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ankle socks Sales of rough diamonds at De Beers rose more than 12 percent in the latest sales cycle

2024-10-21T04:34:00+03:00

ankle socks Sales of rough diamonds at De Beers rose more than 12 percent in the latest sales cycle, its parent Anglo American said on Wednesday, as demand improves on the back of easing Covid-19 restrictions and ahead of the December festive season.

De Beers, the world’s biggest diamond producer by the value of its gems, has struggled with a drop in sales and prices as the pandemic hammered demand and related lockdowns prevented buyers from traveling to sale sites.

The company had in July warned of job cuts and outlined a plan to overhaul its business.

Sales of $450 million in the ninth sales cycle, or between Nov. 2 and Nov. 16, was higher than the $400 million a year earlier.

However, it was a slight decline from the $467 million it sold in the eighth cycle between Sept. 21 and Oct. 9.

Women's Invisible Socks v De Beers Chief Executive Officer Bruce Cleaver said he expects “reasonable” demand to continue throughout the holiday season, adding that there was stable consumer demand for diamond jewelry at the retail level in the United States and China.

cotton socks Sales for the singer’s inclusive streetwear line, which is produced in collaboration with Adidas

2024-10-21T04:29:00+03:00

cotton socks Sales for the singer’s inclusive streetwear line, which is produced in collaboration with Adidas, fell more than 50 percent in 2022 to $40 million, far below Adidas’ $250 million revenue projections, according to a new report from the The Wall Street Journal. Adidas also anticipated losing $10 million from the partnership last year.

“Our partnership is strong and successful. As part of our valued strategic partnership with lVY PARK, we continue to be inspired by our collective vision and are proud of the work we have created together,” a company spokesperson told BoF in an emailed statement. “As a matter of principle, we do not disclose key financial figures for individual product categories.”

Beyoncé launched Ivy Park in 2016 as a collaboration with Philip Green, then the owner of Topshop. In 2019, the singer, who recently became the most Grammy awarded artist in history, re-released the line in partnership with Adidas after buying full ownership of Ivy Park in 2018.

Beyoncé's deal with Adidas, for which she receives $20 million in annual compensation, according to the Journal, is set to expire in 2023. The clothing line, which carries a range of product from leggings to sneakers, was projected to generate $65 million in sales this year, below earlier targets of $335 million.

Women's Boat Socks Ivy Park is the latest celebrity collaboration to take a hammer to Adidas’ top line in recent years. The sneaker giant expected to lose around $500 million in revenues in 2022 after dropping Yeezy sneakers from its assortment following anti-Semitic and anti-Black remarks from Ye, the artist formerly known as Kanye West. Unlike Ivy Park, Yeezy was a revenue driver for Adidas before the brand cut ties with Ye in October 2022.

Learn more:

Can Adidas Move On From Yeezy?

Top of incoming CEO Bjørn Gulden’s in-tray will be dealing with unsold Yeezy inventory and reversing the brand’s steep decline in China.

mens socks Retailer Express Inc. is asking its lenders for funds to help finance a potential Chapter 11 bankruptcy process

2024-10-20T04:34:00+03:00

mens socks Retailer Express Inc. is asking its lenders for funds to help finance a potential Chapter 11 bankruptcy process, according to people with knowledge of the plans.

Express, which sells mid-priced apparel, has been burning through cash as it attempts to fix its troubled operations.

Express may file for bankruptcy as soon as next week, but the preparations aren’t final and plans could change, said the people, who asked not to be identified because negotiations are private.

A representative for the company declined to comment on the discussions.

Bankruptcy allows companies to shed expensive leases and continue operating, or quickly find a buyer. Express, which was once a top destination for Millennials dressing for both the office and the club, burned through more than $200 million during its 2022 fiscal year.

Its finances have suffered as it struggled to align with changing consumer tastes and competed with ultra-fast fashion powerhouses like Shein, Temu and Boohoo, which rapidly churn out new styles.

Express shares have tumbled more than 80 percent this year, leaving it with a market capitalisation of just $5.3 million against a debt load of nearly $300 million. The Columbus, Ohio-based chain operates more than 500 full-price and outlet locations.

By Reshmi Basu and Eliza Ronalds-Hannon

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The Fashion and Management Missteps That Left Express Clinging to Solvency

Women's Knee-High Socks The retailer has struggled to keep pace with the times and has occupied an increasingly untenable spot: not prestigious enough to compete with the luxury brands, yet too expensive to go head-to-head with rapidly growing low-cost rivals.

cotton stockings Retailer Boohoo raised its annual revenue target on Thursday after a strong Christmas holiday season

2024-10-20T04:33:00+03:00

cotton stockings Retailer Boohoo raised its annual revenue target on Thursday after a strong Christmas holiday season, with the tightening of UK coronavirus curbs again pushing households to shop more online.

