Latest news with #918
The Star
3 days ago
- Business
- The Star
Less-expensive luxury fashion brands are slowly gaining ground, but why?
Ultra-luxury is losing its lustre – and mid-tier competitors are capitalising. Industry bellwether LVMH Moet Hennessy Louis Vuitton SE, which reported weaker-than-expected sales in the latest quarter, was accused of selling a Dior bag that costs about US$60 (approximately RM255) to make for US$2,800 (RM11,918). Meanwhile, Tapestry Inc's Coach is cashing in on cool with its US$495 (RM2,107) Tabby bag – a viral hit that costs a fraction of a similar shoulder bag from Dior or Chanel. That's just one example of how mid-tier luxury brands are weathering the current economic uncertainty better than their ultra-luxury and fast-fashion counterparts, as consumers seek quality and value without the sky-high prices amid a weaker global economy. "There's a bit of a backlash going on,' said Fflur Roberts, head of luxury goods at Euromonitor International. Consumers are questioning the true value behind the price, including how items are made and the cost versus what they're really worth, she said. Read more: Why Elf Beauty is banking big on Rhode, Hailey Bieber's fan-favourite brand As wealthy consumers trade down, mid-tier brands are performing increasingly well. Tapestry, which also owns the Kate Spade and Stuart Weitzman brands, recently raised its forecast for the year after reporting quarterly results ahead of analyst estimates. Amer Sports Inc, which owns premium sportswear brands Salomon and Arc'teryx, also increased its projections for the full year, while Michael Kors owner Capri Holdings Ltd and Hugo Boss AG both outperformed market expectations. Ralph Lauren Corp is another winner, offering a broad price range and maintaining appeal through its classic design, according to Bloomberg Intelligence senior retail analyst Mary Ross Gilbert. Same-store sales rose 13% in the three months through March 29, nearly double what analysts expected. Meanwhile, luxury giants Hermes International SCA and Gucci owner Kering SA joined LVMH in disappointing investors in the most recent earnings season, while privately-held Chanel Ltd's profit plunged. On the other end of the spectrum, fast fashion also struggling. "We've seen a more difficult environment,' said BI senior analyst Charles Allen. Higher Zara prices and fewer H&M promotions are deterring shoppers, he added. Zara owner Inditex SA, Hennes & Mauritz AB and Primark, owned by Associated British Foods Plc, all reported slower growth or missed targets, while JD Sports Fashion Plc's same-store sales fell 2% in the first quarter and are expected to drop again. Tariffs – a key reason for the luxury slowdown – leave retailers targeting value shoppers little wiggle room. Read more: Dior's first female head of womenswear, Maria Grazia Chiuri, steps down Uniqlo owner Fast Retailing Co already warned these could hurt future earnings, while H&M said it may raise prices to offset the impact, which could push shoppers further away. Still, some consumers may be returning to stores. Primark US sales grew in April – partly due to the Easter holiday shifting to the month, after shrinking the previous two months, according to observed sales data collected by Bloomberg. Meanwhile, US wages continued to grow in April, and the country is still at a full employment level with the unemployment rate at 4.2%. US spending in April, however, ground to a halt. "If people have money and see something tempting, they'll spend,' Allen said. "People don't always behave how they say they will.' – Bloomberg
New Straits Times
13-05-2025
- Business
- New Straits Times
Palm surges on stronger Dalian oils, weak ringgit
KUALA LUMPUR: Malaysian palm oil futures extended gains to the third straight session on Tuesday after a long weekend holiday, supported by stronger rival Dalian oils and a weak ringgit. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained RM104, or 2.73 per cent, to RM3,918 (US$905.48) a metric ton in early trade, the biggest daily gain since March 7. The market in Malaysia was closed on Monday for the Vesak holiday. FUNDAMENTALS Dalian's most-active soyoil contract rose 0.69 per cent, while its palm oil contract added 1.01 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) dropped 0.28 per cent. Palm oil tracks prices of rival edible oils as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, weakened 0.77 per cent against the US dollar, making the commodity cheaper for buyers holding foreign currencies. Oil prices eased on Tuesday from a two-week high reached in the previous session, after the US and China agreed to temporarily slash tariffs, sparking optimism that a trade war between the world's two biggest economies would come to an end. MARKET NEWS Asian stocks joined the global rally and the US dollar held on to most of its gains on Tuesday as investors heaved a sigh of relief after a temporary halt in the trade war between the US and China eased worries of a global recession.
