South Africa’s Steinhoff International said its working capital “dried up” and revenue from its multinational retail operations fell in the first quarter after it became embroiled in an accounting scandal.
The world’s second-largest retailer expects currency exchange rates along with restructuring and one-off charges to weigh on profitability this year, after posting lower operating profit for a second year running.
The Boulder, Colorado-based footwear manufacturer reported its fourth quarter and full year 2017 results on Wednesday, with e-commerce and wholesale channels offsetting losses related to store closures.
On February 28, Assocham released a study detailing expectations for India’s luxury market, including luxury fashion goods, to reach 30 billion US dollars this year and to expand fivefold in the next three years.
Off-price apparel retailer TJX Cos Inc on Wednesday beat analysts’ estimates for holiday-quarter same-store sales as discounts drew more shoppers to its Marmaxx and TJX Canada stores, sending its shares to a record high.
Emotions - “a brand’s ability to spark an emotional connection with consumers” - will be key to the luxury sector in 2018 while the widest possible interpretation of sustainability is also crucial, a new report claims.