The retailer also said it was investigating some suppliers, having banned a total of 64 so far, and was identifying alternative “ethical” partners as it works to rebuild its name following an investigation last year into failings by the company related to working conditions and low pay in its supply chain.

The British fashion group, home to brands including PrettyLittleThing, Nasty Gal and MissPap, expects revenue growth of 36 percent to 38 percent for the financial year ending February 28, above the already upgraded forecast of 28 to 32 percent.

Rival ASOS also raised its forecast earlier this week as trading during the holiday season exceeded its expectations.

While more conventional retailers have struggled with a collapse in footfall over the past year, the crisis has only added to the gains made by Boohoo and other e-commerce players as people stuck at home switch to shopping online.

Launched in 2006 by billionaire Mahmud Kamani and businesswoman Carol Kane, Boohoo has targeted millennials and other younger generations happy to shop on their phones rather than in store.

Boohoo, whose share price has soared since its 2014 listing, lagged ASOS on market performance last year following a damaging media report in July about factory working conditions in the English city of Leicester. It laid out steps in September to tackle the many failings an independent review identified in its supply chain.

“The Group believes it is making excellent progress as it works to implement the Review’s recommendations,” Boohoo said.

“Alternative ethical suppliers are being identified as the Group reviews its supply chain across the UK and internationally.”

The company flagged a small cost headwind due to higher distribution and administrative costs after the UK officially exited the European Union.

Kids Ankle Socks It was also finalising an extension of UK warehousing capacity with a new site to open in April, which will create up to 1,000 jobs.

By Muvija M in Bengaluru; Editing by Subhranshu Sahu and Saumyadeb Chakrabarty

100 cotton socks Retail sales of clothing, lingerie and accessories grew 38.5 percent year-on-year in August

2024-10-20T04:32:00+03:00

100 cotton socks Retail sales of clothing, lingerie and accessories grew 38.5 percent year-on-year in August, according to data from the Argentine Chamber of Medium Enterprises (CAME). This represents a figure 5 percent lower than in the same month in 2019, pre-pandemic.

Consumption in shopping centres, supermarkets and the overall wholesale segment has been growing in recent months, CAME’s report said, recovering steadily since the impact of the pandemic hit the sector in 2020.

Of businesses surveyed by CAME, 40.6 percent said they were faring better than in 2019.

In the first eight months of the year, SME retail sales overall recorded an annual increase of 13.7 percent year-on-year, but decreased 12.3 percent compared to the same period in 2019.

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What’s Next in Shapewear? Look to Latin America.

Men's Invisible Socks Brands from Colombia and Brazil have earned a reputation as global leaders of the shapewear category prompting demand for their meticulously made girdles in spite of the pandemic.

fun socks Retail sales in the United Arab Emirates are expected to rebound and grow by 13 percent to reach $58 billion by the end of this year, boost

2024-10-20T04:31:00+03:00

fun socks Retail sales in the United Arab Emirates are expected to rebound and grow by 13 percent to reach $58 billion by the end of this year, boosted by the roll out of Covid-19 vaccinations and Expo 2020 Dubai, the Dubai Chamber of Commerce and Industry has predicted.

It also said UAE retail sales are on track to grow 6.6 percent annually to reach $70.5 billion by 2025, with store-based retailing growth forecast at a constant annual growth rate (CAGR) of 5.7 percent, while non-store retailing is forecast to grow at a CAGR of 14.8 percent.

Christmas Socks The UAE currently leads the Middle East and North Africa (MENA) region in terms of household spending on e-commerce at $2,554 per household, equivalent to double the global average of $1,156, and four times the MENA region’s average ($629). According to JLL, Dubai saw 110,000 square metres (sqm) of retail gross leasable area completed in 2020, bringing the emirate’s total retail stock to 4.2 million sqm.

100 cotton socks Retail sales in the country were up 13 percent year-on-year in July

2024-10-20T04:30:00+03:00

100 cotton socks Retail sales in the country were up 13 percent year-on-year in July, due in large part to demand for delivery services amid social distancing restrictions, The Korea Herald reports.

In an attempt to curb the spread of the delta strain of Covid-19, local authorities imposed stricter measures last month, including a ban on gatherings of more than four people and a 9pm curfew.

