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China to intensify supervision of booming fintech sector

China announced plans Friday to boost supervision of the country's huge fintech sector and beef up its anti-monopoly drive, months after a crackdown on the sector that dealt a severe blow to e-commerce titan Alibaba and tycoon founder Jack Ma. Beijing has in recent months looked to rein in its booming financial technology companies to address a...

Mar. 5, 2021

Business

Gap posts sales decline in Q4, expects recovery in 2021

Gap’s diluted earnings per share were 61 cents for the fourth quarter of fiscal year 2020. The company said, net sales were 4.4 billion dollars, a decrease of 5 percent compared with last year, while online sales grew 49 percent compared with last year and represented 46 percent of net sales in the fourth quarter, which was an increase of over...

Mar. 5, 2021

Business

Amazon sued for racial discrimination

Amazon Inc is facing a lawsuit in the U.S. for its “systemic pattern of insurmountable discrimination.” According to Reuters, a manager working at Amazon.com is sueing the online behemoth, citing the company hires Black people for lower positions and promotes them more slowly than white workers, and that she was subjected to harassment. Profits...

Mar. 4, 2021

Business

Global Fashion Group raises 375 million euros to fund NMV growth target

Global Fashion Group S.A. (GFG) has announced placing of seven-year senior, unsecured bonds in an aggregate principal amount of 375 million euros. The company said that the proceeds from this financing will be invested in capitalising on this market opportunity and executing the clear investment strategy that supports GFG’s ambitious NMV target....

Mar. 4, 2021

Business

One year later: How are garment workers and suppliers faring since the Covid-19 pandemic started?

A recent panel to assess the impact of the Covid-19 pandemic on garment workers and suppliers revealed that one year later, not all is well in the world of fashion. In fact, research shows that garment workers are going hungry, brands are asking for steep discounts on new orders, and wages to factory workers are going down; all of this is...

Mar. 4, 2021

Business

French Connection launches formal sales process as suitors back out

French Connection has launched a formal sales process after two investment firms pulled out of takeover talks. Last month, the British fashion retailer said it had received two separate approaches: one from Spotlight Brands in conjunction with Gordon Brothers International, and another from Go Global Retail in conjunction with HMJ International....

Mar. 3, 2021

Business

Nordstrom sales fall by 20 percent in Q4

Nordstrom, Inc. reported earnings per diluted share for the fourth quarter of 21 cents, which reflected an income tax benefit related to the CARES Act. The company said, net sales decreased 20 percent, which improved sequentially by 600 basis points relative to the third quarter, after adjusting for a shift of the Nordstrom Anniversary Sale. “We...

Mar. 3, 2021

Business

Gap declares first quarter dividend

Gap Inc. has announced that its board of directors affirmed the payment of its previously approved and deferred first quarter fiscal year 2020 dividend of 0.2425 cents per share, payable on or after April 28, 2021 to shareholders of record at the close of business on April 7, 2021. The company also announced its intent to initiate a quarterly...

Mar. 3, 2021

Business

Hollister links with TikTok stars for World Teen Mental Wellness Day

Teen retailer, Hollister Co., has partnered with TikTok stars and the mental wellness podcast Teenager Therapy to surprise select US high schoolers with virtual pop-up mental wellness discussions. Additionally, Hollister will donate one million dollars across 20 organizations in the US to support teenagers in local communities battling...

Mar. 2, 2021

Business

Kontoor Brands: Revenue and earnings increase in Q4

For the fourth quarter, Kontoor Brands, Inc. said revenue increased 1 percent to 661 million dollars on a reported basis and remained flat in constant currency. The company said, revenue increases were primarily driven by strength in digital, including own.com and digital wholesale, as well as improved performance across the Wrangler U.S....

Mar. 2, 2021

Business

Abercrombie & Fitch posts 5 percent decline in Q4 sales

Abercrombie & Fitch Co. fourth quarter net sales of 1.1 billion dollars were down 5 percent compared to last year, reflecting the adverse impact of Covid-19. Digital net sales increased 34 percent to 639 million dollars. The company said, gross profit rate improved 230 basis points to 60.5 percent, operating income was 116 million dollars and...

Mar. 2, 2021

Business

Pink Shirtmaker snapped up by former JD Sports exec

British formalwear brand Pink Shirtmaker is reportedly under new ownership after being put up for sale late last year by LVMH. The company, which was previously called Thomas Pink before being rebranded in 2018, has been acquired by former JD Sports executive Nick Preston, The Mail on Sunday reports. Pink Shirtmaker, which was founded in 1984 by...

Mar. 2, 2021