There are going to be quite a few contenders for the ‘best year ever’ winner in the shopping centre category. Entering the field is Caledonia Park, Scotland, with the premium designer outlet village’s owner/operator Railpen saying it experienced a “record-breaking year for sales and performance” in 2024.
The path to success was helped by the destination introducing seven new brands and securing a series of long-term renewals, “demonstrating the success of [our] strategic asset management”.
Surpassing 2023 levels, footfall rose 8%, “underlining the impact of its targeted leasing strategy tailored to evolving consumer demands” and standout categories included Health and Beauty, which saw a “staggering sales growth of 26%”. It said this was bolstered by the continued success of Rituals.
Also, the Black Friday weekend was “particularly successful” with a 19.1% uplift in sales vs the same period last year.
Last year’s key arrivals included Ben Sherman, which opened its first outlet location in Scotland there at the end of last year, taking a 1,500 sq ft space adjacent to fellow Scottish outlet debutant Moss, which recently opened its refurbished store, and kate spade new york.
The venue’s “targeted and considered leasing strategy” also resulted in several lease renewals for long-standing tenants, including Polo Ralph Lauren, who has now committed to another five years at the destination, as well as Berghaus, and Levi’s, “signifying appeal for both brands and visitors across the country”.
Maria Averkina, asset & development manager at Railpen, said: “2024 has been a standout year for us as we remain strong in our position as the go-to place for outlet debuts in Scotland.
“[The] record footfall and sales, [puts] us on a positive trajectory as we kick off 2025, and our portfolio of brands is continuing to excel, catering to our visitors tastes. Our focus will remain on supporting existing tenants as well as attracting new ones, with several discussions already under way with leading retailers.”
Deckers Outdoor on Thursday beat third-quarter sales estimates on robust holiday demand for its Hoka running shoes, but an in-line annual forecast caused the footwear maker’s shares to tumble 17% in extended trading.
Hoka shoes with their oversized soles have been gaining market share from brands such as Nike in the sportswear category. The brand, which retails for up to $300 in the United States, have also enjoyed full-price sales.
This drove up the company’s third-quarter revenue by 17% to $1.83 billion, beating analysts’ average estimate of $1.73 billion, according to data compiled by LSEG. Deckers also raised its annual net sales forecast for a second time this year.
“The guidance looks pretty conservative and considering the beat, it’s bit of a negative read into the out quarter,” said Drake MacFarlane, analyst at MScience.
The popularity of the Hoka shoes and the success of the company’s Ugg boots and sandals has helped it post double-digit revenue growth for nearly seven quarters.
The company now expects annual net sales to increase about 15% to $4.9 billion, compared with its prior expectation of about 12% growth to $4.8 billion. Analysts estimated an increase of 14.9% to $4.93 billion.
Deckers expects annual earnings per share of $5.75 to $5.80, compared with its prior forecast of $5.15 to $5.25.
Amazon.com is increasing its advertising on billionaire Elon Musk’s social media platform X, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
The major shift comes after the e-commerce giant withdrew much of its advertising from the platform more than a year ago due to concerns over hate speech.
In 2023, Apple also pulled all of its advertising from X and has recently been in discussions about testing ads on the platform, the report said.
Several ad agencies, tech and media companies had also suspended advertising on X following Musk’s endorsement of an antisemitic post that falsely accused members of the Jewish community of inciting hatred against white people.
Monthly U.S. ad revenue at social media platform X has declined by at least 55% year-over-year each month since Musk bought the company, formerly known as Twitter, in October 2022. He had acknowledged that an extended boycott by advertisers could bankrupt X.
Musk has become one of the most influential figures following President Donald Trump‘s re-election. He now leads the Department of Government Efficiency, which aims to cut $2 trillion in government spending.
Italian luxury goods group Salvatore Ferragamo said on Thursday its revenue dropped by 4% at constant currencies in the fourth quarter, flagging “encouraging results” from its direct-to-consumer sales which were overall flat in the last three months of the year.
Sales in the North American region, which accounted for 29% of total revenue, were up 6.3% in the quarter. However, the Asia Pacific area saw a 25% drop in revenue at constant exchange rates.
The slowdown in global demand for luxury goods, especially in China, has made the group’s turnaround harder. Overall preliminary revenues reached 1.03 billion euros in 2024, in line with analysts’ estimates, according to an LSEG consensus.
“January shows an acceleration in our DTC channel’s growth, albeit supported by the different timing of the Chinese New Year and a favourable comparison base versus last year”, Chief Executive Marco Gobbetti said in a statement.