Brunello Cucinelli raises outlook after strong nine month trading

Credits: Image: Brunello Cucinelli boutique. Sefa Karacan / Anadolu Agency via AFP



For the first nine months, revenues at Brunello Cucinelli amounted to 818.4 million euros, growth of 27.5 percent at current exchange and 28.8 percent at constant exchange.


Based on the result of the first nine months of the year, the very positive response to the collections, and the focus on the high-quality, handcrafted ready-to-wear offer, the company predicts a growth between 20 percent and 22 percent for 2023, compared to the previous estimate of 19 percent.


Commenting on current trading and outlook, Brunello Cucinelli, executive chairman and creative director of the company said: We have chosen to raise our year-end sales growth estimates from 19 percent to an increase of between 20 percent and 22 percent. Furthermore, given the excellent sellout rate of the fall-winter 2023 season and the exceptional order intake for the spring-summer 2024 one, we are very confident in our balanced growth project for 2024, which we have estimated at around 10 percent.


Cucinelli posts revenue growth across geographies




The company’s Europe revenues of 217.9 million euros, increased 18.3 percent, with a noteworthy increase above double digits in the third quarter. Revenues in Italy of 97.2 million euros, were up 24.5 percent. Americas turnover of 284.7 million euros, rose 21.7 percent.


In the retail channel, sales grew in all the company-owned boutiques and geographical areas.


Asia revenues of 218.6 million euros, were up 49.7 percent, accounting for 26.7 percent of sales. The growth in all Asian markets was very significant, with China now accounting for about half of the total business in the region.


Retail channel sales of 510.7 million euros, were up 34.6 percent with a positive increase in like-for-like sales. The company operated a network of 124 boutiques as at September 30, 2023.


Wholesale channel revenues of 307.7 million euros, were up 17.1 percent over last year.


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New Look posts FY pre-tax loss, completes refinancing deal

New Look storefront Credits: New Look.



High street fashion retailer New Look has completed a 100 million pound refinancing deal which it says it will use to boost its future growth plans.


The company reported a pre-tax loss for the year ended March 25 that widened to 87.8 million pounds from 25.5 million pounds the previous year.


This loss included an impairment charge of 47.4 million pounds following an annual accounting assessment of tangible and intangible assets.


On a brighter note, its adjusted EBITDA widened to 42.2 million pounds from 25.2 million pounds a year earlier.


Revenue also edged up slightly by 0.6 percent, reaching 844.7 million pounds from 839.6 million pounds the prior year.


The company said its focus on full-price sales helped improve its gross margin to 45.8 percent from 43.1 percent the prior year.


New Look CEO hails ‘strong year’




“Despite the challenges posed by inflationary headwinds during the period, and the ongoing cost of living pressures impacting consumer sentiment, it was a strong year for the business, driven by the appeal of our product, our pricing and our omnichannel offer,” said CEO Helen Connolly in a statement.


New Look also said Wednesday its Company Voluntary Arrangement (CVA) is on track to end in 2024, “providing portfolio stability and support to omnichannel investment”.


Connolly continued: “As we look ahead to the key trading period and countdown to Christmas, we remain confident in our strategy but mindful of the continuing external headwinds we and our customers face.


“We’ll continue to offer our customers great quality products however they want to shop, whether that be through our fantastic network of stores and teams across the country or through our market-leading digital channels.”


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Frasers Group acquires German sports retailer SportScheck

SportScheck storefront Credit: SportScheck



Another day, another acquisition for Frasers Group. This time the British fashion giant has snapped up German sports retailer SportScheck for an undisclosed sum as it looks to boost its presence in the market.


SportScheck, formerly owned by Signa Retail Department Store Holding GmbH, is a leading figure in the German sportswear market, with a history dating back 75 years and a portfolio of 34 stores across Germany.


Frasers Group, which owns British giant Sports Direct, said the acquisition will bolster its presence in the German market.


“Acquiring the leading sporting goods retailer in Germany is a big step in our journey to becoming the number one sports retailer in EMEA - and we are delighted to do this with the full support of major global brand partners, Adidas and Nike,” said Frasers Group CEO Michael Murray.


SportScheck makes annual revenue of approximately 350 million euros, Frasers said.


Murray continued: “Growing and expanding our Sports business is a key focus area in becoming an international retail business.


“The German market represents a huge opportunity for us, and we look forward to bringing our experience, resources and relationships to strengthen the SportScheck business.”


This is the latest in a long list of acquisitions by Frasers Group in recent years as it continues to expand its retail empire.


