Uniqlo rises above global market shifts

Claire Waight Keller collectie for Uniqlo U Credits: Uniqlo



Fast Retailing, the Japanese parent company of Uniqlo, continues to outperform in the apparel sector, defying the broader economic slowdown with its third consecutive year of record profits.


The company's success is attributed to its focus on affordable basics, which remain in demand even as consumer sentiment wanes, the Financial Times said. The yen, currently at an all-time low against the dollar not seen since the 1990s, is fueling exports and tourism alike.


Despite challenges in the Chinese market, Uniqlo has seen strong growth in Japan in its home market and from tourists, which are back to near 2019 levels.


The most promising avenue for future growth appears to be Europe, according to the FT, who said Uniqlo's sales per store significantly outpace those in Japan. As the company expands its European presence, it stands to capitalize on the recent slowdown experienced by established rivals such as Zara and H&M.


The market's optimism regarding Uniqlo's European expansion is evident in Fast Retailing's strong share performance and premium valuation relative to its competitors, noted the FT. This stands in sharp contrast to the luxury sector's current volatility, exemplified by Brunello Cucinelli's latest revenue postings. Despite reporting impressive revenue growth in the second half, the Italian luxury brand saw its shares decline by 2.3 percent this week. This downturn was primarily attributed to the company's lack of guidance upgrade, a move that unsettled investors amid growing uncertainty in the high-end fashion market, said Bloomberg.


The divergent fortunes of Fast Retailing and Brunello Cucinelli underscore the shifting dynamics between mass-market and luxury apparel segments, with affordable basics demonstrating resilience in the face of economic headwinds.


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Festival fashion takes a political turn as Wireless implements cultural sensitivity dress code

UK festival goers are embracing sustainability Credits: Daniel Pinheiro



The summer music festival season, long a beacon of sartorial freedom and self-expression, is witnessing a significant shift as organizers grapple with issues of cultural appropriation. London's Wireless Festival, set to take place in Finsbury Park from 12 to 14 July, has introduced a dress code that eschews concerns of modesty in favour of cultural sensitivity.


This move reflects a broader trend in the entertainment industry, where increased awareness of cultural issues is reshaping event management practices. The new guidelines prohibit attendees from donning attire that could be perceived as appropriating elements from various cultures, including Native American-inspired headdresses, Indian bridal jewellery, and Latin American items such as ponchos and sombreros.


Managing cultural sensitivity at large-scale events




While the organizers' intentions appear rooted in promoting respect and inclusivity, the policy has ignited debate among festivalgoers and cultural commentators alike. Critics argue that such restrictions may stifle creativity and individual expression, hallmarks of festival culture. Supporters, however, contend that the measures are necessary to create a more respectful and inclusive environment.


The economic implications of this shift are not insignificant. The festival fashion industry, valued at billions globally, may need to recalibrate its offerings. Retailers and designers specializing in festival wear could face challenges as they navigate these new sensitivities, especially when certain items are trending, like cowboy hats and other headgear, while striving to meet consumer demand for eye-catching, Instagram-worthy outfits.


Moreover, this development signals a potential sea change in how large-scale events approach issues of representation and cultural sensitivity. Other festivals and public gatherings may feel pressure to implement similar policies, potentially reshaping the landscape of event management and associated industries.


The Wireless Festival's dress code also raises questions about the role of corporate entities in policing cultural expression. As private companies increasingly take on the mantle of cultural arbiters, there are concerns about the broader implications for free expression and the homogenization of cultural events.


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Castore opens first store in European mainland

Castore opens its first mainland European store in Enschede Credits: Castore



British sportswear brand Castore has opened its first store on mainland Europe. The brand has chosen the Dutch border town of Enschede as its location, Castore announced last week.


There, the sportswear retailer, which has built up a network of 12 branches in the UK, already serves as an outfitter with the Dutch professional football team FC Twente.


Castore plans further stores in Europe




Further stores are also planned in various European cities this year. However, the company did not provide any further details. It merely stated that 2024 is a milestone in the company's strategic expansion, as it plans the highest number of store openings in a single year in the brand's history.


“We have big ambitions to make Castore one of the leading sportswear brands in the world, which means we are constantly thinking about our growth plans and how we can take the brand forward,” said Castore. “We are excited to bring Castore to the European market with this significant store opening and look forward to continuing the company's growth trajectory on the continent.”


