South African fashion retailer Mr Price will acquire NKD Group, a German-based discount retailer for up to 487 million euros ($567.55 million), it said on Wednesday, marking its first entry to the European market. By 1030 GMT, Mr Price shares were down 13.35%.
A shopper pushes a trolley outside a branch of South African clothing and homeware retailer Mr Price, at the Trade Route Mall, in Lenasia outside Johannesburg, South Africa, February 8, 2023 – REUTERS/Siphiwe Sibeko/File Photo
Mr Price said that NKD, an apparel and homeware retailer with 2,108 stores in seven Central and Eastern European countries, is a strategic fit. Market data indicates that the growth in the value retail market is outpacing that of the overall retail market. In Europe, value retailing accounts for about 22% of the market.
“After meeting the NKD team, it was evident that this was the right business to pursue,” said the group’s Chief Executive Officer Mark Blair. “Like us, they are value-retailers at heart and have a very clear understanding of who their customer is and how to best serve them,” he added.
The acquisition of NKD, which is from funds managed by TDR Capital LLP, includes the purchase of all NKD shares and income from shareholder loans. The deal will be settled using a mix of existing cash reserves and debt facilities, Mr Price said in a statement.
The transaction is subject to regulatory approvals, including clearance from the European Commission and the South African Reserve Bank. It is expected to close by the second quarter of 2026, Wednesday’s statement said.
Once completed, Mr Price’s annual revenue would increase to approximately 53 billion rand ($3.12 billion) from 40.9 billion rand, while the number of its stores would reach more than 5,000, up from around 3,100, and it would have more than 40,000 employees.
Tommy Hilfiger has announced the appointment of Sergio Pérez as its new global menswear ambassador, reinforcing its long-standing relationship with Formula 1 and its standing at the intersection of sport, style and contemporary culture.
Tommy Hilfiger appoints Sergio Pérez as global menswear ambassador – Cortesía
The announcement comes in the run-up to the 2026 season, when the Mexican driver will return to the grid with the Cadillac Formula 1 team, with Tommy Hilfiger as the team’s official kit partner.
“We have long championed drivers’ freedom to express themselves through style and, as Formula 1 continues to embrace fashion and entertainment, its stars have become truly global figures,” said Tommy Hilfiger.
He added that Pérez, an icon in Mexico and an international fan favourite, is a figure capable of inspiring new generations with his talent, confidence and personality.
From Pérez’s perspective, the collaboration also reflects the paddock’s cultural evolution.
“Tommy brought style to the paddock and gave drivers the confidence to show who they are away from the track. He has always been at the centre of the action,” Pérez said.
He explained that returning to competition with the brand marks a new chapter he embraces with enthusiasm and commitment, aligned with his preparations for the next sporting cycle.
The partnership encompasses menswear collections, fan merchandise inspired by the world of racing, timepieces, and participation in the brand’s campaigns and events.
Tommy Hilfiger adds Pérez to its line-up of athletes with global cultural impact, at a time when Formula 1 is extending its influence into image, consumer culture and fashion.
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VF Corporation is bolstering its Parisian presence with the back-to-back openings of two of the group’s flagship stores in the Marais. The neighbourhood has become one of the most sought-after areas for international brands.
Interior of the Timberland store – Timberland
Timberland has opened a new boutique at 14 Rue du Temple, while Vans has unveiled a large-scale, creative flagshipstore, underscoring the American group’s interest in urban areas with strong cultural and commercial influence. VF Corporation reports global revenue of $9.5 billion.
The American group’s new stores are located side by side in the heart of the Marais, a stone’s throw from the capital’s Hôtel de Ville. Timberland’s offering is presented in a 130-square-metre space designed by Studio Andrea Caputo. Situated on Rue du Temple, a lively shopping street already home to Rossignol, Aigle, K-Way and American Vintage, the store sits within a particularly dynamic setting for outdoor and lifestyle brands.
The store showcases the brand’s premium lines, exclusive collaborations and heritage outerwear pieces. The brand said the space was conceived as a continuous sculptural landscape, where polished concrete, solid wood and textured surfaces create an environment dedicated to craftsmanship and product presentation. The project forms part of Timberland’s international strategy to expand its presence in Europe’s key cultural capitals, in line with its outdoor heritage and upmarket positioning. The brand generates $1.6 billion in revenue for the group.
The new Vans store on rue du Temple, Paris – Vans
A few metres away, Vans opened Vans Le Marais, one of its most ambitious retailconcepts in Europe. The store spans 170 square metres on the ground floor, complemented by an outdoor courtyard of around 200 square metres dedicated to cultural programmes and community gatherings.
Also designed by Andrea Caputo, the space adopts a gallery-inspired approach, blending artworks, sensory installations and a selection of premium products. Vans accounts for $2.35 billion of VF Corporation’s revenue.
Shoe display wall in the new Vans store in Paris – Vans
The store is the only one in France to stock the OTW line, limited editions and several exclusive capsule collections. OTW features original collaborations, such as the one launched on December 11 with the Californian brand Gallery Dept by artist and designer Josué Thomas, centred on its Authentic 44 model and featuring hand-applied paint marks on each pair.
As part of its global reorganisation initiated over a year ago, Vans had closed its store in Beaubourg. At this new site, the brand is rolling out a programme of events combining music, skateboarding, design and local collaborations, making it a hub for Parisian creatives and communities.
These two openings illustrate the strategy of VF Corporation, which includes The North Face, Timberland and Vans, and which continues to focus on urban markets with strong potential for influence. The American group relies on a global distribution network covering more than 100 countries. The simultaneous arrival of Timberland and Vans confirms Rue du Temple’s dynamic position as a hotbed for brands combining streetwear, lifestyle and outdoor codes.
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Italian luxury group Brunello Cucinelli on Wednesday raised its revenue growth forecast for the current year, with it now expecting an increase of between 11% and 12% at constant exchange rates, while confirming its outlook for a 10% rise in 2026.
In October the company had forecast revenues would increase by around 10% in both 2025 and 2026.
Fourth-quarter sales are expected to post double-digit growth at constant exchange rates, in line with the third quarter’s trend, which saw a 12.5% increase, the group said.