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Crocs warns staff that tariffs will impact expenses, incentive targets

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2 weeks ago

on


By

Bloomberg

Published



April 13, 2025

Crocs Inc. employees were urged to closely manage their expenses as the company grapples with supply chain “volatility” caused by President Donald Trump’s trade war, according to the contents of a memo seen by Bloomberg.

Crocs- Facebook

The note, which was said to have been sent Thursday by Chief Executive Officer Andrew Rees, said staff should “remain prudent for the remainder of the year” and be thoughtful about travel and which initiatives to prioritize. The memo also said that the board’s compensation committee “has agreed to establish more realistic targets for our internal incentives plan” as a result of the economic environment.

Crocs, known for its clogs, is one of several retailers that have started to sound alarms over the impact of Trump’s policies, including on-again, off-again tariffs against countries that are key production hubs for the industry. Some companies are withdrawing financial guidance, while others have added tariff-related surcharges or frozen hiring.

Broomfield, Colorado-based Crocs produces about half of its name-brand shoes in Vietnam, which got a 90-day reprieve this week from 46% tariffs. The company also has third-party manufacturers in China, where US levies have been hiked to 145%.

“Given the state of the escalating and uncertain tariff environment, we are focused on managing our business prudently to maximize shareholder value over the medium to long-term,” a Crocs spokesperson said in an emailed statement.
 



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Kering falls 5.42% at market open after weak Q1 results; Q2 expected to stay tough

Published

59 minutes ago

on

April 24, 2025

By


By

Reuters

Published



April 24, 2025

Shares of French luxury group Kering fell 5.42% at market open on Thursday, April 24, after the company reported first-quarter revenue that missed analysts’ expectations. The decline reflects mounting investor concern over continued struggles at Kering’s flagship brand, Gucci, and broader uncertainty in the global luxury sector.

Reuters

Kering posted a 14% year-over-year drop in first-quarter revenue, primarily driven by a 25% decline at Gucci. These results came in below market forecasts, prompting a sharp response from investors. Analysts at Jefferies described the performance as confirmation of “a weakening backdrop,” emphasizing the ongoing challenges in Gucci’s brand turnaround.

Looking ahead, Kering expects further difficulties in the second quarter. The company anticipates another double-digit revenue decline before any potential improvement later in the year. It attributed the weak outlook to declining consumer sentiment in key markets and broader macroeconomic volatility.

Analysts at Bernstein noted that a rebound in demand from China will be essential for Kering’s performance in the second half of the year. The luxury sector at large is also facing headwinds from growing economic concerns, including the threat of a global recession following recent tariff announcements in the United States.

Despite these challenges, Kering management has outlined plans to manage macroeconomic pressures through tighter cost controls and repositioning efforts across its portfolio of brands. Gucci remains at the center of these efforts as the group works to reestablish momentum in the competitive high-end fashion market.

© Thomson Reuters 2025 All rights reserved.



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Acne Studios names Buonomano its new CMO

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2 hours ago

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April 24, 2025

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Acne Studios has named Brune Buonomano as its new global chief marketing officer, effective early next month. She joins the global leadership team and the executive committee and will report directly to CEO Mattias Magnusson, while working closely with Jonny Johansson, co-founder and creative director.

Brune Buonomano

The company said Buonomano “will bring her international brand-building expertise to the role, driving the strategic vision for the brand future”.

She has 18 years of professional experience in advertising and communications and joins Acne Studios after serving for four years as executive VP of the Mazarine Group and 14 years within the Havas Group. There she assumed increasing responsibilities until she became co-CEO of BETC Etoile Rouge and
publisher of Mastermind Magazine, that she co-founded with Marie-Amélie Sauvé.

Acne said that “throughout her career as a brand-builder, she has led projects for high-profile clients including LVMH Prize, Fondation Louis Vuitton, Saint Laurent, Chanel, Valentino, Lanvin, Rabanne, LVMH Métiers d’Arts”.

Her new responsibilities will include “defining and coordinating marketing and communications worldwide, overseeing the brand image, marketing, public relations, [and] events departments at a global scale”.

We’re told the appointment aims to “keep building Acne Studios’ cultural footprint and relevance in the contemporary global conversation”.

Magnusson said she brings “tremendous experience and joins at an exciting time for Acne Studios, as we are taking the company to the next level. I am confident of her capacity to help build the next part of our journey and to keep sharpening our brand voice”.

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Hermès marks 27th workshop milestone with new Colombelles facility

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2 hours ago

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April 24, 2025

By


By

AFP

Translated by

Nazia BIBI KEENOO

Published



April 24, 2025

On April 22, French luxury house Hermès unveiled plans to develop a new leather goods workshop in Colombelles, in the Normandy region of northern France. According to the company, the project will “create 260 artisan jobs in the long term” and will help sustain the growing success of Hermès’ iconic leather goods and saddlery collections.

Hermès had previously opened another leather goods facility in Louviers, also in Normandy, on April 6, 2023. – AFP

Hermès, renowned worldwide for its Birkin and Kelly bags, continues to report record-breaking financial results. In the first quarter of 2025, the company recorded an 8.5% increase in sales, reaching €4.1 billion, despite a broader slowdown in the global luxury market. According to the official statement, the new Colombelles facility will become Hermès’ 27th leather goods workshop and is slated to open by 2028.

The project adds to three additional workshops already under development in L’Isle-d’Espagnac (Charente), Loupes (Gironde), and Charleville-Mézières (Ardennes).

Hermès stated that it is preparing the Colombelles site “with the support of the Caen la Mer urban community, Normandie Aménagement, and the Colombelles Town Hall.”

To recruit and train artisans for the new facility, Hermès will rely on its in-house training school, the École Hermès des savoir-faire, alongside workforce support from France Travail and various local employment partners.

The company reaffirmed its commitment to sustainability, choosing to build the new facility on a brownfield site that once housed the Société métallurgique de Normandie (SMN), a historic steelmaking complex active from 1917 to 1993.

Since 2010, Hermès has opened 13 leather goods workshops throughout France. The company reaffirmed that all its leather production facilities are still based entirely within the country.

In 2024, Hermès reported another record-breaking year, with net profit rising 6.8% to €4.6 billion and total annual sales surpassing €15 billion, marking a 13% increase. Sales of leather goods and saddlery—its core business—grew by 16.4% to €6.46 billion.

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