Castore is the outfitter for various sports teams in the UK, Ireland, the Netherlands and Germany, where the sportswear retailer works with the professional footballers of Bayer 04 Leverkusen and, from the upcoming 2024-2025 season, FC Kaiserslautern. In addition to football, Castore is active in motorsport, rugby, cricket and tennis.


This article originally appeared on FashionUnited.DE. Translation via AI and edit by Rachel Douglass.


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Frasers Group ups Hugo Boss stake to 415 million pounds

Hugo Boss in Paris. Credits: Bertrand Perret



Frasers Group has once again increased its stake in German premium brand Hugo Boss, for which it now holds common stocks valued at around 415 million pounds (490 million euros).


The British retail giant has increased common stock to over 5.6 million shares, representing 7.99 percent of Hugo Boss’ total share capital. It further shifted its holding of common stock via the sale of put options to over 9.7 million shares, reflecting 13.81 percent of the brand’s total share capital.


This is a notable increase on Frasers’ prior holding of the company, with the group having previously upped its Hugo Boss stake to equate to 305 million pounds in May.


At the time, the move presented somewhat of a U-turn for Frasers, which had made the decision to cut its stake in the brand last year, lowering its holding to 3.9 percent of the total share capital and 25 percent via put options.


Prior to this, Frasers had been intermittently increasing its stake in Hugo Boss throughout 2022 in a strategy that it said reflected its intention to be a “supportive stakeholder” in the brand while further backing its belief in the company itself.


Frasers had initially invested in Hugo Boss in 2020 as part of a group elevation strategy at the time, through which it was aiming to reposition itself as a more up-market business.


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HanesBrands appoints Sharilyn Gasaway to its board of directors

Sharilyn Gasaway Credits: Business Wire



HanesBrands has appointed Sharilyn Gasaway to the company’s board of directors. Gasaway’s term runs through the 2025 annual meeting of stockholders, and she will serve on the audit committee.


The company said in a release that Gasaway brings experience from her time at Alltel Corporation where she was executive vice president and chief financial officer, and for several years served as controller.


“Sharilyn will play a critical role as we focus on accelerating debt reduction, consistent growth, and cash flow generation,” said Steve Bratspies, HanesBrands CEO.


At Alltel Corporation, Gasaway was part of an executive team that spearheaded the company into the largest private equity buyout in the telecom industry at 32 billion dollars and transitioned the wireless communications company through a merger with Verizon.


Gasaway is a board director currently at Genesis Energy and JB Hunt Transport Services Inc. She has also served on the board of directors for Waddell and Reed Financial Inc.


The company added that Gasaway, a licensed CPA, earned her bachelor’s degree from Louisiana Tech University in accounting and attended the executive development program at The Wharton School.


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Dr. Martens offers short update to current trading

Credits: Dr. Martens.



Footwear specialist Dr. Martens has offered a short update on its current trading performance ahead of its annual general meeting. While shareholders may be waiting for some positive news, however, it appears that such a scenario may not be on the horizon.


In a regulatory filing, the company said that since the start of this financial year, trading “has been in line with expectations” while guidance for FY25 remains unchanged.


Earlier in April, following a slew of disappointing results, Dr. Martens said it anticipated a challenging FY25, driven largely by a double-digit drop in US wholesale revenue. Revenue as a whole for the period is also forecast to decline by single-digit percentage.


In its latest update, the brand noted that the first quarter, representing the spring/summer season, was its smallest period, with the current financial year to be “very second-half weighted” particularly from a profit perspective.


As such, the autumn/winter 2024 season “remains a key focus”, during which “detailed” trading plans, initially highlighted in its FY24 report, are to be implemented.


The company elaborated: “We continue to target positive DTC growth in the USA in H2. Work on our cost action plan is ongoing and we will provide a detailed update at our first half results in November.”


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Haute athleisure: Jacquemus reimagines Nike as Paris prepares for Olympic Games

Nike x Jacquemus Credits: Courtesy Nike



Nike and Simon Porte Jacquemus have unveiled their third collaborative collection, blending fashion with athletic wear in a nod to Paris, host city of this summer's Olympic Games. The partnership, which began in 2022, continues to push boundaries between performance and style.


The latest offering includes 10 lifestyle pieces, from tracksuits to statement bras, alongside a new iteration of Nike's Air Max 1 sneaker. The collection's standout item, the Le Swoosh bag—a handbag fashioned from Nike's iconic logo—returns in new colourways and will be available through select Nike retailers for the first time.


