Good resilience? LVMH revenue plunges 27 percent in first half
LVMH has published its results for the second quarter and first half of fiscal 2020. The luxury goods behemoth saw revenue plummet 38 percent over the second quarter compared to the same period in 2019, contributing to a 27 percent drop in revenue year-on-year over the first six months of the year. Profit also took a nose dive falling 68 percent yoy to €1,671 million.
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Has Next pipped M&S to Victoria’s Secret prize?
Sky News is reporting that Next has prevailed in the battle to become the UK franchise partner for ailing US lingerie brand Victoria’s Secret.
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Lululemon acquires fitness tech start-up Mirror
Sportswear brand Lululemon has acquired fitness tech start-up Mirror in a deal worth $500 million, according to a report by the Financial Times.
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British retailer Marks and Spencer is said to be eyeing the acquisition of troubled brand Victoria’s Secret, according to a report by the Financial Times.
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We want to bring the human touch to e-commerce: Kanye West unveils new Yeezy site
Kanye West is set to unveil a new website for his Yeezy Supply clothing brand, which Fast Company describes as ‘a shopping experience unlike anything you’ve seen on the internet’.
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South Korea’s competition authority green lights LVMH-Tiffany deal
South Korea’s Fair Trade Commission has given the go-ahead for the proposed acquisition of US jewellery brand Tiffany by luxury conglomerate LVMH, according to a report published by The Investor.
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L Brands raises US$1.25 billion in bond sale
L Brands is set to raise US$1.25 billion in a bond sale that will provide a much-needed cash injection after Sycamore Partners pulled out of a deal to purchase its Victoria’s Secret brand.
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LVMH Tiffany deal in doubt as U.S. market deteriorates
LVMH’s purchase of Tiffany & Co is said to be in doubt, with LVMH board members thought to have recently held a meeting regarding the matter, according to a report by WWD.com.
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South African e-tailer RunwaySale gets R100 million investment
South African retailer RunwaySale has received an investment of R100 million from private equity firm SPEAR Capital, according to a report by Business Tech.
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Group Arnault acquires minority stake in Lagardère SCA
Bernaud Arnault has acquired a minority stake in publishing and retail group Lagardère SCA through his Group Arnault holding, according to a report by WWD.com.
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