Louis Vuitton owner LVMH reports surprise sales drop amid China slowdown

Shares in LVMH, which also owns Dior, Tiffany and Moët & Chandon, fell by as much as 7%, briefly hitting two-year low

Shares in luxury goods brands slumped after Louis Vuitton’s LVMH reported an unexpected fall in third-quarter sales amid China’s economic slowdown.

Shares in LVMH, which also owns Dior, Tiffany and Moët & Chandon, fell by as much as 7% in early trading, briefly hitting a two-year low, before regaining slightly, after it warned of an “uncertain economic and geopolitical environment”,with falling sales in Asia.

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Mulberry’s owner rejects increased £111m bid from Mike Ashley’s Frasers Group

Majority owner, Challice, says it has no interest in selling shares to group that already owns 37% of luxury brand

The owner of the Mulberry fashion brand has rejected an increased £111m bid from Mike Ashley’s Frasers Group to buy the British luxury handbag maker, saying it has “no interest” in selling its shares.

Challice, a group controlled by Singaporean entrepreneur Christina Ong and her husband, Ong Beng Seng, which owns 56% of Mulberry – giving it the power to block any bid – called on Frasers to ditch plans to take over, saying it came at an “inopportune time” for the struggling brand.

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Promise of ‘glass skin’ drives surge in sales of K-beauty products in UK

South Korean skincare brands expected to follow country’s music, film and TV exports in becoming blockbusters

We’ve had South Korean pop, film, fashion and food, and now the latest trend is K-beauty, with sales of Korean skincare brands taking off in the UK as consumers are seduced by products that promise to conjure a radiant complexion.

Britons are cutting back in other areas, but they are still chasing what the beauty industry describes as the “glass skin” look, with retailers reporting a rise in spending on high-end skincare.

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Prada and Max Mara bring strangeness and science to Milan fashion week

Raf Simons and Miuccia Prada celebrate idiosyncrasy, while Ian Griffiths foregrounds mathematical tailoring

A Prada show is never a straightforward beauty pageant, so when the co-designers Miuccia Prada and Raf Simons go out of their way to be contrary and challenging, the result is, frankly, pretty weird.

Thick woollen tights with belt loops. A boob tube with snap pockets on the nipples. Shoes that peel back at the heels like curls of butter. In the cavernous concrete of Prada’s Milanese headquarters, the catwalk was twisted into hairpin bends, so that the audience couldn’t see what was coming next. Each outfit was crazier than the last. A strapless lemon ballgown with sunglasses the size of a gas mask was followed by black jeans tucked into dirty white cowboy boots.

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Planned Shein IPO needs closer scrutiny, says former Labour minister

Trade committee head Liam Byrne wants checks on firm’s possible supply chain links to forced labour

A former minister has called on the government to closely scrutinise Shein for possible links to forced working as the China-founded fast-fashion retailer prepares for a stock market listing in London.

Liam Byrne, the Labour MP who heads parliament’s business and trade committee, said the UK should introduce new legislation to increase scrutiny of supply chains that may include products made in the Xinjiang region of north-western China.

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Clogs’ popularity helps Birkenstock to highest ever quarterly sales

‘Ugly’ footwear trend boosts German company’s results but shares fall on bigger-than-expected drop in margins

Strong sales of clogs – which have been adopted by the American models Gigi Hadid and Kendall Jenner as part of this summer’s trend for “ugly” shoes – have helped Birkenstock to the highest quarterly sales in its history.

The German shoemaker, which listed on the US stock market in October last year valued at $7.5bn, said sales of “closed-toe silhouettes”, which include its clunky clogs, rose by more than twice the average for its products.

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Human rights group urges UK financial regulator to block Shein’s LSE flotation

Campaigners allege Uyghur people used as forced labour at some of fast-fashion retailer’s cotton suppliers in China

A human rights group has urged Britain’s financial regulator to block the Chinese fast-fashion retailer Shein’s planned blockbuster flotation on the London Stock Exchange.

