie Guieysse will be stepping down from the committee but will reportedly stay on in her HR role, despite mounting employee anger over executive compensation.
Shoppers “get bored very quickly,” Régis Schultz, JD Sports’ CEO, said.
British sportswear retailer JD Sports said trading conditions remained challenging after its like-for-like sales dropped in January, resulting in fourth-quarter growth of just 0.1 percent.
Luxury watchmaker Favre Leuba plans to unveil more than two dozen timepieces later this year, priced as much as 24,000 Swiss francs ($26,489), as part of a brand relaunch that seeks to expand the Swiss pioneer’s appeal beyond its majority Indian consumer base.
L Catterton, backed by French luxury group LVMH Moet Hennessy Louis Vuitton SE, is launching a new vehicle to invest in Indian consumer-sector companies as it increases the focus on the fastest-growing major economy in the world.
The online market for secondhand apparel hit $20 billion in the US in 2023 and is expected to more than double over the next five years, according to a new report from ThredUp and Global Data.
The Swedish retailer recorded operating profit of 2.08 billion Swedish krona ($196 million), with operating margin more than doubling from the year before.
Major UK fast fashion retailers will change the way they promote the environmental credentials of their clothes after being accused of greenwashing by a UK watchdog.
The luxury parka retailer’s job cuts follow two quarters of single-digit sales growth after increases of more than 20 percent the previous two periods.