Jacquemus, known for his minimalist aesthetic, cited daily Parisian life and Nike's athletic heritage as inspirations. "This collection is a mix of sport, fashion and culture in the most beautiful city in the world," he said, alluding to the spotlight Paris will enjoy during the Olympics.


The collaboration comes at a time when sportswear giants are increasingly partnering with luxury designers to capture a broader market. While Nike has seen recent challenges, including inventory issues and slowing sales in China, such high-profile collaborations could help reinvigorate consumer interest.


The collection's launch is accompanied by a short film, "J'aime Paris," marking Jacquemus' directorial debut. The campaign features a diverse cast including tennis legend Serena Williams and actress Juliette Binoche, aiming to showcase a cross-section of global athletics and French culture.


With its red, white, blue, and silver colour palette, the collection pays homage to France while tapping into the patriotic fervour likely to sweep the nation during the Olympic Games. This strategic timing could provide a boost for both brands as Paris becomes the focus of global attention.


The Nike x Jacquemus collection will be released in stages, starting July 10 on Jacquemus' platforms, followed by availability on Nike's channels from July 23.


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Puig joins Ibex 35 index after ‘solid’ market performance

"Ringing of the bell" ceremony at which Puig celebrated its flotation on the Barcelona Stock Exchange on 3 May 2024. Credits: BME.



Beauty and fashion group Puig has been selected to join the exclusive Ibex 35 index from July 22 after exhibiting “solid performance in the market” just two months on from its IPO filing.


The decision comes following an agreement between Ibex’s Technical Advisory Committee to restructure the index, and thus place Puig, which will replace hotel chain Meliá, on the list.


According to the committee, changes within Ibex are to be made July 19, and will come into effect on July 22, seeing Puig join a ranking of companies with the highest market capitalisation on the Spanish stock exchange market.


Puig made its debut on the stock market with an initial price of 24.50 euros per share, and has since performed well, with its share price now having shot up to 25.99 euros after the announcement of its Ibex selection.


The multinational group, which owns Nina Ricci, Rabanne, Caroline Herrera and Jean Paul Gaultier, among many others, celebrated the milestone by highlighting once again its “robust” market performance.


In a release, the company said that it had a current market capitalisation of 14.4 million euros and as of July 9, its class B shares were valued at 4.4 billion euros, making it one of the top 20 of Ibex 35 constituents.


The index comprises the 35 most liquid securities listed on the Electronic Stock Market Interconnection System (SIBE), across the Madrid, Barcelona, Bilbao and Valencia stock exchanges.


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Siggi Hilmarsson joins Gabriela Hearst board of directors

Siggi Hilmarsson Credits: Svenni Speight



Gabriela Hearst has appointed Siggi Hilmarsson, entrepreneur and Siggi’s founder to its board from July 8, 2024,


The company said that Hilmarsson brings his logistics and operational expertise to the board. Siggi Hilmarsson started Siggi’s yogurt in 2005 with a focus on making yogurt with less sugar and fewer ingredients than American yogurts.


"Siggi is an invaluable addition to the Gabriela Hearst board, with an ability to understand business as well as logistics operations. His entrepreneurial experience, as well as his transparency is a perfect fit for our board," said Gabriela Hearst, founder and creative director in a statement.


As founder and CEO he built Siggi’s up from a small New York City yogurt operation to a national business with five manufacturing sites and distribution in 30,000 retail outlets including Target, Whole Foods, Kroger and Starbucks. In 2018 Siggi sold his business to Lactalis, the largest dairy company in the world.


"Gabriela is a force of nature. She and her team have built a truly unique brand with amazing values that is growing fast. I couldn't be more excited to join the board," added Hilmarsson.


The company added that Hilmarsson is currently the chairman of the board of Siggi’s and helps among other things guide the brands entry into new categories and international markets.


Alongside his work with Siggi’s, Hilmarsson is an active early-stage investor. He sits on the board of trustees of The American Scandinavia Foundation and the board of directors of the Lang Fund at Columbia Business School.


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Pepco Group posts Q3 revenue growth, maintains outlook

Pepco store in Alicante, Spain Credits: Pepco Group



Discount retailer Pepco Group’s year to date revenue of 4,681 million euros increased 10 percent at constant currency, while third quarter revenue of 1,481 million euros, increased 8 percent.


