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European Commission asks China’s Shein for information on illegal content and goods

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6 hours ago

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Reuters

Published



February 6, 2025

The European Commission has asked online fast-fashion retailer Shein to provide internal documents and more detailed information on risks linked to the presence of illegal goods and content on its marketplace, the EU executive said on Thursday.

Reuters

Shein said it welcomes “efforts that enhance trust and safety for European consumers when shopping online”.

The Commission said it had given Shein a deadline of February 27 to provide detailed information on measures it has adopted to mitigate risks relating to consumer protection, public health and users’ wellbeing.

Under the powers granted by the Digital Services Act (DSA), the Commission also asked the Chinese online retailer about the transparency of its recommender systems, access to data for qualified researchers, and it requested details on the protection of users’ personal data.

It added the request related to an ongoing DSA investigation against Shein, which was founded in China and is headquartered in Singapore. The Commission has also been investigating Shein rival Temu, part of Chinese e-commerce giant PDD Holdings, under the DSA.

On Wednesday, the Commission said Temu and Shein, which is working towards a London IPO this year, would be held liable for the sale of unsafe products on their platforms, as part of a crackdown on cheap e-commerce imports into the European Union (EU).

It said its concerns were triggered by some 4.6 billion parcels worth less than 150 euros ($155.39) bought online and imported into the EU duty-free last year, equal to 12 million parcels per day, 91% of which came from China. The number of shipments was double that in 2023.

The EU executive, which has proposed customs reforms including ending the duty exemption for low-value shipments, said on Wednesday it aimed to bring forward some of the changes to 2026 rather than 2027.

As part of tariffs on China, U.S. President Donald Trump‘s administration this week gave businesses just over 48 hours’ notice of the end of its equivalent “de minimis” provision, used by retailers including Temu and Shein to import packages worth less than $800 from China.
 

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Fashion

Tapestry raises annual sales forecast on steady demand for popular handbags

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4 hours ago

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February 6, 2025

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By

Reuters

Published



February 6, 2025

Tapestry on Thursday raised its annual sales forecast after reporting better-than-expected second-quarter revenue, driven by strong demand for its pricey Tabby bags and suede boots in North America and China.

Coach – Spring/Summer 2025 – Womenswear – USA – New York – ©Launchmetrics/spotlight

Shares of the New York-based company rose nearly 8% in trading before the bell.

Tapestry’s Coach brand is seeing strong demand for its Tabby crossbody bags and Coachtopia leather handbags from young shoppers given their immense popularity on social media sites.

In contrast, rival Michael Kors‘ Capri gave a weak forecast a day earlier as its grapples with a turnaround plan after a failed $8.5 billion merger with Tapestry last year.

Tapestry posted net sales of $2.20 billion for the quarter ended December 28, compared with analysts’ estimates of $2.11 billion, according to data compiled by LSEG.

The company now expects revenue of about $6.85 billion for the fiscal year 2025, compared with its prior target of more than $6.75 billion. Analysts on average estimated revenue of 6.76 billion, according to data compiled by LSEG.
 

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Under Armour gets a lift from CEO Plank’s full price focus, North America recovery

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4 hours ago

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February 6, 2025

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Reuters

Published



February 6, 2025

Under Armour on Thursday raised its annual profit forecast again after topping quarterly results, as the sportswear maker reaps the benefits of dialing down on discounts and a recovery in demand in North America and Asia.

Reuters

Since returning as CEO in April, founder Kevin Plank has kept a tight leash on inventory of some products, pushed for fewer promotions and slashed its workforce.

Under Armour also introduced products such as Phantom Fore Golf shoes to fend off competition from newer brands including Roger Federer-backed On and Deckers Outdoor’s, opens new tab Hoka.

“Although the goal of resetting the brand to a more premium positioning while narrowing the focus to core fundamentals could prove to be a meaningful catalyst over the longer term, we believe it will take time to unfold,” said Sharon Zackfia, analyst with William Blair.

Under Armour expects annual adjusted earnings per share to be between 28 cents and 30 cents, compared with its prior forecast of 24 cents to 27 cents.

Shares of the company rose as much as 5% at $8.65.

Revenue in Under Armour’s North America segment, a major revenue contributor, fell 8% in the third quarter, after declining 13% in the prior quarter and 12% in the same period a year earlier.

In contrast, Nike, opens new tab in December forecast muted sales as the company scrambles to regain market dominance.

Meanwhile, Baltimore, Maryland-based Under Armour said the latest U.S. tariffs were not expected to have a significant impact.

It said about 3% of its goods imported into the U.S. come from China, and even less from Mexico. It has no manufacturing relationships in Canada.

Under Armour’s quarterly gross margins expanded by 240 basis points to 47.5%, with some support from lower raw material and freight costs.

Revenue fell 5.7% to $1.40 billion in the quarter ended Dec. 31, compared with analysts’ estimates of $1.34 billion, as per data compiled by LSEG.

Adjusted earnings per share of 8 cents, beat estimates of 4 cents.

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Canada Goose trims annual profit forecast on dipping China demand

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5 hours ago

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February 6, 2025

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By

Reuters

Published



February 6, 2025

Canada Goose Holdings trimmed its annual profit forecast and missed quarterly revenue estimates on Thursday due to choppy sales in key luxury goods market China, sending its U.S.-listed shares down 6% in premarket trading.

Canada Goose

Weak consumer spending in China, which is grappling with youth unemployment and a property crisis, has been a major concern for the luxury goods industry and has slowed demand recovery in the region, significantly impacting brands such as Canada Goose.

U.S. luxury retailer Estee Lauder, which bet on China, expanded a restructuring plan on Tuesday that involves up to 7,000 job cuts as the cosmetics giant grapples with persistent demand weakness, especially in Asia.

Toronto, Ontario-based Canada Goose saw revenues in Greater China drop by 4.7%, compared to the previous quarter’s 5.7% jump.

It expects fiscal 2025 adjusted profit of flat to low-single-digit percentage growth, compared to its previous forecast of a mid-single-digit rise.

The company’s third-quarter revenue fell to C$607.9 million ($423.59 million), from C$609.9 million a year earlier.

Analysts on average had expected revenue of C$620.9 million, according to data compiled by LSEG.

Excluding one-off items, Canada Goose posted a profit of C$1.51 per share, compared with an estimate of C$1.54 per share.
 

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