Stop Uyghur Genocide, a UK-based human rights charity that alleges minority Uyghur people are being used as forced labour at some of Shein’s cotton suppliers in China’s north-western Xinjiang region, has begun a legal campaign against the planned stock market listing.

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Chanel shows no sign of drift, even without a chief designer at helm

Luxury brand’s studio team turn to timeless tweeds and neat silhouettes in first show since Virginie Viard’s sudden exit

There were 12 boucle-tweed suits, in colours from pistachio to raspberry. There were endless swishy blond ponytails tied with black silk bows, and a clatter of satin Mary Jane shoes with pearled heels. There were Hollywood faces – Keira Knightley and Michelle Williams – in the front row of the Palais Garnier opera house in Paris, countless quilted-flap 2.55 handbags in the front row and a finale bridal gown with a sweeping ivory silk train.

But one crucial thing was missing from this season’s Chanel haute couture show: a designer to take a bow. Since the sudden exit this month of the designer Virginie Viard, who had led Chanel since the death of Karl Lagerfeld five years ago, this mighty luxury brand, worth an estimated £15.5bn ($19.7bn), is headless. The vacancy for fashion’s top job is the talk of Paris fashion week.

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Shein ‘steps up plan for London IPO’ amid US listing hurdles

Sources say Singapore-based online fashion retailer founded in China prefers a float in New York but faces tougher scrutiny than expected

The fast-fashion company Shein is stepping up preparations for a London listing after its attempt to float in New York faced regulatory hurdles and pushback from US lawmakers, sources have told Reuters.

The online clothing retailer plans to update China’s securities regulator on the change of the initial public offering (IPO) venue and file with the London Stock Exchange (LSE) as soon as this month, said one source.

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Dr Martens chief to exit as shares hit record low after profit warning

British bootmaker says it does not expect to increase prices this year as it reports poor US sales

Shares in Dr Martens plummeted to a new low as the UK bootmaker warned on profits and poor performance in the US, and announced the departure of its chief executive.

The brand, known for its yellow-stitched thick-soled boots, warned sales would fall by a single-digit percentage in the year to the end of March 2025, compared with a year earlier. Profit before tax could be just a third of last year’s £159m in a worst-case scenario.

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Fast fashion retailer Shein doubles profits as it awaits IPO approval

Company founded in China and promoted on social media is thought to be considering London listing

Shein, the online fast fashion retailer founded in China, has more than doubled its profits to more than $2bn (£1.6bn) as it awaits approval for a stock market listing in New York or London.

The company, which is growing rapidly around the world by using social media to promote its goods, recorded sales of about $45bn last year, according to a report in the Financial Times based on information from sources close to the company.

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Nearly 1,000 jobs at risk as Ted Baker prepares to appoint administrators

Authentic Brands announces move for brand’s Europe retail and online arm after ‘damage done’ during tie-up with Dutch company

Ted Baker’s European retail and online arm is to appoint administrators, putting almost 1,000 jobs at risk at the British brand.

The fashion brand, which has 46 stores in the UK and Europe, has been struggling for several years as it faced increasing competition and the fallout from the exit of its founder, Ray Kelvin, who stepped down in 2019 after allegations of “forced hugging”.

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Luxury clothing brand Matchesfashion to enter administration

New owner Frasers Group decides it is unwilling to fund turnaround

The luxury clothing retailer Matchesfashion is to enter administration after its new owner, Mike Ashley’s Frasers Group, said it was not willing to fund a turnaround.

Matches was acquired by Frasers just three months ago for £52m in cash from private equity firm Apax Partners but the business has “consistently missed its business plan targets” and made losses, Frasers said.

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Uniqlo sues Shein over ‘imitation’ banana-shaped ‘it’ bag

Petition demands online retailer stop immediate sale of bags and compensation for damages incurred

Uniqlo is suing the Chinese online retailer Shein over the sale of items it claims copy its popular banana-shaped ‘it’ bag, the “round mini”.

