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Kohl's slashes 2022 forecasts as inflation squeezes demand

Kohl's slashes 2022 forecasts as inflation squeezes demand

​Kohl's Corp cut its full-year sales and profit forecasts on Thursday, squeezed by steep discounts and higher costs amid dwindling demand for clothing and shoes in the face of high inflation, sending its shares down 5%.
Fashion
Tapestry, Estée Lauder feel earnings pinch from China lockdowns

Tapestry, Estée Lauder feel earnings pinch from China lockdowns

​Tapestry Inc and Estée Lauder Cos Inc forecast full-year earnings below estimates on Thursday, spotlighting the hit America's luxury goods companies are taking from China's Covid-19 lockdowns.
Luxury
Frasers Group aims to buy MySale as it expands abroad

Frasers Group aims to buy MySale as it expands abroad

​Frasers Group has made a cash offer to buy MySale Group, the flash sale business in which it already has a substantial stake.
Fashion
Walmart explores matchmaker marketplace for social media influencers

Walmart explores matchmaker marketplace for social media influencers

​Walmart may launch a platform that will use social media influencers to help the retailer and its 100,000 third-party sellers promote their goods and services online, according to trademark filings.
Fashion
Irish consumer sentiment hovers at 22-month low in August

Irish consumer sentiment hovers at 22-month low in August

 Irish consumer sentiment slipped marginally to hover at a 22-month low in August as respondents said they expected to further cut back on major purchases in the coming months, a survey showed on Thursday.
Fashion
Beauty and the inflation beast: 'lipstick effect' to shield Estée Lauder, Coty

Beauty and the inflation beast: 'lipstick effect' to shield Estée Lauder, Coty

Americans are turning to beauty products to beat inflation blues in a trend called "the lipstick effect" that could keep beauty's post-pandemic rebound alive and help quarterly sales for Estée Lauder and Coty.
Beauty
UK inflation hits double digits, highest since 1982

UK inflation hits double digits, highest since 1982

British consumer price inflation jumped to 10.1% in July, its highest since February 1982, up from an annual rate of 9.4% in June, intensifying the squeeze on households, official figures showed on Wednesday.
Fashion
Boohoo makes "strategic investment" in Revolution Beauty

Boohoo makes "strategic investment" in Revolution Beauty

​Boohoo has been moving into beauty of late through its own retail brands and through buys such as Debenhams. But its latest move is a bit different. It’s made what it calls a “strategic investment” in a key pureplay.
Beauty
Walmart sees smaller profit drop as discounts draw shoppers, but clothing struggles

Walmart sees smaller profit drop as discounts draw shoppers, but clothing struggles

​Walmart nudged up its annual profit forecast on August 16, partly reversing a hefty recent cut, as discounts to clear excess merchandise and lower fuel prices helped it beat expectations for quarterly sales.
Fashion
ABG to buy Ted Baker for £211m, will restructure firm and target US growth

ABG to buy Ted Baker for £211m, will restructure firm and target US growth

​Ted Baker and Authentic Brands Group announced on August 16 that ABG will be buying the British fashion retailer for an agreed price of around £211m ($254m). It will mean a major push into North America for the label.
Fashion
Starboard slashes stake in Kohl's after seeking to buy it in January

Starboard slashes stake in Kohl's after seeking to buy it in January

Activist hedge fund Starboard Value, which had offered to buy Kohl's Corp for roughly $9bn early this year, slashed its stake in the department store by more than 80% in Q2, according to a regulatory filing.
Fashion
Tophsop founder and ex-Debenhams chief Halpern dies

Tophsop founder and ex-Debenhams chief Halpern dies

​British retail titan Sir Ralph Halpern has died at the age of 83. The executive, who launched the Topshop chain and once ran Debenhams, was one of the highest-profile retailers during the Thatcher era in the 1980s.
Fashion
Prada seeks $1 billion valuation in Milan listing - Bloomberg News

Prada seeks $1 billion valuation in Milan listing - Bloomberg News

Italian luxury group Prada SpA is considering seeking at least $1 billion from a second listing in Milan and is working with Goldman Sachs Group Inc on early preparations, Bloomberg News reported on August 12.
Luxury
Primark creates customer chief role, names Michelle McEttrick to post

Primark creates customer chief role, names Michelle McEttrick to post

​Primark has named Michelle McEttrick to the new Chief Customer Officer role, “to develop the Primark brand and customer strategy as the business continues its expansion across new markets, channels and products”.
Fashion
Walmart's long-lasting challenge: luring budget shoppers back to its stores

Walmart's long-lasting challenge: luring budget shoppers back to its stores

Walmart Inc could face an uphill battle to reclaim U.S. shoppers who opted for the neighborhood dollar store or Aldi rather than driving farther to a Walmart Supercenter when gasoline was $5 a gallon.
Fashion
Supermarket retailer Ahold shelves plan to spin off Bol.com

Supermarket retailer Ahold shelves plan to spin off Bol.com

Supermarket major Ahold Delhaize said on Wednesday it was postponing plans for an IPO of its non-food retailer, Bol.com, because of unfavourable market conditions.The group had planned to list Bol.
Fashion