Kering reports modest Q1 gains as it lags behind luxury competitors
Kering has reported a 2 percent sales gain in Q1 2023, falling behind rivals LVMH and Hermès.
The Estée Lauder Companies Vice Chairman Sara Moss announces retirement plans
The Estée Lauder Companies has announced that Vice Chairman Sara Moss will be retiring from her position effective 1 July, 2023.
Dior names Alexandra Daddario as its newest ambassador
Dior has announced Actress Alexandra Daddario as its newest ambassador for women’s fashion and fragrance.
Sephora announces national collection program Beauty (Re)Purposed
Aiming to reduce the amount of packaging going to landfill, Sephora has announced a new nationwide empties program in the U.S. named Beauty (Re)Purposed, according to a report by Glossy.
Online fashion platform Musinsa launches cosmetics brand Oddtype aimed at Gen Z audience
Musinsa has unveiled a vegan-certified cosmetics brand Oddtype, which is aimed at bolstering its business portfolio.
LVMH becomes first European firm to hit US$500 billion market value
LVMH’s market value has been sent to new heights thanks to the relaxation of Covid-related restrictions in China, according to a report published by the Financial Times. The French luxury conglomerate has become the first European company with a market value of US$500 billion.
Unilever Nigeria partners with Wecyclers to expand plastic recycling
Together with Bridges Outcomes Partnerships, Unilever Nigeria has signed a US$2 million partnership with Wecyclers to help tackle plastic waste in the African country, according to a report published by Leadership.
Kering to pay record rent for Bond Street store
Kering has agreed to pay a record £13 million per year to lease a six-storey building on London’s luxury hub, Bond Street, according to a report published by the Retail Gazette.
K-beauty’s Grace raises US$5 million in Series B funding
SKS Capital has been named as the leading investor in a US$5 million Series B funding round for Korea’s largest aggregator of international health and beauty brands, Grace.
Johnson & Johnson’s Kenvue valued at US$40 billion as it prepares to float
Johnson & Johnson’s Consumer Health unit, Kenvue has been valued at US$40 billion as it prepares to list later this year. The manufacturer of Aveeno hopes to raise some US$3.5 billion via the IPO, according to a report published by CNBC quoting the Wall Street Journal.
Henkel agrees sale of Russian unit
Henkel has agreed to sell its business activities in Russia to a consortium of local financial investors for approximately €600 million. The German manufacturer of Schwarzkopf announced its plan to exit the Russian market in April 2022.
Lush ushers in above-inflation pay rise for UK staff
Employees of UK-based ethical cosmetics brand, Lush will receive a welcome pay rise this month, according to a report published by Business Live. The UK bath bomb manufacturer pays the Real Living Wage, which will increase to £10.90 per hour; or £11.95 per hour for London-based staff.
Counterfeit cosmetics ‘rife’ on TikTok Shop
TikTok is profiting from the sale of fake beauty products, according to a report published by The Observer newspaper.
L’Oréal eyes Asian start-ups with investment in DSG Consumer Partners
L’Oréal has invested in Singaporean venture capital firm, DSG Consumer Partners, according to a report published by Mint.
P&G Q3 2023: Organic sales rise 7 percent, EPS up 3 percent
Procter & Gamble has announced its results for the third quarter of fiscal 2023. The US FMCG giant saw net sales rise 4 percent yoy (organic sales grew 7 percent) to hit US$20.1 billion. Diluted net earnings per share were US$1.37, up 3 percent versus the prior year period.
L’Oréal Fund for Nature selects three new recipients
L’Oréal has announced three new recipients of its Fund for Nature Regeneration: NetZero, ReforesTerra and Mangroves Now. The latest projects were selected following due diligence and based on key criteria including business model readiness, economic viability, and positive environmental and social impacts.
AmorePacific debuts bespoke skin care based on genetic testing
AmorePacific has signed a contract with LabGenomics which will see the Korean cosmetics behemoth offer its customers a DTC genetic testing service, which would then inform a bespoke skin care program, according to a report published by the Korea Biomedical review.
Bed, Bath & Beyond on brink of bankruptcy once more
Bed, Bath & Beyond is once again preparing to file for Chapter 11 proceedings, according to a report published by The Wall Street Journal.
Gucci premises inspected by European Commission over anti-trust concerns
Kering has announced that the Italian premises of its Gucci brand are being inspected by the European Commission as part of a preliminary investigation into the fashion sector in several countries under EU antitrust rules.
Johnson & Johnson Q1 2023: Sales up 5.6 percent to US$24.7 billion
Johnson & Johnson has announced its results for the first quarter of fiscal 2023. The company reported sales growth of 5.6 percent bringing total revenue to US$24.746 billion, although net earnings dropped into negative territory due to a one-time charge.
L’Oréal achieves impressive Q1 sales; reports a ‘very strong start’
L’Oréal has reported a strong Q1, with sales reaching 10.38 billion euros, an increase of 13.0 percent on like-for-like basis and, 14.6 percent based on reported figures.
Korea’s duty free players see Q1 sales surge as the industry rebounds
Korea’s top duty free companies have all seen a strong Q1, thanks to more countries opening borders to visitors post-COVID, according to a report by Pulse News.
Kim Kardashian’s private equity firm bolsters leadership with Wall Street talent
Kim Kardashian-owned private equity firm SKKY Partners has hired a slew of Wall Street financial industry professionals, including a new Chief Operating Officer Kaitlin May.
The Body Shop ‘enters its next chapter’ with Chief Executive David Boynton stepping down
The Body Shop has stated it is in entering a new chapter with David Boynton stepping down as Chief Executive, and Ian Bickley, a Natura &Co Board Director, taking the helm as interim CEO.
Dior opens new spa aboard the Belmond luxury Royal Scotsman train
Dior has opened a new spa carriage aboard the Royal Scotsman, a Belmond train, according to CLAD News.
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