The fast-growing Swiss running footwear company reported net income of CHF 57.7 million ($62.4 million), up from a loss of CHF 170.2 million in 2021, sending the company’s stock up as much as 28 percent in early trading on Tuesday.
Ryan Lochte
The News in Brief
Google has suspended PDD Holdings Inc.’s main Chinese shopping app Pinduoduo after discovering malware in unsanctioned versions of the software, dealing a blow to one of the country’s biggest online retailers.
The Chinese-owned app confirmed the figure ahead of TikTok CEO Shou Zi Chew’s testimony set for Thursday before the House Energy and Commerce Committee.
The New York-based brand, known for its popular shopping bag totes — nicknamed the “Bushwick Birkin” — is introducing a new pricing strategy for its latest collection drop on March 27.
Privately held retailer Scotch & Soda, which is based in Amsterdam, has filed a bankruptcy request for its Dutch operations, newspaper Het Financieele Dagblad (FD) reported on Monday, citing a company statement.
Dior’s longtime communications chief Olivier Bialobos has been promoted to the role of Deputy Managing Director, reporting to chief executive Delphine Arnault.
PDD Holdings Inc, which owns discount e-commerce platforms Pinduoduo and Temu, missed expectations on Monday for fourth-quarter revenue as China’s post-reopening consumer recovery remains patchy.
The Persian New Year shopping period accounts for a significant share of local retailers’ annual turnover but this year’s takings are down due to economic headwinds and social unrest.