Farfetch posts record revenue for 2022 despite Q4 dip
Farfetch has announced its results for the fourth quarter and full year 2022. The online luxury fashion retailer posted record revenue of US$2.3 billion for the year ended December 31, 2022, up 3 percent year-on-year, despite a 5 percent drop in Q4 revenue.
Fashion platform Moda Operandi launches into Beauty section
Fashion platform Moda Operandi has launched into the beauty sector, launching 55 55 skincare, fragrance, makeup, haircare, and body care brands.
Now Valentino announces blackouts
Valentino has announced that it will be switching off the lights in stores at 10pm each night in a bid to help save energy among the ongoing threat of shortages this winter, according to a report published by Reuters.
Turn DOWN the heat: Louis Vuitton dials down the thermostat amid energy crisis
LVMH’s signature fashion brand, Louis Vuitton has announced that it will be adjusting the thermostats and turning off the lights earlier as part of energy saving measures designed to help the label do its bit to combat the energy crisis this winter, according to a report published by The Guardian.
Farfetch and Alabbar to acquire Yoox Net-a-Porter in a bid to ‘advance the digitalisation of the luxury industry’
Farfetch and Alabbar are set to acquire a 47.5 percent and 3.2 percent stake, respectively, in Yoox Net-a-Porter, which will make YNAP a neutral platform with no controlling shareholder.
H&M 1H 2022: sales soar 20 percent thanks to ‘well-received collections’
H&M Group has reported its results for the first half of fiscal 2022. The Swedish fast fashion brand saw sales increase 20 percent in the six months to May 31, 2022, while gross profit rose to SEK54.106 million.
Kohl’s Q1 2022: macro headwinds lead to disappointing start to year
Kohl’s has reported its results for the first quarter of fiscal 2022. The department store chain saw sales drop 5.2 percent in the three months to April 30, 2022, versus the same period last year.
Zara cans free returns for online shoppers
Zara has ushered in a charge for returning goods bought via its website, according to a report published by the BBC. The fast fashion retailer will levy a £1.95 fee for returned items, with the cost deducted from refunds.
Could real-time price tags be the future for crypto payments after slump?
A London fashion store has adopted real-time price tags, recalculated every 10 minutes, in order to accept payment in crypto currencies, according to a video report posted by Reuters.
Gucci to accept cryptocurrencies in select US stores
Gucci is gearing up to accept payments in cryptocurrencies in US stores, according to a report published by Bloomberg. The Kering-owned brand’s New York, Los Angeles, Miami, Atlanta and Las Vegas stores will adopt digital tokens from the end of the month.