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28 Sep

H&M Group Q3 Sales Flat as It Cuts Inventory, Costs

by Beautifaire101
Beauty, Featured
PARIS — H&M said it might reopen its stores in Ukraine in November, after shuttering its outposts there in February 2022, following the Russian invasion. “We’ve maintained a detailed dialogue with different stakeholders. We at the moment are planning to progressively reopen nearly all of our stores within the country from November onward,” chief executive officer Helena Helmersson said in a conference call with investors. “The protection of colleagues and customers will all the time be our at the start priority. We take a long-term approach and are working to develop the business,” she added. H&M has nine stores within the country, including six in Kyiv and others in Lviv, Kharkiv and Odesa. It didn't disclose which locations would reopen. The corporate also clarified...
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28 Apr

Gap Walks Tightrope, Looks to Get Stronger as It

by Beauty Tips
Fashion, Featured
Gap Inc. is up on the high wire — balancing the necessity to cut costs with the hopes that having fewer people will help make its operations more efficient.  And retail’s watching, especially since many other corporations try to drag off the identical trick already or about to take their turn. The struggling Gap said Thursday that it could lay off about 1,800 of its headquarters and upper field workforce — a large cut for an organization that counts about 8,500 employees in its corporate offices out of a complete workforce of 95,000.  Bob Martin, executive chairman and interim chief executive officer, said in an announcement: “We're taking the needed actions to reshape Gap Inc. for the long run — simplifying and optimizing...
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24 Apr

Vince Cuts Deal With Authentic Brands Group

by Beauty Tips
Fashion, Featured
Count Vince as the most recent fashion brand to return into the orbit of Authentic Brands Group.  In what was dubbed “a transformative strategic partnership,” Vince Holding Group plans to transfer its mental property to a newly formed Authentic subsidiary, ABG Vince, in return for $76.5 million in money and a 25 percent membership interest within the subsidiary. Vince will proceed as a publicly traded company and plans to make use of proceeds from the deal to extend its working capital and repay the $27.7 million outstanding under its term loan credit facility.  Together with the partnership, the 2 signed a 10-year license that may allow Vince to proceed running its current operations with the choice for eight 10-year renewals.   Jack Schwefel, chief executive...
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8 Jan

Stitch Fix CEO Elizabeth Spaulding Steps Down, Company Cuts

by Beauty Tips
Fashion, Featured
Things have turn into a bit unstitched at Stitch Fix. Amid a slumping business, Elizabeth Spaulding has relinquished her role as the corporate’s chief executive officer and a member of the board of directors, effective Thursday. As well as, Stitch Fix said it is going to cut 20 percent of its salaried positions. Founder and former CEO Katrina Lake has been named CEO, effective Thursday, and can serve in an interim capability for six months or until her successor is appointed, unless otherwise agreed by Lake and the board of directors. “I sit up for stepping back in to steer the business and dealing closely with the board of directors to discover a successor going forward,” Lake said. “My fellow board members and...
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