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Shein’s profits said to plunge 70% as Temu and Zara challenge its dominance

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Shein’s profits said to plunge 70% as Temu and Zara challenge its dominance

Chinese-founded fast-fashion giant Shein saw profits plunge over 70 per cent in the first half of 2024 due to fierce competition from rivals such as PDD Holdings’ Temu, according to a report by The Information. Revenue growth of the Singapore-registered company slowed to 23 per cent during the period, down from 40 per cent for … Read more

Hudson’s Bay Company to buy luxury retailer Neiman Marcus in $2.65B US deal

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Hudson’s Bay Company to buy luxury retailer Neiman Marcus in .65B US deal

Canadian retailer Hudson’s Bay Co. will buy luxury department store rival Neiman Marcus for $2.65 billion US, the company said Thursday. The deal was announced after months of speculation that HBC would buy the chain, whose website lists 36 U.S. locations selling designer apparel, accessories and housewares. HBC plans to group Neiman Marcus with its other international assets, including … Read more