Shares of Versace Owner Capri Seen Falling 30% If Deal With Coach Owner Tapestry Fails
Since the merger announcement, Capri has reported weaker-than-forecast earnings twice, spurring concern about its performance in the coming quarters.
Despite a drop in total sales, digital purchases almost doubled from a year earlier to $289 million in the first quarter.
The deal with investment firm Sycamore Partners looks unlikely to curb the company's quarterly net loss of $192.3 million.
Victoria's Secret's parent company also confirmed that it cancelled its annual fashion show. The retailer said in May that it was rethinking the format.
The lingerie brand has been trying to reconnect with customers who have increasingly turned to rivals that embrace female empowerment and diverse body types, like Aerie and ThirdLove
ADVERTISEMENT
Group CEO Les Wexner employed Epstein as a personal money manager for years, building a relationship close enough for Epstein to buy his Manhattan mansion before severing ties more than a decade ago.
With company shares down 35 percent this year, investors are poised to demand answers at Tuesday's meeting. Here are some of the issues likely to be on shareholders’ minds.
L Brands' admission that Victoria’s Secret needs change marks a key shift for a company that hasn’t much strayed from its push-up-bra aesthetic, despite consumer values moving towards themes such as female empowerment and body positivity.
L Brands' profit beat estimates in the latest quarter but Victoria’s Secret continues to struggle amid shifting consumer demands and the group's ties to disgraced financier Jeffrey Epstein.
ADVERTISEMENT
Creative director Ed Razek is exiting Victoria’s Secret as the brand suffers from sinking sales and media reports of past links to sex offender Jeffrey Epstein. But the root of the problem may be the very thing that made the company so successful in the first place: billionaire L Brands chairman Les Wexner’s tight grip on power.
Creative director Ed Razek is exiting Victoria’s Secret as the brand suffers from sinking sales and media reports of past links to sex offender Jeffrey Epstein. But the root of the problem may be the very thing that made the company so successful in the first place: billionaire L Brands chairman Les Wexner’s tight grip on power.
The executive's work at the company has been under intense scrutiny for the past year.
Amid criticism for its lack of diversity, the American lingerie seeks out its first transgender model.
The Victoria’s Secret owner is taking legal steps to investigate the company’s relationship to Jeffrey Epstein, following his new charges.
Since the merger announcement, Capri has reported weaker-than-forecast earnings twice, spurring concern about its performance in the coming quarters.
The new scent, Zouzou, is the fashion house’s first new perfume since 2022.
Unilever Plc sales jumped more than expected in the first quarter as Chief Executive Officer Hein Schumacher pushes ahead with his turnaround plan and shoppers come back to premium brands.
President Biden signed the bill that gives China-based ByteDance 270 days to divest TikTok’s US assets or face a ban.
The Alphabet Inc. company said in a blog post Tuesday that it’s still working with the ad industry and regulators on the plan.
Overall revenues for the three months through March totalled 818 million euros ($874 million), above a company-provided analyst consensus of 786 million euros.
Embattled by weak demand and currency issues in Nigeria, the company is looking to slim down in order to return to growth.
EU lawmakers backed the Corporate Sustainability Due Diligence Directive by 374 votes to 235 against, with 19 abstentions.