PDD Holdings Inc beat analysts’ estimates for first-quarter revenue on Friday as more price-conscious customers turned to its discount e-commerce platforms including Pinduoduo.
British consumers picked up the pace of their spending last month, and sales volumes over the three months to April grew by the most since mid-2021, according to official data that suggested limited impact from the surge in inflation.
Asos is raising £80 million from shareholders and borrowing £275 million from Bantry Bay Capital, the specialist lender which recently bailed out troubled retailers Superdry and Matalan, as it struggles to secure a turnaround after falling nearly £300 million into the red.
Cosmetics retailer Ulta Beauty Inc cut its annual operating margin forecast on Thursday, signaling pressure from higher inventory shrink and supply chain costs.
Gap Inc on Thursday reported a surprise profit in the first quarter, and its shares jumped 16 percent in extended trading as the apparel retailer cited restructuring efforts and easing supply chain costs.
The founders of fast fashion retailer Boohoo doubled their pay to about £1m each last year as they were handed hefty bonuses despite missing financial targets.
Investment firm Permira has acquired the majority of Gruppo Florence in a deal which a source close to the matter said valued the hub of Italian luxury clothing and leather goods manufacturers at more than €1 billion ($1.1 billion).
The LVMH-owned brand opened its new lounge and restaurant at Hamad International Airport in Doha, Qatar.