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The beauty company today said its net sales grew by 49 percent in the third quarter, ended Dec. 31, 2022, to $146.5 million. Analysts were expecting sales of around $122 million.
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The News in Brief
The parent of Instagram and Facebook forecast revenue between $26 billion and $28.5 billion, compared with analysts’ average estimates of $27.14 billion, according to IBES data from Refinitiv.
Luxury watch conglomerate Swatch Group AG raised prices across a slew of its brands, increasing the cost of the flagship Omega Speedmaster by about 7 percent in the UK and Europe, according to investment bank Jefferies.
Snap Inc. is forecasting its first ever quarterly revenue decline, citing a flurry of changes to Snapchat’s advertising products that may be disruptive to the social media app’s business.
The activewear giant opened legal proceedings on Monday, alleging that the Canadian sportswear brand’s Blissfeel, Chargfeel Low, Chargfeel Mid and Strongfeel sneakers infringe patents related to textile and other design elements of its footwear.
Britain’s competition watchdog on Tuesday said it was seeking comment on whether Richemont’s deal to offload most of its online fashion retailer YOOX Net-A-Porter (YNAP) to Farfetch could harm competition in the UK.
A courtroom loss by Johnson & Johnson is threatening a legal manoeuvre developed by a handful of the most profitable companies in the world to fight lawsuits.
Ariana Grande has reached a deal to buy assets tied to her r.e.m. beauty brand from a company that recently filed for bankruptcy, according to a court filing.