Harvey Nichols Appoints New CEO
Harvey Nichols has named Julia Goddard chief executive following the departure of Manju Malhotra — who held the post for 25 years — in late 2023.
restructure
Philip Green's Arcadia Secures £310 Million Loan Refinancing on Flagship Store
Apollo Management International LLP provided the loan.
Mothercare Hopeful for Future After Completing Store Closures
The baby products retailer slashed its outstanding net debt to just under £7 million after closing a third of its UK stores in the past 12 months, and is now hoping for a more solid financial footing.
Under Armour Cuts 400 More Jobs in Turnaround Push
The sportswear maker will let go of 3 percent of its global workforce to cut costs in its struggle to compete with Nike and Adidas in North America.
BCBG Max Azria to Close Stores and Restructure as Online Shift Takes Toll
The chain plans to reduce its focus on brick-and-mortar shops, concentrating instead on licensing, e-commerce and selling through other retailers.
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Wal-Mart Is Said to Be Cutting Hundreds of Workers This Month
Wal-Mart has been looking for ways to slim down its operations at a time of increasing e-commerce spending and rising wages for employees.
Michael Kors, Prada Skimp on New Designs in Face of Handbag Woes
Michael Kors Holdings Ltd., Prada SpA, LVMH’s Louis Vuitton and Burberry Group Plc all reduced the number of styles introduced last quarter.
J. Crew’s Debt Looms as Retailer Seeks to Regain First-Lady Glow
Some of the company’s $2 billion in debt becomes current in 2018, and J. Crew needs to revive its flagging business to stave off rising odds of default.
Former Tumi Boss Named New Lands' End CEO
The casual clothing company Lands' End is naming the one-time chief executive of the high-end luggage maker Tumi as its next chief executive officer.
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Richemont CEO, CFO to Retire As Profit Plunges
Chief executive officer Richard Lepeu and chief financial officer Gary Saage will both retire next year, as the company reported a decline in first-half profit.
Wal-Mart’s China Revival Strategy Calls in JD.com and Its Drones
The world’s largest retailer is making an ambitious push into e-commerce in China and aims to deliver goods from its stores around the world to Chinese consumers within hours.
House of Fraser's Chinese Owner Hires Weiss to Lead Overseas M&A
Sanpower Group, the Chinese owner of Britain’s House of Fraser department store chain, hired former Sailing Capital Management Co. managing director Michael Weiss to head its overseas dealmaking.
Hugo Boss US Chief to Be Replaced as Clothier Seeks Revival
Hugo Boss said the head of its ailing US business, Gerrit Ruetzel, will be replaced at the end of the month after less than two years in the job.
The News in Brief
Emerging Designer Platform The Folklore Raises $3.4 Million
The capital injection will strengthen the company’s earlier pivot from being an African designer e-commerce site to being a business-to-business venture helping emerging brands enter global retailers.
Adidas Is Seeing Hot Demand for Sambas and Yeezys
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.
Sephora, Perfumes and Cosmetics Drive LVMH Sales Growth
Amid a luxury slowdown, strong performance by LVMH’s perfumes and cosmetics and selective retailing divisions show a healthy appetite for beauty.
Dr Martens Shares Plunge as Tough Outlook Sets Challenge for New CEO
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.
Procter & Gamble Price Hikes Thin Shoppers’ Wallets
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.
Traders Fear Antitrust Risk in $8.5 Billion Deal Between Coach, Michael Kors Owners
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.
US Retail Sales Top Forecasts as Consumers Keep Fuelling Growth
The value of retail purchases, unadjusted for inflation, increased 0.7 percent from February, Commerce Department data showed Monday.