African Designer Platform The Folklore Raises $3.4 Million
The capital injection will aid the company’s pivot from being an e-commerce site to being a business-to-business venture helping emerging brands enter US retailers.
The Swiss watchmaker reported a net loss of $327 million in the first half of 2020 and saw sales drop 46.1 percent.
Green shoots of recovery emerge in China after more than 780 million people endured some level of quarantine for two months. But how long will it take for pre-pandemic levels of spending to return?
As the Swiss watch industry rebounds from the longest slump since the quartz crisis, wholesalers are no longer holding back on orders to stock up again, Nick Hayek said.
A rebound in Swiss watch sales exonerates Swatch Group CEO who refused to cut his skilled work force when profits were declining.
Revenue will rise 7 percent to 10 percent in local currencies, Nick Hayek said in an interview. The CEO’s forecast was off last year, however: he had predicted a 5 percent increase, but sales slumped 11 percent.
Swatch Group has signed a contract with Chinese car maker Geely, allowing it to use an innovative battery developed by the watchmaker's research firm Belenos.
Growth in Swiss watch sales may have dipped but industry the 'is and remains healthy,' Swatch chief executive officer Nick Hayek said in an interview with the French language newspaper LeTemps.
Swatch Group AG plans to introduce three smartwatches this year, as the Swiss company jostles with Apple Inc. and TAG Heuer in the market for wearable devices that do more than tell time.
Bits and Bytes is a weekly roundup of the most important news in the fast evolving fashion-tech space.
Swatch has filed 173 smartwatch-related patents in recent years, even though chief executive officer Nick Hayek has been dismissive of the devices.
Swatch Group chief executive Nick Hayek has signed a contract with credit card company Visa Inc. in connection with the Swiss firm's new watch that enables wearers to make payments.
Swatch Group expects to launch a smartwatch that can be used to make payments in Switzerland next spring, chief executive Nick Hayek said in an interview.
The capital injection will aid the company’s pivot from being an e-commerce site to being a business-to-business venture helping emerging brands enter US retailers.
The German sportswear company now expects to generate operating profit of around €700 million ($743 million), an increase from the previous target of €500 million.
Amid a luxury slowdown, strong performance by LVMH’s perfumes and cosmetics and selective retailing divisions show a healthy appetite for beauty.
The company, which named chief brand officer Ije Nwokorie as its next CEO, said it was anticipating a double-digit percentage decline in US wholesale revenues, which would dent overall profits.
Rising prices of personal care products could quash Americans’ habit of buying big-brand-name items for their household pantries, posing a threat to Procter & Gamble, one of the world’s biggest makers of packaged goods.
The merger arbitrage investor community turned increasingly bearish on the deal last week, as they interpreted some comments from FTC officials at a conference as negative for the deal.
The value of retail purchases, unadjusted for inflation, increased 0.7 percent from February, Commerce Department data showed Monday.
The merger, which would bring top luxury labels such as Tapestry’s Kate Spade, Stuart Weitzman and Capri’s Jimmy Choo and Versace under one roof, still awaits approval from the United States.