Men and young millennial shoppers are the main drivers of a sales explosion at Balenciaga, with the storied couture firm turned edgy label now posting the fastest growth rates within the Kering group, its CEO has said.
Matchesfashion went from strength to strength in the year that it was bought out with revenues up 44% and profits up 34%. And importantly, as much as 82% of its business was generated outside its home market, the UK.
M&S has added experienced non-exec directors to its board as it prepares to deliver its latest results, with more store closures expected and potential demotion from the FTSE100 if its share price falls further.
Alibaba has invested in luxury online wholesale fashion tech firm Ordre as the three-year-old company positions itself for major growth. Ordre said Alibaba is now “a strategic investor,” but the terms weren’t disclosed.
Myntra has filed its financials for the 2016/2017 financial year and the data shows a 23 percent reduction in losses over the year as private label business grew substantially and advertising costs grew.
As part of the wider investigation into the jewellery tycoons Nirav Modi and Mehul Choksi, the Enforcement Directorate (ED) has seized over 34,000 jewellery items worth 85 crore rupees from Choksi’s Gitanjali Group.