Poland’s biggest e-commerce platform Allegro expects its earnings to rise 8%-12% in its home market this year, it said on Thursday, and proposed a share buyback of around 1.4 billion zlotys ($363.95 million).
Reuters
Allegro reported fourth-quarter core profit of 975.2 million zlotys in the Polish market, beating a consensus estimate of 960 million zlotys in a company-compiled poll.
“Customers’ purchases with us grew more than three times faster than Poland’s retail sales as a whole,” CEO Roy Perticucci said in a statement.
Earnings also beat expectations at the group level, helped by narrower losses in the company’s international operations.
Allegro, which has also rolled out its marketplaces in the Czech Republic, Slovakia and Hungary within the last 18 months, said it would pause further launches abroad as it builds shopping frequency.
The share buyback will be put to a vote at its June shareholder meeting, it said.
Founded in 1866 by Matías Pujadas in Mallorca, Carmina Shoemaker has evolved into a globally recognized artisanal footwear brand. Now in its sixth generation, the family-led business reached €20 million in revenue in 2024. “We are five siblings, a family business, and we want to keep it that way,” says commercial director Sandro Albadalejo. Looking ahead to 2025, Carmina is gearing up for key expansions, with new stores set to open in Luxembourg and London—moves expected to drive annual revenue growth of up to 15%.
One of Carmina Shoemaker’s stores in New York Carmina Shoemaker – Carmina Shoemaker
The Balearic brand maintains a balanced distribution strategy across its sales channels. Wholesale accounts for one-third of its revenue, with Carmina products available in 50 to 70 retail locations across Asia, Europe, and the United States. “We are not investing in wholesale; we prefer to focus on our own channels, where we have more control. That said, wholesalers give us access to luxury stores and high-value brands,” says Albadalejo.
Another third of sales comes from its global online platform, while the final third is generated through its retail network. Carmina currently operates seven boutiques, with locations in Palma, Madrid and Barcelona in Spain, as well as Paris, two in New York, and San Francisco—its latest addition, which opened in May 2024. “Between May and June, we will open a store in Luxembourg, and we are also finalizing a deal for a location in Mayfair, London, which will likely open before summer,” Albadalejo reveals. “We are also looking at Munich or Hamburg, as well as Tokyo, with openings planned between late 2025 and early 2026.”
The United States remains Carmina’s strongest market, followed by Spain and Germany, which ranks second in online sales after the US. Given the American market’s significant role in Carmina Shoemaker’s revenue, how does the company navigate tariff concerns? “This is the reality for us and all manufacturers today. The shoes we make here, which American customers demand, are not produced locally, so in that sense, we have some protection. However, if a 20% tariff is imposed, we will have to adjust our prices accordingly, which we understand could slow down demand,” explains the commercial director.
Since establishing as a footwear brand in 1997, Carmina has remained dedicated to traditional craftsmanship. The company operates two factories in Mallorca, where up to 100 artisans are involved in the production process. While primarily known for men’s footwear, its women’s collection now represents 25% of its catalog. “We have two in-house factories and produce 300 pairs daily—about 60,000 a year. Our facilities could increase production by 25% to 30%, but our focus is on high-end products rather than volume at lower prices,” says Albadalejo.
Carmina employs around 200 people and has subsidiaries in the United States, the United Kingdom, Japan, and France. The family’s holding company, Alta Zapatería Balear, fully owns these divisions.
With its deep-rooted heritage in bespoke shoemaking, Carmina Shoemaker has made personalization a core part of its identity. Customers can “design” their own shoes by selecting materials, finishes, and details such as buckles. The brand has also introduced a foot-scanning service—currently available in its New York and San Francisco stores—that creates a custom wooden last for each client, ensuring a perfect fit. “A bespoke pair of shoes in the UK can cost around £10,000. With our process, a similar product could be made for approximately €2,000,” says Albadalejo. The company plans to roll out this service gradually across its retail network.
Menswear company Tailored Brands announced on Thursday the appointment of Julie Rosen and Lewis Bird III to its board of directors, effective March of 2025.
Men’s Wearhouse
The Houston-based company that Rosen and Bird collectively bring nearly seven decades of retail and business experience to the company, as it charts its next phase of growth.
Rosen boast three decades of experience, and has held leadership roles at specialty retail brands, including The Gap, Ann, and Bath & Body Works. Over the past eight years, she has served in the role of president with overall P&L responsibility for multiple companies, bringing extensive experience in business strategy, brand development and operational leadership.
Likewise, Bird’s career spans more than 35 years. He most recently served as chairman and chief executive officer for At Home Group., a home decor retailer. Prior to At Home, he served as managing director/consumer practice leader of The Gores Group, a private equity firm; group president of Nike affiliates for Nike Inc.; chief operating officer of Gap; and chief financial officer of Old Navy.
Coinciding with the appointments, Bob Hull will departs as executive chairman of the board, Sean Mahoney, Tailored Brands board member and chair of the nominating and governance committee, succeeding him as chairman, effective May 3.
“The addition of Julie and Lee underscores Tailored Brands’ continued momentum and focus on the future, and I am confident their combined talent and expertise will help inform strategies to accelerate revenue growth and profitability,” said Hull.
“The board has never been stronger, and with Sean taking on an expanded role as chairman, I am confident we have the right combination of institutional expertise and fresh thinking to chart the path forward. I look forward to watching all this team continues to achieve as I transition away from this great company.”
Tailored Brands is a specialty retailer of menswear, including suits, formalwear and a broad selection of business casual offerings. Its portfolio includes Men’s Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore.
Canadian department store retailer Hudson’s Bay Company said on Friday it has failed to secure sufficient financing to go ahead with a restructuring transaction under the Companies’ Creditors Arrangement Act.
Hudson’s Bay
The Toronto-based company said it has only secured limited debtor-in-possession financing that will require the full liquidation of the entire business, added that a store-by-store liquidation process will begin as soon as next week.
Hudson’s Bay said it hopes that key stakeholders, particularly its landlord partners, would explore with it an alternative restructuring path that could preserve jobs and tenancy in retail locations, and, keep the long-standing retailer operational.
“Our team has worked incredibly hard to identify a viable path forward, and our resolve is strengthened by the overwhelming support from customers and associates who have shared heartfelt stories about Hudson’s Bay and what our stores have meant to them, their families, and their communities across the generations,” said Liz Rodbell, president and chief executive officer of Hudson’s Bay.
“These powerful experiences remind us why we must continue to pursue every possible opportunity to secure the necessary support from key landlords and other stakeholders to save The Bay.”
During the liquidation process, Hudson’s Bay and its licensed Canadian Saks Fifth Avenue and Saks Off 5th stores will remain open in store, and, for a limited time, online.
The closures come less than one week after the department store retailer said it had filed for creditor protection with a Ontario Superior Court of Justice, and revealed plans to restructure and strengthen its business.
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