Connect with us

Fashion

Michael Kors owner Capri’s CFO to join Macy’s as finance head

Published

on


By

Reuters

Published



April 1, 2025

Capri Holdings’ finance and operations head, Thomas Edwards, will leave the U.S. luxury holding company to assume similar roles at department store chain Macy’s.

Versace – Fall-Winter2025 – 2026 – Womenswear – Italie – Milan – ©Launchmetrics/spotlight

At Macy’s, Edwards, who will join in June, will help strengthen CEO Tony Spring’s years-long turnaround efforts, which have focused on cost cutting and boosting luxury sales.

The change comes as Capri looks to rebuild its business following the demise of its $8.5 billion deal with Tapestry, and reports of Italian luxury group Prada moving closer to a deal for its Versace brand.

Shares of Macy’s, which reiterated its first-quarter sales and profit forecasts, rose nearly 3% in early trading. Capri’s shares fell 1%.

In March, Capri said Donatella Versace would step down as the main designer for Versace after almost three decades, further fueling talks of a sale of the iconic brand.

Macy’s has struggled as customers paused purchases of non-essential items such as apparel and footwear due to sticky inflation.

CEO Spring has laid out plans to close 150 namesake stores through 2026, reinvest in high-potential locations and rely on its luxury outlets Bloomingdale’s and Bluemercury to lift sales.

“Macy’s is definitely making a bigger push in luxury in general … maybe that was a reason why they were interested in hiring a CFO from a company in a luxury space,” said Morningstar analyst David Swartz.

Edwards, who will remain with Capri until June 20, will replace Adrian Mitchell. Mitchell, 51, appointed finance head in 2020, took on the operations head role in March 2023 when Spring was named the CEO.

Capri unit Michael Kors‘ Rajal Mehta will become the interim CFO of the parent firm, the company said.

© Thomson Reuters 2025 All rights reserved.



Source link

Continue Reading

Fashion

END. plans packed year of events for 20th anniversary

Published

on


END. promised it would be going big on its 20th anniversary celebrations and judging by the fashion retailer’s itinerary of events it’s actually huge.

With three events already under its belt in the January-March period, there are over 20 in the pipeline for the rest of the year involving a programme of curated events, pop-ups, activations, collaborations and partnerships “crafted hand-in-hand with brand partners who have journeyed with END. over the last 20 years”.

Participants include a host of big brands including A Bathing Ape, Adidas, Aries, CP Company, Crocs, Needles, Puma, Salomon, Stone Island, Umbro, Universal Works, Y-3, “and many more”.

It’s all in recognition of a brand that has grown from an independent in Newcastle to an international name with flagship locations in Newcastle, Glasgow, Manchester, London, and Milan, “defining its position as a trailblazer bridging the gap between luxury and streetwear, balancing exclusivity with accessibility with its signature curation of the world’s biggest brands to the most sought-after emerging labels all under one roof”.

The 20th anniversary will also honour the brand’s North East roots and the best of British subculture “focusing on narratives deeply connected to the retailer’s heritage, customers and cultural influences, touching on nostalgic themes from the coast to the corner shop and nightlife to the classic British pub”.

Copyright © 2025 FashionNetwork.com All rights reserved.



Source link

Continue Reading

Fashion

Coats Group announces ‘strategic exit from US Yarns’

Published

on


Global threads manufacturing giant Coats Group is quitting its US Yarns business, resulting the closure of its Performance Materials (PM) facility based in Kings Mountain, North Carolina. 

It comes after a strategic review of the wider Americas yarns business that has already resulted in the closure of the Toluca, Mexico facility in December. The review, which started in Q4 2024, concludes that the Americas Yarns business doesn’t fit with Coats’ future strategy, noting the exit from this non-core operation “will result in a positive annualised impact to both the PM and Group adjusted EBIT margins”. 

The exit process is expected to complete in Q2 and Coats said it anticipates to generate a modest cash inflow, after closure costs, that will “allow management to focus on driving forward and growing other parts of the group’s attractive portfolio.

In 2024, revenues and EBIT for US Yarns was $68 million and $3 million, respectively.

Last month, Coats delivered a trading statement that highlighted “strong delivery, exciting medium-term targets with compounding cash and earnings growth”.

While the business reported a string of positives for the year ended 31 December (total revenues up 8% to $1.5 billion; apparel and footwear revenues up 13%; EBIT up 16%), it also noted that the PM business continued to drag across all North America end markets while there was also structural softness in North American Yarns.

The writing was perhaps on the wall for the future of its US PM ops in a statement that included that its Americas manufacturing footprint had been “right-sized” in Q4 with the closure of the Toluca site “to align to structural softness in North American Yarns [that will] drive immediate margin improvement”.

Copyright © 2025 FashionNetwork.com All rights reserved.



Source link

Continue Reading

Fashion

Poland’s top fashion retailer LPP aims to double revenue by 2027

Published

on


By

Reuters

Published



April 3, 2025

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.

 

© Thomson Reuters 2025 All rights reserved.



Source link

Continue Reading

Trending

Copyright © Miami Select.