The UK-based activewear brand made the job cuts as part of a restructuring at its US offices in Denver, a spokesperson for the company told BoF on Thursday.

China’s scrapping of travel curbs this month is expected to revive demand in the global luxury retail market, but many consumers see more reasons to do their high-end shopping locally on the tax-free island of Hainan.

The Italian luxury group’s revenue was up 13.9 percent from 2021, and 10 percent from 2019 pre-pandemic levels, reaching just over €1 billion ($1.09 billion).

Levi Strauss & Co. reported quarterly revenue that exceeded expectations, suggesting fears of a denim slowdown were overblown amid strong momentum in the direct-to-consumer business and improving trends in Europe.

Ermenegildo Zegna on Wednesday posted a 2.9 percent fall in fourth-quarter revenue at constant exchange rates hurt by Covid curbs in China.

Levi Strauss & Co is expected to report a fall in quarterly sales for the first time in six quarters, as penny-pinched shoppers shift away from pricier jeans to more formal clothing and non-denim styles.

Bestseller, C&A, H&M, Inditex, Otto Group, and PVH Corp. are now signatories of the legally binding Pakistan Accord, the companies said in a statement released Monday calling on other businesses to follow suit.

Swatch Group shares hit their highest level in nearly two-and-a-half years on Tuesday after the world’s biggest watchmaker said it expected a recovery in luxury demand from China.