This year alone, the group has acquired Missguided, Studio Retail, and I Saw It First, as well as a raft of brands from rival JD Sports.


The group has also been snapping up stakes in a number of companies, including Mulberry, N Brown, Hugo Boss, and, more recently, fast fashion giant Boohoo Group.


On Tuesday, Frasers Group upped its holdings in Boohoo from 13.4 percent to 15.1 percent.


Frasers bought an initial stake of 5 percent in the group back in June, and has been increasing it incrementally ever since.


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Shoe Zone posts sales and profit growth

Credits: Image: Shoe Zone, Facebook




Shoe Zone has reported a 6.1 percent increase in full-year revenue to 165.7 million pounds, driven by strong second-half trading particularly in the peak summer and key back-to-school periods.



The company expects to report adjusted profit before tax to be not less than 16 million pounds for the year under review, it announced Tuesday.



Commenting on the trading update, Shoe Zone’s chief executive, Anthony Smith, said: “I am pleased to announce that Shoe Zone has had a strong year, continuing the momentum gained from the positive year we had in 2022.



“We continue our strategy to expand our hybrid and big box formats via refits and relocations and new stores.”



Strong digital growth at Shoe Zone





The company’s digital revenue jumped 17 percent to 30.9 million pounds, and represented 18.7 percent of total group revenue.



Shoe Zone said the continuing online growth is validation of its ongoing investment in the digital platform.



Product margin for the year increased to 62.1 percent.



Shoe Zone paid a 2.5 pence per share interim dividend amounting to 1.2 million pounds in August. The company added that a final dividend will be proposed in January 2024 alongside its final results.



The company ended the year trading out of 323 retail stores. It closed 72 stores, opened 35, and refitted 15 stores during the year. The total comprises 188 original Shoe Zone stores, 42 Big Box stores, and 93 Hybrid stores.


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THG Q3 revenue falls, but full-year outlook remains unchanged

THG warehouse Credits: THG



British retail giant THG has reiterated its full-year guidance despite reporting a 4.4 percent drop in revenue in the third quarter of the year.


The group, which owns a number of fashion, beauty, and nutrition brands including Lookfantastic and Myprotein, said its performance improved progressively each month of the quarter.


Despite the drop, THG noted that Q3 was its best quarterly revenue performance of the year so far as it pushes forward with its turnaround strategy.


Breaking it down by division, revenue at THG Beauty was down 4.4 percent, THG Nutrition was down 4.6 percent, and THG Ingenuity - the company’s software and logistics division - was down 8.4 percent.


CEO and founder Matthew Moulding said: “The momentum with which we exited Q3 was especially pleasing, with the group returning to positive constant currency revenue growth of 3.2 percent in September, driven by a strong performance across our Beauty division.”


THG experienced explosive growth in recent years before going public in 2020 with a 5.4 billion pound valuation.


However, the company has been rocked since then by a tough economic backdrop, as well as concerns over its corporate governance, which resulted in Moulding handing over his chair role and giving up his ‘Golden Share’, which gave him greater voting powers over the business.


THG reiterates FY revenue guidance




Moulding remained upbeat on the group’s recovery. “Q3 has been another strong quarter of progress across the group, with each division delivering improved performances,” he said Tuesday.


“The pivots made within each division to ensure they thrive in a high inflation global environment are bearing fruit.”


Looking ahead, THG said its FY23 revenue and adjusted EBITDA remain unchanged. It expects revenue to be flat to down 5 percent.


Moulding continued: “Both our operations and inventory are well positioned ahead of peak trading, with the benefits of our investment in UK and US automated fulfilment centres enhancing the customer proposition through accelerated delivery times, positively influencing customer contact rates and overall satisfaction.”


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Davide Renne: the career trajectory of Moschino's new creative director

Davide Renne. Credits: Photo by Alessio Bolzoni, courtesy of Moschino.



Moschino has appointed fashion designer Davide Renne, from Tuscany, as its new creative director. This article provides an overview of Renne's career trajectory, from his studies in fashion design in Florence to his most recent role at Gucci.


Renne’s fashion trajectory began at the Università degli Studi di Firenze where he studied fashion and costume design from 1996 to 1999. During the same period, he attended art and design school Polimoda, also located in Florence.


After graduation, the Italian designer started his career at the brand Alessandro Dell'Acqua as a senior designer. He also worked as the creative director of leather brand Ruffo for a year. In 2004, he joined Gucci. He has been at the helm of Gucci’s creative direction since then as head designer of womenswear.


Moschino, a unique history and daring designs




Italian luxury fashion house Moschino was established in 1983 by Franco Moschino, himself an alumnus of Istituto Marangoni, who initially aspired to be a painter.


