Latest News Briefs – Page 15
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News briefs
Demand for luxury goods to remain under pressure due to China
Consumer discretionary categories such as jewelry, beauty, apparel and footwear are expected to remain under pressure due to ongoing weakness in Chinese consumption, Deutsche Bank Research said in a note. The bank forecasts China’s retail sales to grow by 4.1 percent in 2024 and by 5.0 percent in 2025.
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News briefs
Zegna’s organic sales slip in H1
In the first half of 2024, Ermenegildo Zegna’s revenues rose by 6 percent to €960.1 million. At constant currency rates, the top line rose by 8 percent while organic revenues dropped by 2.7 percent. The gross profit margin widened to 66.4 percent from 64.2 percent a year earlier. However, ...
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News briefs
THG to demerge its technology business
THG is looking into the option of demerging its technology services arm, THG Ingenuity, as the British e-commerce group looks to focus on its cash generative businesses. “After extensive discussions with shareholders over the past 12 months, THG is progressing options to demerge THG Ingenuity, leaving our highly profitable and ...
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News briefs
US footwear prices decline in August
In August 2024, the price of shoes declined in the US for the first time in a year, driven by women’s and children’s footwear, according to Footwear Distributors and Retailers of America (FDRA). Overall, footwear prices fell by 0.9 percent from a year earlier, with the prices of men’s shoes ...
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US to plug trade loophole on low-value China shipments
The US government said it was taking steps to protect “American consumers, workers and businesses” from the “overuse and abuse” of a trade law that allows low-value shipments to come into the US without paying import duties and taxes. The so-called “de minimis” loophole allows shipments worth less than $800 ...
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News briefs
China to gradually increase the retirement age
China’s lawmakers have approved a proposal to gradually increase the retirement age, the news agency Xinhua reported. The legal retirement age will be increased from 60 to 63 years for men and to 55 from 50, or from 55 to 58 based on one’s employment, for women. The increase of ...
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News briefs
German shoe chain Gero Mure files for bankruptcy
The German shoe chain Gero Mure has filed for bankruptcy as rising costs, online competition and the lingering effects of the Covid-19 pandemic put a strain on footwear retail. Around 40 employees across six stores – two in Mannheim’s Planken shopping street, two in Baden-Baden, and one each in ...
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News briefs
Boohoo to supply US clients from the UK
Boohoo will cease supplying US customers from its distribution center in Pennsylvania and will fulfill all orders from its automated distribution center in Sheffield, England. “This move follows a recent trial of increasing the product range offered to US consumers by also fulfilling from the UK, which has led to ...
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News briefs
Tapestry reportedly plans to sell Stuart Weitzman
Tapestry is close to selling Stuart Weitzman, according to various media reports. Giorgio Sarné, the CEO of the footwear brand, is set to leave his position but will remain in his job until October, according to Footwear News citing Tapestry. Along with Stuart Weitzman, Tapestry owns Coach and Kate Spade ...
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News briefs
JD Sports shuts down large distribution hub in Derby
JD Sports Fashion has decided to shut down its warehouse on Derby Commercial Park, East Midlands, BBC News reported. The closure will result in the loss of nearly 200 jobs. The retailer had signed a 20-year lease on the 47,700 square meter facility just three years ago.
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Scarpa mourns the loss of Filippo Zanin and Francesco Favilli
Filippo Zanin and Francesco Favilli, a marketing specialist and a brand manager of the mountain category at Scarpa, passed away on Sept. 3 while climbing the south face of the Marmolada in the Italian Dolomites. Zanin, 36, and Favilli, 44, were expert mountaineers and rock climbers, both well-known in ...
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News briefs
Gucci may return to growth in H2 of 2025
Gucci is likely to be stuck in its turnaround for a while due to a tough luxury-demand environment and the time it will take for new products to ramp up, according to the broker RBC Capital Markets. Gucci is not expected to return to revenue growth until the second half ...
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News briefs
Givenchy names Sarah Burton as Creative Director
The French fashion house Givenchy, which is owned by the French luxury goods conglomerate LVMH, announced the appointment of Sarah Burton as Creative Director, with immediate effect. Burton will be responsible for the creative direction of all of the women’s and men’s collections. She will present her first collection in ...
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News briefs
Allbirds carries out a 1-for-20 reverse stock split
Allbirds proceeded with a 1-for-20 reverse stock split for its Class A common stock and Class B common stock. The reverse stock split was carried out to bring the Californian footwear company into compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market. Allbirds’ ...
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News briefs
Aerosoles hires Jimmy Gabriel as Chief Brand Officer
Aerosoles has hired the industry veteran Jimmy Gabriel as President and the newly created job of Chief Brand Officer. “I’m thrilled to announce the next chapter of my journey with American Exchange and Aerosoles! Excited to work with such an incredible company and a team of talented, driven, and inspiring ...
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News briefs
Hanwag expands its German sales team
The German hiking and mountaineering boot manufacturer Hanwag, part of Fenix Outdoor AB, has expanded its German sales team for the fall and winter season. Daniel Amerkamp was appointed Regional Sales Manager for southern Bavaria and will focus on strengthening partnerships with retailers and supporting local customers, Hanwag said. ...
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News briefs
Ecco hires a head of wholesale for Central Europe
Marc Martin took on the role of Head of Wholesale Central Europe at the Danish footwear and leather group Ecco. In his new position, Martin is responsible for overseeing wholesale operations in the DACH region (which comprises Germany, Austria and Switzerland) and in the Netherlands. Martin previously worked for ...
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News briefs
Esprit closes all German stores
The fashion brand Esprit will close all 56 of its stores in Germany by the end of the year, resulting in the loss of approximately 1,300 jobs in retail and at the headquarters in Ratingen, the German press agency DPA reported. Parent company Esprit Europe GmbH, along with six ...
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News briefs
German economic growth seen flat in 2024 - Ifo
Germany’s gross domestic product is expected to be flat this year, the German economic research institute Ifo said in its autumn economic forecast, down from a projection of 0.4 percent growth in its previous estimate. German GDP in 2025 is now seen rising by 0.9 percent, down from prior expectations ...
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News briefs
Uli Hauer launches his own shoe brand Uli H.
Ulrich Hauer, a veteran of the footwear industry, is launching his own men’s footwear brand, Uli H., with his company Profectus Brand Construction GmbH, a development, marketing and consultancy firm based in Bad Oeynhausen in the North Rhine-Westphalia region of Germany. The collection, which combines “modernity and coolness, coupled ...
