TODAY'S MUST READAs the fashion industry takes a breather in August, luxury brands grapple with creative leadership gaps, plummeting profits, and evolving consumer priorities, raising questions about whether current struggles signal a permanent shift in the market landscape, writes Imran Amed.
TODAY'S MUST READAs the fashion industry takes a breather in August, luxury brands grapple with creative leadership gaps, plummeting profits, and evolving consumer priorities, raising questions about whether current struggles signal a permanent shift in the market landscape, writes Imran Amed.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
The retailer’s shares dropped more than 8 percent after the company reported only 5 percent growth in online store sales for the second quarter, highlighting a shift in consumer behaviour towards cheaper options as spending slows.
The company’s shares plunged 17 percent in premarket trading following a disappointing forecast that highlighted ongoing challenges in the advertising market, raising concerns about Snap’s ability to compete against larger rivals like Meta and Google.
The beauty guru announced that her legal drama over her supplement and beauty brands has come to an end.
London Stock Exchange CEO David Schwimmer affirmed the exchange’s commitment to governance amid scrutiny over the retailer’s labour practices.
The company’s aggregate financial results in the second quarter were “significantly impacted by the challenging consumer environment, especially in Asia Pacific,” said CEO Marco Gobbetti.
The company reported better-than-expected revenue of C$88.1 million for the fiscal first quarter, driven by strong sales in Asia, despite a 3 percent drop in North American sales.
To promote its new P-Tiox anti-wrinkle serum, the premium skincare line has tapped one of the summer’s most viral TikTok creators, Megan Boni, alongside a roster of finance and skincare professionals.
The company’s increased its pre-tax profit forecast for the year to $1.3 billion.
