Estée Lauder UK has filed its accounts for the year to last June and they show its performance declining in the British market. The company’s sales fell and it made a big loss.
DR
Sales fell by 3% year on year having increased by 2.4% in the previous year, which means the latest 12-month period wiped out those earlier gains. The company said that was a reflection of the impact of the cost-of-living rises experienced by consumers over recent years.
Profits-wise, there were some worrying percentage falls on the balance sheet with the company’s profit after tax reducing by 480%. However, this was mainly due to the impact of an impairment relating to the company investment in Have & Be Co Ltd (the parent of the Dr Jart+ brand that Lauder acquired in 2019).
The impairment was £439 million and was largely linked to the strategic decision made for Dr Jart+ to exit the travel retail channel globally. The current year results were also impacted by a dividend of £31.5 million from Have & Be compared to one of £39 million in the previous year.
Let’s look at more numbers. Turnover was £526.2 million compared to £542.2 million in the previous year, but as turnover fell, the cost of sales increased in the latest period. Gross profit fell to £337 million from £369 million and the firm’s operating income dropped by 27% to £67.5 million.
The loss before tax amounted to £364.7 million compared to a profit of £115.4 million a year earlier and the net loss for the year was £379 million compared to a profit of almost £93 million in the prior year.
But as mentioned, there were one off issues behind that sharp swing to losses this time.
The results come as its American parent company is preparing to cut jobs worldwide with recent reports saying more jobs than previously anticipated are being axed.
The loss-making American beauty giant has tens of thousands of employees worldwide with around 4,400 of them based in the UK and Ireland.
Poland’s biggest fashion retailer aims to double its revenue to 40 billion zlotys ($10.56 billion) by 2027, driven by the rapid expansion of budget brand Sinsay and its omnichannel strategy, it said on Thursday.
Reuters
“In three years we assume the company will be twice as big,” CEO Marek Piechocki said during a press conference.
Under LPP‘s new three year strategy through 2027, Sinsay is set to account for 75% of the group’s total sales, it said.
The Gdansk-based retailer aims to expand its store network to around 7,500 outlets by the end of 2027, with Sinsay stores making up around 6,000 of those, and to increase e-commerce sales to 10 billion zlotys in the same period.
“As in previous years, the company intends to consistently pursue its policy of sharing the profit generated with its shareholders,” LPP said, indicating plans to maintain its dividend payouts. The management recommended a dividend of 660 zlotys per share to be paid for the 2024 financial year.
The company also aims to double its core earnings (EBITDA) by 2027, compared to last year’s 3.67 billion zlotys, while keeping its debt levels safe, it said.
LPP’s revenue rose by 20% to 20.19 billion zlotys in 2024.
As part of its collaboration with Major League Baseball (MLB), Ralph Lauren has launched a special capsule collection in honor of the Tokyo Series.
Ralph Lauren launches MLB capsule collection for Tokyo Series. – Ralph Lauren
The latest release showcases the Los Angeles Dodgers, Chicago Cubs, and New York Yankees, across satin bombers, fleece sweatshirts, baseball caps, and classic polo shirts in team colorways for both adults and children.
To mark the launch, Ralph Lauren and Major League Baseball hosted a series of events during the MLB Tokyo Series. Held in Japan, the Tokyo Series featured two regular-season games between the Cubs and Dodgers at the iconic Tokyo Dome in March.
The partnership between Ralph Lauren and MLB began in 2018 when Bronx native and lifelong Yankees fan Ralph Lauren was honored at Yankee Stadium for the brand’s 50th anniversary.
The partnership started with a limited-edition Ralph Lauren Yankees collection and expanded in 2021 to include a multi-team capsule collection featuring teams like the New York Yankees, Los Angeles Dodgers, Chicago Cubs, St. Louis Cardinals, and Boston Red Sox. The collaboration continued to evolve with the launch of an updated Yankees collection in 2024.
The latest collection is available for purchase at the MLB Flagship Store (NYC), select MLB Club stadium shops, select Ralph Lauren stores worldwide, and online.
California-based women’s lifestyle brand L’Agence has opened a new flagship store on Madison Avenue in New York City.
L’Agence opens new NYC flagship store on Madison Avenue. – L’Agence
Located at 956 Madison Avenue, the 4,400-square-foot flagship embodies the brand’s signature blend of luxury and effortless style.
The multi-level store offers an immersive, dynamic environment where customers can explore the brand’s full range, including denim, ready-to-wear, swimwear, footwear, accessories, candles, and its newly launched sleepwear collaboration with Eberjey. In-store stylists are available to provide personalized service, including private shopping appointments.
“We are thrilled to announce the opening of our flagship location in New York, a milestone that represents not just growth, but our unwavering commitment to providing an exceptional experience for our customers, where we can showcase the breadth of our offering,” said Jonny Saven, CEO.
“As we continue to expand, this new location is a symbol of what’s to come—more opportunities to connect with our community, push boundaries, and shape the future of the brand.”
L’Agence has experienced remarkable success, averaging 40% growth year over year since the start of the pandemic. In 2024 alone, online revenue from the brand’s website exceeded $100 million.
This opening strengthens the brand’s presence in New York, following its initial NYC retail debut in Fall 2018. In 2024, it equally opened three new U.S. stores including in Houston, TX, and Newport Beach, CA, as well as debuted its innovative Jean Bar concept on Melrose Avenue in Los Angeles.
The brand also expanded internationally, launching flagship locations in Paris and Seoul.