Nivea maker Beiersdorf said on Thursday it will launch a share buyback program of up to 500 million euros ($524.85 million) in 2025.
Reuters
The program is expected to commence after the company’s 2025 annual general meeting and conclude by the end of the year.
In October, the firm reported a rise in group sales for the first nine months of 2024, and said it expected a strong fourth quarter despite persisting challenges in the Chinese luxury market.
The German skincare company also completed a 500 million euro share buyback program in 2024.
The company will report its full-year 2024 results on Thursday.
If, as most people believe, the designers of Jil Sander, Luke and Lucie Meier are about to be replaced, they certainly have left Germany’s most famous fashion label on a high note.
Photo Credits: Godfrey Deeny
A bold blend of sharp tailoring, punchy effects, unusual material mixes, and urban chic was an admirable final collection in their tenure at Jil Sander, a house founded in Hamburg in 1973.
Staged in funeral black, with two narrow runways beneath black-curtained walls, in dim undertaker’s light, the mood and the collection were sombre as one entered from a sunny Wednesday morning at Milan Fashion Week.
That said, the clothes often dazzled, from pink shard dresses to metallic silver plissé cocktails. The design duo’s big idea was plastic shard skirt dresses—cut like techy Pacific Island chic.
Photo Credits: Godfrey Deeny
In a co-ed show, the guys appeared in Edwardian coats and blazers bristling with cock feathers and biker leather suits in electric blue, while a series of coats for men and women featured ingenious degradé colouring, beginning in black and fading into bronze, then white at their high funnel necks.
Photo Credits: Godfrey Deeny
Considering that Jil Sander was once dubbed “the Queen of Less,” this felt like a very distant “More is More”—especially the shoes: hyper-studded and spiked winklepickers and brothel creepers. There was nothing minimal about them.
In truth, the house of Jil Sander has had an erratic history since the founder departed in 2004 after repeated clashes with then-owner Patrizio Bertelli of Prada. Ownership changed hands several times, including to a vulture fund, before being acquired by OTB and its chairman, Renzo Rosso, the Italian billionaire founder of Diesel, in 2021.
However, for several seasons now, Renzo Rosso has been openly expressing his desire to make Jil Sander into an Italian Hermès with an edge. This collection was far from that. Indeed, if one could fault Luke and Lucie Meier for anything, it was that the collection, with its sharp lines and exaggerated finishes, felt more targeted at critics than clients.
Three weeks ago, Rosso named Serge Brunschwig from Fendi as Jil Sander’s new CEO, underlining that change is on the way. That change came shortly after the show with news that the Meiers were out.
They clearly knew the end was near, but they can leave Jil Sander with their heads held high (and some well-earned applause during their long, rather mournful tour of the catwalk). Their seven-year tenure featured several excellent collections that were among the half-dozen best in fashion in certain seasons—no easy feat to achieve, rest assured.
For the future, the current favourite to replace them at Jil Sander is Daniel Lee of Burberry. Stay tuned as the career carousel that high fashion has become takes another turn.
Value fashion and lifestyle retail giant will complete rolling out its Click & Collect service to all 186 stores across the UK for summer, months ahead of schedule. Eighteen new stores are set to go C&C live from today (26 February) taking the total number of Primark stores to 131 across England and Wales, almost three-quarters of its UK estate.
And as the rollout continues, Primark said “thousands more products” will be available to shoppers for the first time, including women’s, men’s, kids and homewares, as well as the retailer’s new adaptive clothing range launched last month.
Although the retailer continues to avoid selling goods online, its customers can browse and order on its website before picking up their items in store from two days later.
Kari Rodgers, UK Retail director, said: “We know that our customers love the convenience that Click & Collect offers, as well as the opportunity to access ranges otherwise only found in larger stores. With the roll out now due to complete in time for summer we hope this will help make summer holiday shopping that little bit easier.”
Meanwhile, Primark said independent research conducted by Public First claims the retailer now contributes £2.6 billion to the UK economy and supports 54,000 jobs across the country.
Additionally, it said 2.3 million people cite Primark as the main reason for visiting their high street each week, with every £10 spent at a Primark store also generating an additional £3.60 for the high street. “This means Primark supports around £1 billion of spending in other stores and £500 million in restaurants each year”, it noted.
Scottish “accessible luxury” brand Strathberry has opened its fourth store. The new Victoria Street, Edinburgh, store becomes the handbag-centric brand’s second location in the city, adding to its Multrees Walk store, which opened in 2020.
Embracing the listed property’s architectural features, the store also includes its Strathberry Lounge, decorated with a selection of curated books, decorative and locally sourced objects, “conveying a sense of home and warmth”.
Inspired by art and culture, Strathberry’s design features bespoke wall art as part of is ongoing collaboration with local Scottish artists and craftspeople. It includes local artist Hayley McCrirrick’s commission to create artwork inspired by the colourways of the brand’s signature styles.
Founded by husband-and-wife team Guy and Leeanne Hundleby in 2013, they describe the new store as “exuding a contemporary yet heartfelt charm” while complementing the original store on Multrees Walk and London stores on Burlington Arcade and in Covent Garden.
The expanding business, which is expected to deliver a new set of accounts in April, has a track record for growing sales and profits. Accounts filed for the year ended last April showed an increase in turnover and rises in all measures of profit. Then, turnover increased to £26.88 million from £17.382 million in the previous 12 months. And despite the cost of sales increasing by almost £5 million and admin expenses rising by more than £2 million, gross profit was up to £15 million from £10.28 million and operating profit increased to just short of £3 million from £1.36 million.