The French luxury group, owner of brands such as Gucci, Balenciaga and Saint Laurent, entered last Monday the Euro Stoxx 50 index, which encompasses the fifty largest listed stocks in the Eurozone by free-float market capitalization.
As of February 2018, the Madrid-based department store group operated with 94 centers in Spain and Portugal. Two of El Corte Inglés real estate assets are worth over 500 million euros each, while the majority are near the 200-million price tag.
Under its new name, the company will encompass the Michael Kors, Jimmy Choo and Versace brands. The group announcement comes a year after its rival Coach also renamed itself as Tapestry after taking over Kate Spade.
The executive joins the French luxury group after being chief executive officer at natural cosmetics company Yves Rocher. In parallel, LVMH has named Fréderic Arnault as strategy and digital director of Tag Heuer.
Andrea Pesaresi will join the American company on October 15. He has a longstanding career in the fashion industry, after working for 25 years at Ermenegildo Zegna.
The sportswear company will lay off around 400 employees in the next few months. The reduction of personnel will be completed by March 2019 and it will involve additional restructuring costs of ten million dollars (8.56 million euros).
The American clothing retailer has just introduced Hill City, focused on activewear apparel for men’s. This has been the group’s first portfolio addition since acquiring the Athleta brand. Hill City joins Gap, Banana Republic and Old Navy.
The American department store chain has intensified its efforts to become an omnichannel retailer by leveraging technology in the brick-and-mortar business.
The American sportswear group has reorganized its governance structure by creating a single general management for Spain, Portugal, Italy and Greece. The company has appointed Ignacio Serrat to be at the helm of the business in the region.
Artémis, the Pinault family investment vehicle, already owned a 40% stake in the historical French company and now has raised its share to 100%.
The fashion group posted sales of 15.45 billion Hong Kong dollars (1.68 billion euros) during fiscal 2018 (ended 30 June), 3% less than in the previous year.
The French group has become a shareholder of the luxury watches manufacturer, based in Geneva (Switzerland) and founded by François-Paul Journe in the eighties.
Until now, the Spanish company has been led by Co-CEO’s Alberto Ojinaga and David Meire. At the same time, the group has reorganized its internal teams by geographic areas instead of distribution channels.
L Brands, which also runs the Bath&Body Works and La Senza retail chain, has announced the closure of all Henri Bendel stores and its ecommerce platform in early 2019. Currently, the brand operates with 23 shops in the United States.
The Spanish group, owner of Zara, has recruited Patricia Sancho, at the helm of the British womenswear label for the last couple of years, as deputy managing director of Tempe, Inditex’s subsidiary for the shoe business of all retail chains.
All economic news of the key fashion companies worldwide.
