Articles by Prachi Singh
Joules says turnaround plan in good progress
Sept 30, 2022 - Business
British lifestyle group Joules has said that under its new leadership team, led by Jonathon Brown and supported by Tom Joule in an executive capacity as product director, is making good progress in developing its turnaround plan. The company was responding to media speculation that it is considering an insolvency procedure. Joules said in a...
Nike's Q1 sales up but net income declines by 22 percent
Sept 30, 2022 - Business
First Quarter revenues at Nike, Inc. increased 4 percent to 12.7 billion dollars compared to the prior year and were up 10 percent on a currency-neutral basis. However, gross margin decreased 220 basis points to 44.3 percent, while net income was 1.5 billion dollars, down 22 percent and diluted earnings per share were 93 cents, decreasing 20...
Next cuts guidance as rising inflation dampens consumer demand
Sept 29, 2022 - Business
Full price sales at Next plc were up 12.4 percent versus 2021 and up 22.3 percent versus 2019. Total trading sales including markdown sales were up 12.8 percent versus 2021 and up 21.3 percent versus 2019. Profit before tax was 401 million pounds, which was up 15.5 percent versus 2021 and up 22.4 percent versus 2019. However, Next has reduced...
H&M's Q3 results hit by Russia exit
Sept 29, 2022 - Business
The H&M group’s net sales in the third quarter increased by 3 percent to 57,450 million Swedish krona and in local currencies, net sales decreased by 4 percent. In the current quarter, the company said in a statement, the autumn collections have been well received and sales increased by 7 percent in local currencies in the period. The company...
Boohoo issues profit warning as consumer demand slumps
Sept 28, 2022 - Business
For the six months to August 31, Boohoo Group’s net revenue declined 10 percent to 882.4 million pounds amid “macro-economic headwinds facing both consumers and businesses”. The company said it expects for a similar rate of revenue decline to persist over the remainder of the financial year if the “current conditions” continue. Boohoo now...
Dune London appoints Nigel Darwin as CEO
Sept 27, 2022 - Business
Footwear and accessories brand Dune London has appointed Nigel Darwin as CEO. Darwin, the company said in a release, brings extensive global brand experience from across the fashion and beauty consumer sectors, most recently as CEO of Toni&Guy where he has led a successful turnaround of the business. “Nigel brings a wealth of experience of...
Estée Lauder names Justin Boxford as global brand president
Sept 26, 2022 - Business
The Estée Lauder Companies has appointed Justin Boxford as global brand president, effective September 1, 2022. Boxford, the company said, succeeds Stéphane de La Faverie, whose promotion to executive group president was part of an organisational evolution announced recently. In his new role, Boxford reports to La Faverie and will continue to...
Giglio.com's revenues increase driven by strong growth across markets
Sept 26, 2022 - Fashion
In the first half of 2022, Giglio.com earned 22 million euros in revenues from sales and services, an increase of 45 percent compared to the first half of 2021. In the second quarter, the company said in a statement, gross merchandise value grew by 47 percent despite the strong macroeconomic instability that the Ukraine conflict has generated. “...
JD.com appoints Carol Yun Yau Li as independent director
Sept 23, 2022 - Business
JD.com, Inc. has appointed Carol Yun Yau Li as an independent director on the board of directors of the company and a member of the board’s compensation committee, effective immediately. Li, the company said, is a managing director of Yale Center Beijing, Yale University’s first university-wide center outside of the United States. Li has also...
PVH appoints Sara Bland as chief strategy officer
Sept 23, 2022 - Business
Sara Bland will be joining PVH Corp. as executive vice president and chief strategy officer, on October 31, 2022. The company said she will join PVH’s executive leadership team (ELT) and report to CEO Stefan Larsson. Commenting on Bland’s appointment, Larsson said in a release: “Sara brings a rare combination of global strategy and operational...