The company, owner of the Pepco and Dealz brands in Europe and Poundland in the UK reported a like-for-like (LFL) revenue decline of 4.3 percent in the third quarter.


Commenting on the results, Andy Bond, executive chair of Pepco Group, said: “The improved gross margin trajectory we flagged at the half-year results has continued strongly into the third quarter, and disciplined capital investment is driving strong cash generation. Looking ahead, the Group remains confident of delivering underlying EBITDA of around 900 million euros this financial year and exiting the year with an improved trajectory in LFL sales in our core Pepco business.”


The company said in a statement that Pepco brand was down 2.7 percent LFL reflecting the earlier timing of Easter, slower-selling older stock that is being traded out through markdown, and supply chain issues impacting availability of new summer stock.


Poundland was down 6.9 percent LFL due to challenges related to the introduction of new Pepco-sourced clothing and general merchandise ranges. Dealz declined 7.3 percent LFL impacted by the transition to Pepco-sourced GM and a highly competitive FMCG market.


The company opened 326 stores in nine months to date and 37 in the third quarter. Pepco Group added that it remains on track to open around 400 net new stores overall in FY24.


The group maintains its previous guidance on the full year EBITDA outlook of around 900 million euros, representing EBITDA growth of 20 percent over prior year.


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American Exchange Group acquires footwear brand Island Surf Company

Island Surf Company Credits: American Exchange Group



American Exchange Group has acquired Island Surf Company, a footwear brand synonymous with coastal comfort and style.


Founded in 2008, Island Surf Company utilises proprietary technologies to economically create products with superior comfort, performance, and support. These technologies include lightweight recovery foam, shock-absorbing return energy cushioning, a contoured footbed for cradled support, water-resistant vegan-friendly durable leather alternatives, and a lightweight draining system that lets water freely flow out. The brand's range of men's, women's, and kids' footwear is offered at an accessible price point.


Commenting on the acquisition, Alen Mamrout, CEO of American Exchange Group said: "The synergy between White Mountain and Island Surf Company will allow us to broaden the brand's reach and transform it into a complete lifestyle brand."


The company said in a release that Island Surf Company will become a division of White Mountain Footwear, a brand that American Exchange acquired in January 2023. Island Surf Company will benefit from White Mountain's established infrastructure, sourcing capabilities, retail partners and decades-long expertise in the industry.


Joe O'Brien, the current CEO of Island Surf Company, will continue to lead the brand, ensuring continuity and fostering collaborative opportunities with White Mountain Footwear.


"We are excited to join forces with the American Exchange Group. This acquisition marks a new chapter for Island Surf Company, allowing us to expand our footprint and bring our coastal-inspired footwear to a broader audience,” added Joe O'Brien.


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About You maintains outlook after positive Q1

Toni Garrn co-created by About You Credits: About You



European ecommerce platform About You improved its adjusted EBITDA to 15 million euros and its EBITDA to 9.1 million euros in the first quarter.


Revenue growth for the quarter was 2.2 percent to 518.3 million euros and contributed to the increase in the adjusted EBITDA margin to 2.9 percent.


Despite a volatile market environment, the About You Group continues to expect revenue growth in the range of 1 percent to 10 percent in FY 2024/2025.


"As we celebrate our tenth anniversary, we are proud to have strengthened our margin and liquidity through efficiency gains and cost control. Investments in marketing and technology across both our business units will be the catalyst for accelerating our Group revenue growth going forward," says Tarek Müller, About You Group's co-founder and co-CEO in a statement.


The company said that with optimised inventories and a lower discount intensity, the gross margin rose to 43.2 percent in the first quarter.


In Germany, Austria, and Switzerland (DACH segment), revenue grew by 1.6 percent to 252.7 million euros, with positive growth rates in Germany. All other European markets (Rest of Europe segment, RoE segment) achieved a 2.3 percent growth in revenue to 234.1 million euros in the first quarter.


The average order value increased by 6.7 percent to 58.5 euros per order in the last twelve months, with an average order frequency of 3.1 orders per customer.


The revenue growth combined with an increased gross margin and improved fulfilment and administrative cost-to-revenue ratios, is expected to lead to adjusted EBITDA between 10 million euros and 30 million euros.


The company’s management board anticipates double-digit growth rates for the group from FY 2025/2026 onwards.


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Can a 250-billion-euro ‘Circularity Fund’ make Shein circular?

Find your Shein Style. Credits: Shein.