The petition demands that Shein immediately stops the sale of “the imitation products” and pays compensation for damages incurred as a result of their sale. It was filed last month in the Tokyo district court against the fast-growing business’s parent groups Roadget and Fashion Choice, as well as Shein Japan.

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Chinese prisoner’s ID card apparently found in lining of Regatta coat

Derbyshire woman who bought item said she felt uneasy at find that raises concerns over possible prison labour

An ID card that appears to belong to a Chinese prisoner was found inside the lining of a coat from the British brand Regatta, raising concerns that the clothing was manufactured using prison labour.

The waterproof women’s coat was bought online by a woman in Derbyshire in the Black Friday sale. When it arrived on 22 November, she could feel a hard rectangular item in the right sleeve, which restricted the movement of her elbow.

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Bangladesh garment workers fighting for pay face brutal violence and threats

Workers describe hands and arms being targeted in ‘merciless’ beatings as protests over low wages turn increasingly violent in Dhaka

When Masuma Akhtar arrived at the garment factory where she works on the outskirts of Dhaka on 31 October, she was expecting a normal shift. Instead, she was met with brute violence. “The moment I walked through the factory gates, a group of armed men began beating me with wooden sticks,” says Akhtar. “I fell down on to the ground. Even then they wouldn’t stop beating me.”

Akhtar, 22, is a seamstress at Dekko Knitwears in Mirpur, where she spends long days churning out clothes for western fashion brands, including Marks & Spencer, C&A and PVH Corp, which owns Tommy Hilfiger and Calvin Klein.

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Workers for fast fashion brands fear starvation as they fight for higher wages

Garment workers in Bangladesh making clothes for UK brands say plans to increase their pay to £92 a month is not enough to survive

Garment workers making clothes in Bangladesh for UK high-street brands say they are facing starvation and are having to steal and scavenge food from fields and bins to feed their children, as protests continue over a new minimum wage for the garment workforce of 4 million people.

Over the past week, tens of thousands of workers have taken to the streets in increasingly violent protests that, according to unions and news reports, have left one young garment worker, Rasel Hawlader, dead.

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Birkenstock shares open below offer price in US stock market debut

Shoemaker lands on NYSE with $8.3bn valuation but analysts warn public debut comes amid difficult market conditions

Shares in Birkenstock have opened 11% below their offer price on the company’s US stock market debut, valuing the German shoemaker at $8.3bn as investors bet there was less mileage in consumer demand for its cork-soled sandals, which have become an unlikely fashion success story.

On Tuesday evening the footwear firm priced its shares at $46 ahead of the first day of trading in New York, where it is using the symbol “BIRK”. That figure was in the middle of the $44 to $49 guidance provided last week and valued the company at $8.6bn (£7bn).

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Pakistan welcomes fast-fashion brand Boohoo despite poor staff safety claims

Call to set up role comes as report alleges retailer uses factories that violate minimum-wage requirements and workers’ rights

Pakistan’s caretaker prime minister, Anwaar-ul-Haq Kakar, has reportedly asked the British fast-fashion brand Boohoo to increase its presence in the country, despite claims that it has failed to tackle poor conditions at its suppliers’ factories there.

In a meeting with Kakar this week, Mahmud Kamani, chairman of Boohoo Group, expressed an interest in establishing long-term buying linkages with Pakistan, according to Radio Pakistan.

Kakar pointed out Pakistan’s pro-investment policies and facilities, and invited Boohoo to open franchises in the country, which is in economic turmoil, with a record inflation rate of 36.4%.

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Zimmermann becomes Australia’s first billion-dollar fashion label after private equity acquisition

Brand founders Simone and Nicky Zimmermann retain minority shareholding and say they and current management will continue to run the label

Zimmermann has become Australia’s first billion-dollar fashion label after a majority acquisition by private equity firm Advent International.

The label’s founders, sisters Simone and Nicky Zimmermann, have retained a minority shareholding in the brand and said the company would continue to be run by them and current management.

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