Weekly News: Weekly News: Swarovski opens first Italian flagship shop in Milan, Nike laid off about 740 employees

SK-II sales continue to fall

Procter & Gamble has released its results for the third quarter of its fiscal year 2024, which ended on 31 March 2024. The company reported sales of approximately US$20.2 billion, representing a 1% increase year-on-year. Revenue also saw a 5% year-on-year growth, reaching US$4.46 billion. Profit increased by 10% year-on-year to US$3.781 billion, while net income attributable to the company's shareholders grew by 11% year-on-year to US$3.754 billion. Gross margins expanded by 300 basis points to 51.2%. By segment, the Beauty segment recorded a 3% increase in organic sales year-on-year, with low single-digit organic sales declines in Skin and Personal Care driven by lower SK-II sales. Organic sales in the Men's Care segment increased by 10% year-on-year, while organic sales in the Health Care segment grew by 2% year-on-year. Organic sales in the Fabric and Home Care segment advanced by 3% year-on-year, and organic sales in the Baby and Home Care segment remained flat year-on-year.

Nike laid off about 740 employees

Following the issuance of a profit warning for the first half of fiscal 2025, Nike has announced plans to lay off approximately 740 employees at its global headquarters in Oregon, which will commence on 28 June. The layoffs are part of Nike's $2 billion cost-savings plan over the next three years, which was announced in December last year. In February, the company also announced plans to reduce its global workforce by approximately 2 per cent, or more than 1,600 positions.

Alexander McQueen appoints chief brand and communications officer

Kering Group's Alexander McQueen has appointed Gaelle Collet as chief brand and communications officer, effective 15 May. Ms. Collet will report directly to the brand's CEO, Gianfilippo Testa. Ms. Collet succeeds Julia Goddard, the brand's president of EMEA, who recently left to join British fashion retailer Harvey Nichols.

Gaelle Collet has previously worked as a consultant for Spanish beauty groups Puig and Schiaparelli, and has held PR and communications roles at luxury brands such as Saint Laurent, Dior and Chanel. Prior to this appointment, she spent nearly five years at Celine, where she was the brand's global PR and media director.

Swarovski opens first Italian flagship shop in Milan

Following the opening of flagship stores on Fifth Avenue in New York and Island Hill Park in Seoul last autumn, Swarovski is opening its first Italian flagship store in Milan's Piazza Grande. The store, designed by Global Creative Director Giovanna Engelbert, covers 550 square metres over three floors. In addition to the full Swarovski collection, the flagship shop has partnered with global brands such as Aquazzura and Golden Goose to launch the Swarovski Man-Made Diamonds Fine Jewellery Collection, which will be showcased for the first time in Europe in the Laboratory Cultured Diamonds Salon area.

lululemon to lay off about 128 workers, shares down 32 per cent year to date

Canadian yoga apparel brand lululemon has announced that it will be laying off approximately 128 employees starting June 21. This is due to the opening of a large new warehouse outside Los Angeles in the U.S. and the planned closure of its Washington, D.C.-based distribution centre at the end of the year. The company has recently filed a notice with the state's Department of Employment Security and said that some of the retained employees will be transferred to other distribution centres. It is worth noting that the lease of the closed distribution centre will expire in July 2025.

Earlier, the company stated that revenues and profits were lower than expected, primarily due to a decline in demand for high-end athleisure products in North America. The company anticipates revenue of $10.7 billion to $10.8 billion for fiscal 2024, compared with analysts' expectations of $10.9 billion. To date, Lululemon shares have declined by 32% to $352.4, with a market capitalisation of approximately $42.6 billion.