Kering issues luxury profit warning, Gucci sales to plunge 20%
A Gucci store at Harbour City shopping mall, operated by Wharf Holdings Ltd., in Hong Kong, China, on Friday, June 2, 2023. Bloomberg | Getty Images Shares of French luxury…
LVMH shares jump 8% as earnings point to luxury sector resilience
Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, speaks during a press conference to present the 2023 annual results of LVMH in Paris, France, January 25, 2024.…
Online retailer Temu files fresh lawsuit against rival Shein in U.S.
Global online shopping platform Temu is already climbing the ranks in the U.S. Apple Store. Bloomberg | Bloomberg | Getty Images Chinese low-cost online retailer Temu has launched a new…
PDD’s Temu grows at record pace in Asia, overtaking Shein in app stores
A package from Temu is seen in front of a screen with the Temu logo. (Photo by Nikos Pekiaridis/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty Images Chinese low-cost…
TikTok halts e-commerce service in Indonesia following ban
A merchant sells crystal ornaments via a live TikTok broadcast. CFOTO | Future Publishing | Getty Images TikTok Indonesia said it will end transactions on its e-commerce marketplace by Thursday,…
Billionaire Bernard Arnault hits back at ‘absurd’ and ‘senseless’ money laundering allegations
World’s top luxury group LVMH head Bernard Arnault presents the group’s annual results 2022 in Paris on January 26, 2023. Stefano Rellandini | AFP | Getty Images Billionaire LVMH CEO…
Carousell says on track to profitability, set to reduce losses in 2023
Secondhand goods marketplace Carousell expects to “healthily” reduce its losses this year, putting it on track to profitability, the firm’s CEO told CNBC. “This year, we continue to expect revenue…
Fanatics-backed Mitchell & Ness hires Nike executive as CEO
Mitchell & Ness was founded in 1904 in Philadelphia, Pennsylvania. Source: Fanatics Mitchell & Ness, the lifestyle clothing brand known for its throwback and vintage jerseys and apparel that was…
How NBA star Damian Lillard turned foot injury into a sneaker business
Damian Lillard of the Portland Trail Blazers dribbles against the New York Knicks at Moda Center on March 14, 2023 in Portland, Oregon. Alika Jenner | Getty Images Sport While…
Temu accused of data risks amid TikTok, Pinduoduo fears
In just 17 days after launch, Temu surpassed Instagram, WhatsApp, Snapchat and Shein on the Apple App Store in the U.S., according to Apptopia data shared with CNBC. Stefani Reynolds…