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John Lewis in complete strategy rethink: digital first and new business areas

John Lewis in complete strategy rethink: digital first and new business areas

The John Lewis Partnership has said it must diversify beyond retail to survive the turmoil on the high street and plans to expand into financial services, gardening, housing and rental options.
Fashion
Lord & Taylor in bankruptcy filing

Lord & Taylor in bankruptcy filing

​Venerable US retailer Lord & Taylor filed for Chapter 11 bankruptcy on Sunday, becoming the latest in a growing list of storied names to do so amid the ongoing coronavirus outbreak that has crippled the retail sector.
Fashion
Hammerson mulls sale of VIA Outlets stake to raise cash

Hammerson mulls sale of VIA Outlets stake to raise cash

UK malls giant Hammerson on Monday confirmed press peculation that it’s in “advanced discussions on the terms of a possible disposal of its 50% interest in VIA Outlets to its joint venture partner APG”.
Fashion
L'Oréal sales fall is worse than expected, travel retail suffers

L'Oréal sales fall is worse than expected, travel retail suffers

Sales at Maybelline maker L’Oréal fell more sharply than expected in the second quarter, though the French beauty giant managed to contain any major profit erosion as the COVID-19 pandemic forced stores to close.
Luxury
Amazon second-quarter sales beat estimates

Amazon second-quarter sales beat estimates

Amazon on Thursday beat Wall Street's estimates for second-quarter revenue as coronavirus-driven lockdowns pushed more people to shop for groceries and other essential and non-essential items on its platform.
Fashion
Facebook smashes revenue estimates amid pandemic, gets Instagram boost

Facebook smashes revenue estimates amid pandemic, gets Instagram boost

Facebook beat analysts' estimates for quarterly revenue on Thursday, as businesses used its digital advertising tools to tap a surge in online traffic during the pandemic even as they slashed marketing budgets elsewhere.
Fashion
Burberry opens first luxury social store in China, tech and exclusives are key

Burberry opens first luxury social store in China, tech and exclusives are key

Burberry on Friday announced the opening of its long-awaited social retail store in China’s technology hub Shenzhen, “blending the physical and social worlds in a digitally immersive retail experience”.
Luxury
M&S opens new-format Clothing & Home store

M&S opens new-format Clothing & Home store

We’ve become more used to retailers closing stores than opening them in recent periods, but on Thursday, M&S said that it has opened a brand-new store as part of its plan to create an estate “fit for the new world”.
Fashion
Benetton cuts losses, makes progress on sustainability goals

Benetton cuts losses, makes progress on sustainability goals

Fashion giant Benetton said Thursday that 2019 was an important milestone in its relaunch as its “economic-financial indicators show significant recovery and a reduction in losses compared to previous years”.
Fashion
PayPal profit jumps 86% on pandemic-driven online spending shift

PayPal profit jumps 86% on pandemic-driven online spending shift

PayPal reported an 86% jump in Q2 profit on Wednesday as the e-commerce payments processor benefited from the shift to online spending amid the coronavirus pandemic. Net income increased to $1.53 billion.
Fashion
Westfield owner's net rental income hit by pandemic

Westfield owner's net rental income hit by pandemic

Europe's largest property firm Unibail-Rodamco-Westfield posted a 14.2% like-for-like decline in H1 net rental income on Wednesday after malls were forced to close during Covid-19 lockdowns, but shoppers are returning.
Fashion
Rihanna launches inclusive, multitasking Fenty Skin line

Rihanna launches inclusive, multitasking Fenty Skin line

Three initial products from the singer's gender-neutral skincare line debut this week.
Beauty
UK retailers scale back discounting in July, BRC says, but fashion stays weak

UK retailers scale back discounting in July, BRC says, but fashion stays weak

British retailers discounted their goods less in July than the month before, after consumer demand picked up in many sectors as lockdown restrictions eased, data from the British Retail Consortium showed on Wednesday.
Fashion
EBay beats second-quarter profit estimates, raises FY outlook

EBay beats second-quarter profit estimates, raises FY outlook

EBay beat Wall Street estimates for quarterly profit on Tuesday and raised its full-year outlook, as the company benefited from a surge in online shopping by people staying indoors due to coronavirus-driven lockdowns.
Fashion
Next on road to recovery after weak Q2

Next on road to recovery after weak Q2

Next is slowly working its way back to health following the shock of the lockdown. Full-price sales in Q2 still fell 28%, but it said this was“much better" than it expected and recent weeks have improved further.
Fashion
Gucci owner Kering's sales plunge, but Bottega Veneta sees smaller drop

Gucci owner Kering's sales plunge, but Bottega Veneta sees smaller drop

French luxury group Kering's Q2 comp sales plunged by 43.7% due to the coronavirus. Gucci comp sales fell 45% and Saint Laurent 48%, but recovering Bottega Veneta contained the drop in revenue to only 24.4%
Luxury