Latest Articles in Business

Poshmark introduces machine learning feature to better promote products

Resale marketplace Poshmark has put a new machine learning feature into place that hopes to accelerate sales for sellers while driving increased engagement from shoppers. Dubbed ‘Promoted Closet’, which is already available in the US, the tool utilises machine learning to match shoppers’ search terms with promoted listings in a bid to enhance...

Business

Classic Football Shirts secures 35.8 million dollar investment to support expansion

Manchester-based Classic Football Shirts has announced that it was the recipient of a 35.8 million dollar investment by multi-stage investment firm The Charnin Group (TCG) as it looks to carry out imminent global expansion plans. The deal puts a strategic focus on the North American market, one of the brand’s fastest-growing regions that...

Business

Walmart profits rise on strong sales from wealthier shoppers

Walmart reported higher profits Thursday behind solid gains at US stores as the retail giant pointed to increased purchases by wealthier shoppers and improving e-commerce sales. Profits more than tripled to 5.1 billion USD for the quarter ending April 30 on a six percent rise in revenues to 161.5 billion USD. Earnings in the 2023 period were...

Business

Asos confirms India entry with Reliance Retail partnership

Following heightened media speculation, British e-tailer Asos has now confirmed that it will be entering the Indian market through a new long-term partnership with the country’s Reliance Retail. With the deal, Reliance Retail will serve as the exclusive retail partner for Asos across all online and offline channels in India. It has been tasked...

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Under Armour announces restructuring and layoffs

Sportswear company Under Armour, Inc. has announced a restructuring strategy alongside the release of its annual results, for which net income almost halved and sales fell by several percent. The company's revenue came to 5.7 billion dollars, at a 3 percent year-on-year decline. The decline was largely due to worse results from the company's...

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Richemont reports slow Q4 sales growth, appoints Nicolas Bos as CEO

For the full financial year, Richemont sales increased by 3 percent at actual exchange rates and 8 percent at constant exchange rates to 20.6 billion euros, driven by the jewellery maisons, while operating profit came in at 4.8 billion euros, a 13 percent improvement at constant exchange rates. Fourth quarter sales were down by 1 percent at...

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Canada Goose Q4 revenues grow 22 percent

Canada Goose revenue increased 22 percent or 23 percent on a constant currency basis to 358 million Canadian dollars for the fourth quarter. Gross profit grew 22 percent to 233 million Canadian dollars and gross margin for the quarter was 65.1 percent. “Our fourth quarter results came in ahead of guidance, reflecting the power of our iconic...

Business

MySize revenues accelerate in the first quarter

Israeli startup MySize revenues for the first quarter increased 314 percent to 2.98 million dollars driven by an increase in Orgad sales. MySize develops measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications, including the apparel, e-commerce, DIY, shipping, and parcel delivery industries....

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Watches of Switzerland Q4 sales rise, "cautiously optimistic" about FY25

In the fourth quarter, revenue of 380 million pounds at Watches of Switzerland increased 4 percent at constant currency and 3 percent at reported rates, while luxury watches revenue rose 5 percent at constant currency and 3 percent at reported rates, with particularly strong performance in the US. Full year group revenue of 1,538 million pounds,...

Business

Marimekko's first quarter net sales increase by 7 percent

Finnish lifestyle company Marimekko’s net sales increased by 7 percent to 37.7 million euros in the first quarter boosted by the growth of wholesale sales in Finland and growth of international net sales. Commenting on the first quarter update, Tiina Alahuhta-Kasko, president and CEO of Marimekko said: “Marimekko had a good start to the year...

Business

Natura &Co continues mulling possible Avon separation as revenue dips

Brazilian beauty group Natura &Co has confirmed that it is mulling a possible separation with its subsidiary, Avon International, which saw its revenue slip in the first quarter of 2024. In a statement included in the group’s financial report, Fábio Barbosa, group CEO of Natura &Co, said: “Avon International had another challenging quarter with...

Business

17 European consumer organisations file complaint against Temu

Chinese e-tailer Temu is under a magnifying glass. 17 European consumer organisations have filed complaints against the fast fashion and lifestyle retailer with their national regulators, according to a report by the Dutch Consumers' Association and the Belgian Testaankoop. The organisations claimed that Temu withholds crucial information and...