Vinted, an online platform for second-hand clothing, raised 250 million euros to support its further expansion. During the financing round, the Lithuanian company was estimated to be worth 3.5 billion euros.
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L Brands, the holding company of Victoria's Secret, is splitting off the lingerie formula. After a previous sales attempt failed, Victoria's Secret is now left to fend for itself.
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Miinto saw its revenue rise by almost 70 per cent in the first quarter. The Danish fashion platform also appoints new board members.
Sporting goods group Adidas has started the year extremely well, with a reported increase in sales of 20%. Especially the footwear division did very well.
H&M is launching Itsapark in Germany. It is an online platform dedicated to sustainable fashion and home furnishings. The platform provides detailed information to enable customers to choose the sustainable aspects they consider to be important.
After a stunning first quarter, Zalando is raising its outlook for the full year. The fashion platform is also investing heavily in the expansion of its logistics network.
A.S. Adventure Group is changing its name and will become Yonderland. It is a consequence of a financial restructuring at the group, which has recently reached a debt restructuring agreement.
French online fashion outlet Showroomprivé has increased its sales by more than 50 % during the first quarter. The platform now wants to switch entirely to dropshipping.
Puma has had a strong first quarter. Despite some production problems, it looks like the company is recovering after a difficult pandemic year 2020.
In an effort to boost its sustainability, LVMH has launched Nona Source, an online platform that sells unused fabric and leather supplies from the group's fashion labels at great discounts.
GrandVision, the parent company of Pearle and Eye Wish, does not seem to be affected much by the Covid crisis. In its first quarter, sales remained more or less stable.
LVMH is increasing its stake in the Italian fashion company Tod's. The leather goods manufacturer is struggling financially and calls the move "friendly support".
The fast-fashion industry is facing a massive challenge if analysts at major bank UBS are to be believed. In the following five to ten years, the consumers' increased focus on sustainability could cause large corporations such as Zara, H&M and Primark to lose up to 30 per cent of their profits.
Victor and William Fung, the brothers who are two of the main shareholders in Belgian luxury brand Delvaux, are said to be looking to sell their stake in the 192 years old hand bag producer.
H&M is launching a remarkable initiative: under the name "One/Second/Suit", the fashion giant will rent out suits for men. According to the Swedes, this is aimed primarily at men who are applying for new jobs.
FNG may keep the e-commerce platform Ellos (for now) after all: the fashion group, formerly also the owner of Brantano, is paying the disgruntled former owner Nordic Capital 100 million euros. Together they will ensure a relaunch.