The brand gained recognition internationally due to its unique and offbeat designs and successfully created a unique design lexicon, with recognizable elements like polka dots, fruit prints, heart symbols, and peace signs.


It is known for challenging the conventions of the fashion world, presenting camp-inspired fashion shows that often nod to artistic movements, pop culture, or the brand’s own legacy.


In 1999, Moschino SpA was acquired by Aeffe Group SpA. Today, Moschino's products are available in 86 countries around the world, both in brick-and-mortar stores and online. According to its store locator, the majority of Moschino’s physical points of sale are located in Europe, Asia and the Middle East.


Parent company Aeffe SpA, which also owns brands like Alberta Ferretti, Philosophy di Lorenzo Serafini, and Pollini, reported consolidated revenues of 162.9 million euros in the first half of the year, a drop of 7.4 percent at constant exchange rates (a 7.7 percent decrease at current exchange rates) from the previous year.


The ready-to-wear division of Aeffe Spa had revenues of 108.8 million euros, a downturn of 9.5 percent at current exchange rates compared to the same period in 2022 (a 9 percent decrease at constant exchange rates).


Davide Renne, new creative director at Moschino




In 2013, American designer and Pratt Institute alumnus Jeremy Scott became creative director at Moschino. He left the brand in March 2023. Additionally, Stefano Secchi, the former general director, and Michelle Stein, the former president of the US division of Moschino, also left their roles.


In September, Massimo Ferretti, the brand’s chairman, hinted at a new creative director announcement.


Davide Renne will officially assume his role at Moschino on November 1. He will manage the women's and men's collections as well as the accessories collections at the Italian fashion house.


Renne's extensive work experience in the industry, particularly his long stint at Gucci, has made him a noteworthy figure in the fashion world. Industry observers will be watching closely to see how the Italian creative influences Moschino’s direction.


Renne will present his debut collection for the brand during Milan Fashion Week in February 2024.


This article has been partially generated with an AI tool, and then edited by Veerle Versteeg.


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Moschino names Davide Renne as new creative director

Davide_Renne creative director at Moschino Credits: Moschino by Alessio Bolzoni



Italian fashion brand Moschino has appointed former Gucci designer Davide Renne as its new creative director.


In a statement, Moschino said that Tuscan-born designer Davide Renne, who has designed women’s collections for two decades at Gucci, eventually serving as head designer of womenswear, will oversee women’s, men’s and accessories for the Moschino main line.


Renne will join Moschino on November 1, reporting to Massimo Ferretti, executive chairman of Aeffe SpA, which also owns labels including Alberta Ferretti and Pollini.


He succeeds Jeremy Scott, who departed the Italian label in March after 10 years at the helm.


Renne’s first collection for the brand will debut for autumn/winter 2024 during Milan Fashion Week in February 2024.


Davide Renne to unveil debut Moschino collection in February 2024




Davide Renne creative director at Moschino Credits: Moschino by Alessio Bolzoni



Commenting on the appointment, Ferretti said: “We have all been impressed by Davide’s extremely sophisticated vision of fashion’s power to create a living dialogue with the world around us, and by his deep understanding of the House of Moschino’s legacy and of our codes.


“He is a brilliant designer, and a special human being: Franco used to say that bad manners are the only true bad taste and getting to know Davide I have been struck not only by his obvious talent but by his kindness, his sensibility. We are confident that he will play a pivotal role in shaping the future of Moschino, a global House with an Italian heart, and a truly unique DNA in the luxury industry.”


Renne added: "Franco Moschino had a nickname for his design studio: la sala giochi - the playroom. This resonates deeply with me: what fashion – Italian fashion especially, and the House of Moschino most of all can achieve with its enormous power should be accomplished with a sense of play, of joy. A sense of discovery, and experimentation.


“I am very conscious of the honour that Mr. Ferretti - a gentleman who has been almost fatherly in his ability to listen and establish a dialogue during our encounters - has bestowed upon me in taking charge of the House founded by one of fashion's great minds. So, thank you Mr. Ferretti for giving me the keys to your playroom. I can't wait to begin – we’ll have fun. Together.”


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UK shoppers allocating more funds for Black Friday 2023 vs previous years, says report

Black Friday Cyber Monday sale Credits: Pexels



Consumers worldwide are ready to spend on Black Friday Cyber Monday (BFCM) weekend, according to data from the Shopify BFCM 2023 Report.


