Lululemon Sees Annual Revenue, Profit Below Estimates Amid Board, Demand Challenges
CEO Calvin McDonald stepped down in December following months of share price weakness and lack of design freshness.
Laval, Canada
Beauty
Valeant to Sell Skincare Brands to L’Oréal for $1.3 Billion
The three brands, CerAve, AcneFree and Ambi, have combined annual sales of about $168 million.
Valeant to Sell Skincare Brands to L’Oréal for $1.3 Billion
The three brands, CerAve, AcneFree and Ambi, have combined annual sales of about $168 million.
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The News in Brief
Puig Announces New CEO
Jose Manuel Albesa will succeed Marc Puig, becoming the first non-family member to lead the Spanish conglomerate in more than 20 years.
Spandex Maker Lycra Files for Bankruptcy After Years of Stress
The company has been hampered with disruptions to supply chains, elevated inflation, growing competition from low-cost manufacturers and trade tariffs.
US SEC Preparing to Eliminate Quarterly Reporting Requirement, WSJ Says
The proposal would give companies the option to share results twice a year.
Kering Unveils New Jewellery Unit, Merges Fashion Brand Reporting
Kering’s newly created jewellery division regroups Boucheron, Pomellato, Dodo and Qeelin brands as the company aims to pool resources. The conglomerate is also regrouping fashion brand reporting, shielding smaller labels from investor scrutiny.
Bondholders Approve Saks Global’s Five-Year Business Plan
Saks is moving towards exiting bankruptcy and tapped an additional $300 million of its Chapter 11 financing package.
Luxury Stocks Face Most Bearish Sentiment in Years, UBS Says
War in the Middle East, the luxury industry’s fastest-growing market, threatens to delay a long-expected rebound in demand.
Trump Signs Order to Combat Fraudulent ‘Made in America’ Labels, White House Says
The executive order directs the FTC chairman to prioritise enforcement of existing laws against sellers and manufacturers who falsely claim products are made in America.