Prada SpA has revealed a 59.5 per cent increase in net profit for its first half, thanks to continued spending and expansion in the Asian market. Despite the result, Prada didn’t manage to beat analysts' forecasts for the period: net profit for the first six months of the year in at EUR 286.4 million, just missing the EUR 290.3 million expected from six analysts polled by Thomson Reuters.
It looks like there’s no stopping the British fashion house, who on Wednesday reported pre-tax profits up 24 per cent to £366 million, with sales also rising 24 per cent to £1.86 billion. Having pursued an aggressive expansion rate into emerging markets, Burberry said the Asia Pacific region now accounted for 37 per cent of both retail and wholesale revenue.
The Juicy Couture, Kate Spade and Lucky Brand owner has officially changed its name to Fifth & Pacific Companies. As part of a move announced earlier this year, Fifth & Pacific Companies will now trade on the New York Stock Exchange under ‘FNP’, as the apparel group looks to focus on the global scale of its lifestyle brands.
The Australian underwear manufacturer on Tuesday revealed takeover talks with interested parties had ended without an offer being made. According to Reuters, private equity group KKR&Co approached Pacific Brands with regards to a buyout bid worth a reported USD 614 million back in January this year.
E-commerce sales in China are estimated to grow 20.41 per cent annually until 2016, according to the latest research from Forrester Research Inc. The Internet Retailer reported that Chinese e-commerce will generate USD 169.4 billion (GBP 106.15 billion) in sales this year alone. With a population surpassing 1.3 billion, China is already the leading e-commerce market in terms of sales for Asia-Pacific, although just 40 per cent of Chinese consumers purchase goods online.
The buy-out group has made an unsolicited approach to Pacific Brands, indicating a new trend for private equity firms keen to swoop on Australia’s struggling retail sector. The Clarks, Dunlop and Hush Puppies marketer on Tuesday confirmed it is holding preliminary discussions with KKR about the approach, but added there was “no certainty that these discussions will lead to any agreement being reached between the parties”.
Liz Claiborne has announced a new name and branding following the sale of its namesake label to J.C. Penney last year. After 36 years, Liz Claiborne will re-launch as Fifth & Pacific in May, favouring a name that reflects its New York and Los Angeles roots rather than a consumer brand. “We didn’t want a contrived name.
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