It may seem strange indeed to hear ultra-fast fashion giant Shein boasting of circularity measures: The company has launched a new 200 million euros “Circularity Fund” in the EU and the UK plus a further 50 million euros for “broader ESG measures”, planning to invest a total of 250 million euros in circularity over the next five years. However, as the lead investor, the Singapore-based company will also invite global corporates, financial institutions and sovereign wealth funds to contribute capital to the fund as well.


“Shein invests in initiatives that enable European and UK brands, designers and artisans to grow their businesses online and beyond. The leading Circularity Fund will invest in start-ups and other businesses in the EU and UK that are driving circular solutions,” states a press release issued on Tuesday afternoon.


Specifically, the fund will allow more European and UK artists and designers to join the Shein X design incubator programme, which enables emerging designers to commercialise their designs by working with Shein on production, marketing and logistics. Support will also be given to European and UK companies to enter Shein's marketplace platform.


New fund builds on existing programmes




The Circularity Fund will build on Shein's existing programmes to promote research, development and innovation in the circular economy and is intended to support start-ups and companies across Europe and the UK in developing next-generation technologies and solutions.


The Group cites innovations in the field of recycled materials, such as textile-to-textile recycling, as an example. It will also enter into purchase agreements or commercial partnerships with experienced start-ups that already have production capacity for recycled textile-to-textile materials or new preferred fibres.


“As a global leader in our industry, Shein has both the responsibility and the opportunity to accelerate innovation that can improve the fashion industry's environmental footprint. The Circularity Fund builds on our support for entrepreneurs and companies at the forefront of innovation in circular initiatives. The focus is on supporting entrepreneurship and innovation in the EU and the UK, where some of the most inspiring activity in this area is taking place,” commented Donald Tang, CEO of the Shein Group, in the press release.


“In addition to funding early-stage start-ups exploring new technologies, we also plan to invest in more experienced start-ups that have commercialised their innovations and are ready to scale up. Given its scale and reach, Shein can be a catalyst for the broad adoption of these solutions in the industry,” Tang added.


The company also highlights its existing sustainability efforts, which the Circularity Fund is intended to support: A partnership with New York-based data marketer Queen of Raw, for example, to purchase surplus fabric or deadstock from other brands to be used in the production of new Shein garments.


Shein also mentioned the increased use of cool-transfer denim printing technology at its supplier base, that uses highly fixative inks instead of conventional indigo colours, thus using "significantly less" water. Another example is a research collaboration with academic institutions launched last year that will explore how chemical recycling can achieve the commercially scalable production of recycled polyester fibres. According to Shein, this research has already produced experimental recycled polyester material.


Overall, the fund barely disguises what Shein is aiming for: To further tap the lucrative European and UK market and its design talent pool. Instead of cutting back on production and ceasing to drive consumption with ever more readily available styles, the clothing giant wants to ease consumer conscience by having them believe they are buying items made from circular materials. However, until one hundred percent textile recycling is possible, these measures will remain just a band-aid on the gaping fast fashion wound.


Also read:




* Shein responds to accusations made against it during 2023

* Why Shein is aiming for an IPO in London and not New York

* Amnesty International: 'Possible Shein IPO raises human rights concerns’

* Shein in focus as France fights back against fast fashion’

* Shein will soon be bigger than H&M and Zara


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Vestiaire Collective, Isabel Marant Vintage and Faume launch pop-up webshop for second hand fashion

Isabel Marant shop in Dubai, image for illustration. Credits: Isabel Marant



A new collaboration in luxury resale: Vestiaire Collective, Isabel Marant and French e-commerce service Faume are launching an online shop for second hand fashion items, US B2B fashion platform WWD reported. The website will be available to customers worldwide.


The second-hand fashion items are reportedly "carefully selected", some by the eponymous designer Isabel Marant herself. Customers can buy clothes and accessories from Isabel Marant's Marant Etoile line, "including 15 catwalk looks from the past decade", according to WWD. Prices range from 15 dollars (13.80 euros) to 1000 dollars (924.50 euros).


"We are delighted to partner with Vestiaire Collective to offer our customers an exclusive selection of pre-loved pieces," Marant told WWD in a statement.


She went on to say: "This initiative is in line with our commitment to sustainability and ensures that our fashion can make new owners happy for many years to come, what I like to call the ecology of clothing."


The new collaboration is a continuation of the Isabel Marant Vintage initiative, which was launched in 2021 in collaboration with Faume.


