The News In Brief
Giorgio Armani Posts 24% Profit Drop in Tough 2024, Steps Up Investments
The Milanese group was hit by declining revenues and a slight increase in operating costs but said it retained a long-term approach amid a sharp downturn in luxury demand.
E-Commerce Firm Jumia Draws Takeover Interest From Axian
A deal between the biggest e-commerce platform in Africa and telecommunications company Axian would help both company expand across the continent.
Billionaire H&M Founding Family Speeds Up Share Purchases
The Persson family and its related companies owned over 60 percent of H&M's shares at the end of May, prompting speculation the company may return to private ownership.
Kate Moss’ Cosmoss Enters Liquidation
The prestige skincare and wellness line founded by the British supermodel entered liquidation proceedings after failing to file its company accounts.
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Prada Credits Sandal’s Indian Legacy Amid Uproar
The Italian fashion group has acknowledged the Indian roots of a new open-toe sandal design after criticism from artisans and politicians.
Saks Gets $600 Million Lifeline as Creditors Face Steep Losses
As part of the arrangement, a group holding a slim majority of the struggling luxury retailer’s $2.2 billion of 11 percent bonds, will provide Saks an immediate $300 million loan, according to deal terms reviewed by Bloomberg.
Shein to File Confidentially for Hong Kong IPO, Sources Say
Shein aims to submit the filing confidentially as soon as this week, a source familiar with the matter told Reuters. A second source said the filing was expected to be made by Monday.
Report: Unilever to Pay $1.5 Billion For Dr. Squatch
The mass personal care brand’s sale price topped £1 billion, according to a report in the Financial Times.