Data from the Ministry of Trade, Industry and Energy reveals that total sales from 25 major online and offline retailers hit 12.9 trillion won ($11 billion) in July, up from 11.4 trillion won ($9.7 billion) in 2020. Department stores saw sales increase by 7.8 percent on the back of robust demand for luxury goods, but concerns about Covid-19 dampened overall physical retail growth.

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christmas socks South Korean Retail Sales Up 13% as Vaccine Roll-Out Gains Speed

cotton socks Private equity fund L Catterton, which is backed by luxury giant LVMH Moet Hennessy Louis Vuitton SE

2024-10-19T14:30:00+03:00

cotton socks Private equity fund L Catterton, which is backed by luxury giant LVMH Moet Hennessy Louis Vuitton SE, agreed to buy a majority stake in Italian beauty brand Kiko.

L Catterton has entered into a definitive deal with the Percassi family, which will retain a “significant stake” in the business, according to a statement on Friday.

Kiko, founded in 1997 by Antonio and Stefano Percassi, is a global cosmetic company with a retail network of 1,100 stores in 66 countries. The firm reported a net revenue of about €800 million ($859 million) in 2023, a 20 percent increase versus the prior year, it said in the statement.

L Catterton, backed by LVMH and its founder Bernard Arnault’s family holding company, has invested in over 30 beauty brands globally, including Intercos, Maria Nilla, and Oddity.

By Alberto Brambilla

Sign up to The Business of Beauty newsletter, your complimentary, must-read source for the day’s most important beauty and wellness news and analysis.

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Kiko Milano May Bring in New Investor to Fund Growth

The Italian fast-beauty brand is in talks to bring in a minority investor to help fund growth in India, the Middle East and Asia.

Men's Invisible Socks Disclosure: LVMH is part of a group of investors who, together, hold a minority interest in The Business of Fashion. All investors have signed shareholders’ documentation guaranteeing BoF’s complete editorial independence.

cotton stockings Private equity firm L Catterton is selling its Danish fashion brand Ganni in a deal that could fetch up to $700 million

2024-10-19T14:29:00+03:00

cotton stockings Private equity firm L Catterton is selling its Danish fashion brand Ganni in a deal that could fetch up to $700 million, two people with knowledge of the situation told Reuters.

The firm has hired boutique investment bank Lazard to run the sale process, which has attracted interest from Chinese buyers, they said.

Non-binding bids are due by July 25, one of the sources said.

Ganni’s financial numbers have not been disclosed but the sources said a deal could value the fashion house at $500 million to $700 million.

L Catterton, Ganni and Lazard did not immediately respond to requests for comment.

Founded in 2000, Ganni offers women’s ready-to-wear clothing and has established an international presence through its owned stores and more than 400 premium retailers in 20 countries.

It also sells via various digital retailers.

L Catterton, which focuses on the consumer sector globally, bought a majority stake in Ganni in 2017 and has since helped the brand expand internationally.

By Kane Wu in Hong Kong; Edited by Jason Neely

Men's Invisible Socks Read more about how Ganni went from a niche Danish label to a cult favourite in BoF’s case study:

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cotton stockings Private equity firm L Catterton and a group of employees of Birkenstock Holding Plc raised $756 million on Wednesday from the sale o

2024-10-19T14:28:00+03:00

cotton stockings Private equity firm L Catterton and a group of employees of Birkenstock Holding Plc raised $756 million on Wednesday from the sale of a block of shares of the US-traded footwear maker.

The holders sold 14 million shares for $54 each, according to a statement, representing a 9.7 percent discount to the closing price of $59.78 each on Monday when the deal was announced. Birkenstock shares closed Wednesday at $54.61 each. They rose to $54.63 apiece in after-market trading.

L Catterton will have about a 73 percent stake in Birkenstock after the sale, according to an earlier statement. The underwriters have an option to buy an additional 2.1 million shares from L Catterton.

The sale comprises 9.9 million shares solely controlled by L Catterton and 4.1 million shares that the private equity firm and certain executives and other employees have shared voting and dispositive power over, according to a statement and filing.

Kids Socks For Spring And Summer Net proceeds from the sale of the shared-ownership stock will be used to pay the employees’ tax obligations and outstanding loans, the statement shows. Birkenstock itself will not receive any proceeds.

The sale is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co., the filing shows.

By Amy Or

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The Ballad of the Birkenstock

How the 250-year-old German orthopedic shoe company with “Succession”-level family drama transformed itself into a luxury behemoth.