This article was originally published on FashionUnited.NL. Translation and edit from Dutch into English by Veerle Versteeg.


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Dear Frances unveils debut handbag collection

Dear Frances debut handbag collection Credits: Dear Frances



Dear Frances, the luxury British footwear label behind the cult mesh Balla flats, has added handbags to its offering for the first time.


The debut handbag collection, described as a “testament to timeless design and directional Italian craftsmanship,” is the result of an 18-month collaboration with “one of Italy’s finest factories” and aims to offer the same directional minimalism from its footwear collections.


Dear Frances debut handbag collection Credits: Dear Frances



The collection features six silhouettes, the ‘Arturo’ box bag, ‘Gio’ small tote, ‘Como’ medium tote, ‘Mari’ small crossbody, ‘Celo’ medium crossbody and the multi-faceted ‘Dante’ weave bucket bag, crafted in black calf leather and hand-pleated Nappa leather.


Designed to exude “quiet confidence and minimalist luxury,” each style has been crafted with a considered function with hidden magnetic closures, buttery leather linings and understated hardware to offer “day to evening versatility with an ease of elegance”.


Dear Frances debut handbag collection Credits: Dear Frances



Commenting on the category expansion, Jane Frances, founder and creative director of Dear Frances, said in a statement: “Expanding into handbags feels like a natural progression for Dear Frances at this moment, we’re thrilled to create silhouettes that can be worn season after season and that feel and look better with time.


“We strongly believe in reverting back to quality, long-lasting styles. This collection is a reflection of that vision, and we can’t wait to share it.”


The debut line of handbags is available directly from its website with prices ranging from 495 to 1,250 pounds.


Dear Frances debut handbag collection Credits: Dear Frances


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Following merger, Saks COO steps down for helm position at Voomi

Saks Fifth Avenue Beverly Hills Facade Credits: Peter Christiansen Valli for Saks Fifth Avenue



Days after the merging of the Neiman Marcus and Saks businesses, the latter has already waved goodbye to one of its top executives. RJ Cilley, the former chief operating officer of Saks Fifth Avenue, has stepped down from the luxury retailer to become chief executive officer for HVAC supplier Voomi Supply.


His departure comes after serving for 12 years at Saks’ parent group Hudson’s Bay Company (HBC), which he first joined as a senior analyst.


In 2018, Cilley became chief digital officer for HBC, overseeing the company’s retail portfolio that further includes Saks Off Fifth and Hudson’s Bay, before taking on the role of COO for Saks Fifth Avenue in 2021.


Cilley announced his departure in a LinkedIn post, where he thanked many of the individuals he had worked alongside before stating: “A new chapter has begun that I am very excited about. I am doing something very different but also something similar. I look forward to sharing the news and also plugging new roles that I am recruiting for.”


Cilley added that he was looking forward to “rooting from the sidelines for Saks Global”, a newly formed division created as part of HBC’s takeover of the Neiman Marcus Group (NMG), in which the groups’ portfolio of luxury retail and real estate will be merged.


HBC’s acquisition of NMG comes after a lengthy negotiation period, following which the duo finally settled on a transaction valued at 2.56 billion dollars.


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Kinnevik's NAV declines by 4.7 percent in Q2

Kinnevik headquarters Credits: Kinnevik



Kinnevik’s net asset value of 39.3 billion Swedish krona or 140 Swedish krona per share, was down 2.3 billion Swedish krona or 4.7 percent in the second quarter.


The company said that NAV decreased 8.4 billion Swedish krona or 16 percent compared to the second quarter of 2023, when adjusting for the 6.4 billion Swedish krona extraordinary cash distribution.


Effective July 9, 2024, the company appointed Christian Scherrer and Akhil Chainwala as new members of Kinnevik’s management team. Mattias Andersson, general counsel decided to leave Kinnevik, while Andreas Bernström, senior investment director transitioned into the role as operating partner.


“We continue to pursue further, and in part opportunistic, investments in the companies where we hold a long-term strong conviction and can take advantage of our strong cash position and ability to invest for the long run, and see our capital reallocation intensifying during H2 2024,” said Georgi Ganev, CEO of Kinnevik in a statement.


In the second quarter, the company completed the second step of the divestment of its full shareholding in Tele2 to Iliad/NJJ, encompassing 9.391 million Swedish krona in sales proceeds. The company added that the third and remaining step of the transaction representing 637 million Swedish krona in sales proceeds, adjusted for 23 million of dividends received, is expected to be completed during the third quarter of 2024.


