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Shopify merchant growth falters as weak consumer spending hits businesses

Shopify merchant growth falters as weak consumer spending hits businesses

​Businesses stung by rising costs and lower consumer spending are shying away from Shopify's platform, creating a roadblock in its plan to fix past missteps in overestimating e-commerce demand.
Fashion
Richemont recommends shareholders vote against board candidate Trapani

Richemont recommends shareholders vote against board candidate Trapani

Richemont has asked shareholders to reject a candidate from Bluebell Capital Partners as a representative of ordinary shareholders and vote against his election to the luxury group's board at its upcoming AGM.
Luxury
Gucci now accepts ApeCoin cryptocurrency in select US stores

Gucci now accepts ApeCoin cryptocurrency in select US stores

Italian fashion house Gucci has announced on Twitter that it will now accept ApeCoin — the Bored Ape Yacht Club’s proprietary cryptocurrency — for purchases at select stores in the US.
Luxury
India's DLF mulls auction bid for New Delhi mall with base price of $366m - sources

India's DLF mulls auction bid for New Delhi mall with base price of $366m - sources

India's biggest real estate developer DLF is evaluating a bid for a prominent New Delhi shopping mall that has a starting auction price of $366 million, according to two sources and a public notice seen by Reuters.
Fashion
Balenciaga strikes deal with Reliance for India entry

Balenciaga strikes deal with Reliance for India entry

​Kering’s unstoppable Balenciaga brand has a giant new market to target. On August 4, Reliance Brands Limited said it has signed a strategic deal with the “hottest global luxury brand” to bring it to the Indian market. 
Luxury
US July manufacturing activity grows; apparel in highest growth sector

US July manufacturing activity grows; apparel in highest growth sector

Economic activity in the US manufacturing sector expanded in July, with the overall economy achieving a 26th consecutive month of growth, its supply executives said in the latest Manufacturing ISM Report on Business.
Fashion
Zalando EBIT drops, but firm is upbeat as it adapts to current conditions

Zalando EBIT drops, but firm is upbeat as it adapts to current conditions

​After some disappointment in June as it downgraded guidance, on August 4 Zalando had better news. It “expects improved profitability and a return to growth in the second half”.
Fashion
US’s Highstreet and Jonathan Koon transform retail shopping into metaverse

US’s Highstreet and Jonathan Koon transform retail shopping into metaverse

Jonathan Koon, founder of Mostly Heard Rarely Seen 8-Bit, has teamed up with US-based Highstreet, the retail-focused web3 metaverse, to launch an experience linking traditional fashion retail with the metaverse.
Fashion
Hugo Boss sales increased 34% in Q2

Hugo Boss sales increased 34% in Q2

Germany-based Hugo Boss on August 3 confirmed earlier preliminary figures, saying currency-adjusted Group sales increased 34 per cent in the second quarter (Q2) of fiscal 2022 (FY22) compared to the prior-year period.
Fashion
Tod's founder launches bid to delist shoemaker

Tod's founder launches bid to delist shoemaker

The founder and largest shareholder at Italy's Tod's has decided to launch a takeover offer on the luxury shoemaker with the aim of delisting it from the Milan stock exchange, the family holding company said Wednesday.
Luxury
India’s export orders 20% lower due to recession, brands’ sales down

India’s export orders 20% lower due to recession, brands’ sales down

Global recession is knocking at the doors of Indian textile industry. The impact of recession is clearly visible on new orders received by Indian exporters.
Fashion
Estée Lauder is in talks to acquire Tom Ford brand - report

Estée Lauder is in talks to acquire Tom Ford brand - report

​Cosmetics giant Estée Lauder Cos Inc is reportedly in talks to acquire ultra-luxury brand Tom Ford. If it does, it could be a $3 billion deal, the Wall Street Journal said at the start of August, citing sources.
Fashion
Moschino seeks to move upmarket with its sophisticated boutique

Moschino seeks to move upmarket with its sophisticated boutique

The Italian brand is opening a flagship store in Milan with a new chic and elegant design concept that it will adopt throughout its network of stores in hopes of moving upmarket, as CEO Stefano Secchi explained.
Luxury
Sales and profit boom at Hermès in H1, China bounces back at end of period

Sales and profit boom at Hermès in H1, China bounces back at end of period

​Hermès saw a sales boom in Q2 as — like its luxury peers — it enjoyed strong growth in Europe and the US with China also recovering during June towards the end of the quarter.
Luxury
Dolce & Gabbana champions promising young British designer Matty Bovan

Dolce & Gabbana champions promising young British designer Matty Bovan

Domenico Dolce and Stefano Gabbana, with their luxury label's style department, are working with Bovan to develop his Spring/Summer 2023 collection, which will première on the Milanese runways next September.
Luxury
Prada sales rise 22% in first half, beating expectations

Prada sales rise 22% in first half, beating expectations

Italy's Prada posted a 22% growth in first half sales, above market estimates, with lockdowns in China and the conflict in Ukraine offset by the strength of Europe, United States and the Far East.
Luxury