The report, which is derived from surveys of over 2,000 consumers and 1,000 SMBs in the UK, alongside global responses from 12,000 consumers and nearly 5,000 businesses across six nations, indicates that despite prior spending cutbacks many intend to maintain or increase their expenditure. In particular, shoppers seek specific deals and intend to utilize AI to discover new brands and products.


In the UK, 74 percent of consumers reduced discretionary spending recently, yet more than half (53 percent) are allocating more money than in previous years for this season. Consequently, 66 percent plan to spend as much or more during BFCM weekend this year.


UK consumers are discerning, with 83 percent comparing prices and 68 percent citing cost as a primary reason to switch brands. Quality is also paramount, with 77 percent favoring long-lasting, high-quality products.


Online and offline retail are both popular, with 33 percent of UK consumers discovering new products in physical stores. The significance of brick-and-mortar shops is increasing, according to 76 percent of UK merchants, up from 68 percent in 2022.


Social media is emerging as a sales channel, with 32 percent of UK consumers willing to make direct purchases on Facebook. Meanwhile, technology, notably AI, plays a key role in driving sales and brand loyalty. Around 67 percent of brands are increasing technology investment to maximize BFCM and upcoming seasonal spending opportunities.


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Ecco up its cred with Natacha Ramsay-Levi partnership

Ecco capsule collection NRL Credits: Courtesy Ecco



Danish footwear brand Ecco is celebrating its 60th anniversary with a renewed creative vision. While it's not a relaunch, Ecco said it is refreshing its core values, centered on innovation, responsibility, a people-first approach, and democratic Danish design. The brand aims to resonate with the modern world, underpinning its identity.


As part of its rejuvenation, Ecco has announced a collaboration with designer Natacha Ramsay-Levi, former design director at Chloé and previously a protégé of Nicholas Ghesquiere at Balenciaga and Louis Vuitton. The capsule collection, called NPR after the designer’s initials, consists of 15 styles, with stand-out pieces including heeled loafers and trail shoes turned color-block pumps. The collection arrives in stores in October but has already garnered celebrity interest with a launch event in London.


Ecco has sometimes been associated as having a "dowdy" image, due to the brand prioritising comfort, functionality, and durability in its shoe designs. Ms Ramsay-Levi has brought a more fashion forward perspective, making the range appealing to a broader consumer base, including more fashion-conscious shoppers.


Ecco said the company will revamp 16 flagship stores, emphasising community connections, as well as open a boutique in SoHo, New York and introduce a more user-friendly website.


CEO Panos Mytaros underscores Ecco’s design for everyday and its goal to maintain its essence while growing stronger. The company, a family business founded in 1963 by Danish couple Karl and Birte Toosbuy, remains committed to quality and community as it marks its 60th year.


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Olaplex names Amanda Baldwin as chief executive officer

Credits: Image: Amanda Baldwin via Olaplex Holdings, Inc.

Olaplex Holdings, Inc. has appointed Amanda Baldwin as the company’s chief executive officer, effective by early 2024, succeeding Jue Wong.


Baldwin, the company said in a release, will also join the Olaplex board of directors. John P. “JP'' Bilbrey, the company’s executive chair of the board, will serve as interim CEO during the transition period.


In addition to announcing the leadership transition, the company reiterated guidance for fiscal year 2023 and continues to expects net sales in the range of 445 dollars to 465 million dollars, adjusted net income in the range of 96 dollars to 108 million dollars and adjusted Ebitda between 161 dollars and 176 million dollars.


“Amanda is an effective and creative brand builder who deeply understands consumer insights and analytics. Her valuable mix of strengths across marketing, product development and execution make her the ideal person to position Olaplex for long-term success,” said JP Bilbrey.


Baldwin, the company added, has extensive experience in leadership roles in the beauty and consumer industries, most recently serving as CEO of Supergoop LLC, the leading SPF skincare brand, since July 2016. Prior to joining Supergoop!Baldwin served as a senior vice president at L Catterton, an investment fund, collaborating with management teams across the portfolio with a particular focus on the beauty sector.


“Olaplex stands apart as a category creator redefining what is possible through the combination of beauty and science. I see tremendous opportunity to help the brand and the business reach their full potential by further deepening engagement with stylists, retailers and consumers through breakthrough product innovation, sharp storytelling and a dynamic global omnichannel strategy," added Baldwin.


Baldwin previously led the omnichannel marketing strategy of Dior Beauty at LVMH and held several positions at Clinique, a part of The Estée Lauder Companies. In 2022 she was named EY Entrepreneur of the Year. Baldwin currently serves on the board of directors of Ibotta, Inc and KIPP NYC.


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