The AGM, held on June 3, 2024, resolved on an extraordinary cash distribution of 23 Swedish krona per share or 6.4 billion Swedish krona in total.


Kinnevik acquired 177 million Swedish krona in secondary shares in Cityblock, and participated in the 200 million dollars private placement in Recursion, adding to the company’s investments in Mews and Pleo during the first quarter.


The company invested 598 million Swedish krona in the second quarter, of which 177 million into Cityblock. 198 million Swedish krona was invested into Oda in the second quarter, financing that was committed in connection with the company’s merger with Mathem.


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Lindex Group names Henrik Henriksson as CFO

Henrik Henriksson Credits: Lindex Group



Lindex Group, owner of two fashion brands Lindex and Stockmann, has appointed Henrik Henriksson as the company’s new chief financial officer (CFO) and a member of the group management team.


In addition to his role as group CFO, the company said in a release, Henriksson will also act as the Lindex division’s CFO. He will take up his new position on September 1, 2024, reporting to the group CEO Susanne Ehnbåge and will be based in Sweden.


"Henrik’s solid experience in finance, retail and fashion, combined with his extensive global background, will serve as an excellent basis for accelerating sustainable and profitable growth while increasing Lindex Group’s shareholder value,” said Susanne Ehnbåge commenting on the new CFO appointment.


Prior to Lindex Group, Henriksson worked as CFO of Eton Shirts AB and in several financial leadership positions in H&M Group in Sweden, the UK and the US. The company added that in a financial career of almost 25 years, he has held senior leadership positions for about 20 years.


“I’m excited to be part of Lindex Group – a company with two very strong brands, Lindex and Stockmann, clear strategic and financial targets and a very convincing sustainability agenda. In addition, the Lindex Group team has proved its ability to improve the profitability and to deliver its strategy,” added Henriksson.


The company further said that Lindex Group’s current CFO Annelie Forsberg will continue working at the group until the end of August 2024.


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David Beckham opens eyewear pop-up in Selfridges

David Beckham wearing 1160S 40G style at Wimbledon Credits: Eyewear by David Beckham / Safilo SPA



Former footballer David Beckham and eyewear specialist Safilo SPA have opened a pop-up in Selfridges as part of the department store’s ‘Sportopia,’ summer of sports.


The Eyewear by David Beckham pop-up is open until September 13. It showcases the brand’s summer collection and five key autumn/winter 2024 sun styles chosen for perfectly representing the Selfridges customer.


In a statement, Safilo said the pop-up has been designed to “appeal to a broad audience,” and offers Beckham’s timeless designs alongside his fashion silhouettes.


Exclusive shades in the pop-up include the wrap-around mask shape DB99 visor sunglasses inspired by his passion for motorcycles, the DB 7127/S contemporary square frames styles, and the modern rounded DB 1160/S sunglasses crafted in ultralight slim acetate.


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Jay-Z joins as investor to watch marketplace Wristcheck

Jay-Z becomes an investor for Wristcheck. Credits: Wristcheck.



Rapper-turned-entrepreneur Jay-Z has joined the team of watch marketplace Wristcheck as an investor to the business.


The 24-time Grammy winner, who is himself a “watch aficionado”, was dubbed a long-time “inspiration” by the company’s founder and CEO, Austen Chu, having helped fuel Chu’s love for watches through the bridging of the accessory with pop culture.


In the announcement, in which no details of investor terms have been disclosed, Chu said: “As the most influential celebrity watch collector of the 21st century and a certified GOAT [Greatest Of All Time, ed.], his support carries immense weight both personally and professionally.


“It’s a testament to the trust and community we’ve built, and marks a major milestone in cementing Wristcheck as the go-to platform for watch enthusiasts worldwide.”


Chu highlighted Jay-Z’s work at his record label Roc Nation, which he said “perfectly aligns with what [he] is building here at Wristcheck” where his mission is to “shape the watch world of tomorrow”.


Founded in late 2020, the platform, which serves as a marketplace for buying, selling and learning about watches, also looks to merge pop culture with its own values, striving for the overarching goal of creating a safe and accessible community for those interested in the accessory.


Jay-Z’s involvement in the company builds on past investments, including a pre-series A funding, that amount to around 13.6 million dollars to date.


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