New Straits Times
22-04-2025
- Business
- New Straits Times
Palm up on bargain buying, stronger ringgit; economic uncertainty limits gains
KUALA LUMPUR: Malaysian palm oil futures inched higher on Tuesday, and were set to snap six straight sessions of losses, supported by bargain buying but a stronger ringgit and continued economic uncertainty limited the gains. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange added 8 ringgit, or 0.2 per cent, to RM3,918 (US$895.5) a metric ton at the midday break. Crude palm oil futures were higher due to bargain buying as prices are currently at a discount compared to soyoil, said Anilkumar Bagani, commodity research head at Mumbai-based brokerage Sunvin Group. "Recovery in energy prices and soyoil along with improved demand from India has helped palm oil prices gain as well," he said. However, Bagani said that a stronger ringgit and the ongoing global economic uncertainty continued to dampen the gains. Dalian's most-active soyoil contract rose 0.65 per cent, while its palm oil contract lost 0.12 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) were up 0.43 per cent. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices climbed in early trade as investors took advantage of Monday's losses to cover short positions, although concerns persisted over economic headwinds from tariffs that could dampen fuel demand. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.18 per cent against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Indonesia's crude and refined palm oil exports dipped nearly 2 per cent month-on-month in March as local consumption rose due to Ramadan. However, shipments remained at a four-year high in March. Palm oil may fall further into the RM3,782-RM3,818 ringgit per metric ton range, as suggested by a projection analysis, Reuters technical analyst Wang Tao said.
Yahoo
27-03-2025
- Politics
- Yahoo
Florida considers easing child labor laws after pushing out immigrants
As Florida officials enable Trump's mass deportation policies, lawmakers in the state are looking to children to take on some of the jobs that have typically been done by immigrants. Making its way through the state Senate is a new law, Senate Bill 918, that aims to loosen child labor laws and allow teenagers to work overnight shifts. As CNN reported: The state's legislature on Tuesday advanced a bill that would loosen child labor laws, allowing children as young as 14 years old to work overnight shifts. If the new law is passed, teenagers would be able to work overnight jobs on school days. They are currently prevented from working earlier than 6:30 am or later than 11 pm per state law. S.B. 918 also 'includes a number of changes including eliminating working time restrictions on teenagers aged 14 and 15 if they are home-schooled and ending guaranteed meal breaks for 16 and 17 year olds,' CNN reported. Florida Gov. Ron DeSantis backs the law and has defended the idea of teenagers and college students working these jobs. DeSantis also explicitly linked the effort to the loss of immigrant labor. Speaking about the consequences of state verification laws at an event with border czar Tom Homan, the governor said, 'Yes, we had people that left because of those rules, but you've also been able to hire other people. And what's wrong with expecting our young people to be working part-time now?' In recent years, several states — many of them led by Republican governors — have rolled back child labor laws. This map from the Economic Policy Institute illustrates the spike in states rolling back these laws from 2021 to 2024. Back in 2023, for example, Arkansas Gov. Sarah Huckabee Sanders signed a bill that made it easier for companies to hire children without getting consent from their parents. One month earlier, The New York Times published a bombshell report about the exploitation of immigrant children in factories operated by some of the most well-known companies in the U.S. That story should have spurred a nationwide push to strengthen child labor laws. Instead, states like Florida are going in the opposite direction, weakening such laws in part to deal with the fallout from the conservative movement's demonization of immigrants. They're essentially using child labor to paper over the gaps left by their draconian immigration policies. Project 2025, the far-right playbook for Trump's second term, specifically calls for rolling back 'hazard' regulations around child labor. The text claims, 'Some young adults show an interest in inherently dangerous jobs' and argues that 'with parental consent and proper training, certain young adults should be allowed to learn and work in more dangerous occupations.' Even as child labor laws are being rolled back, the Trump administration is working to gut social services, including funds that help provide school lunches to children and programs, like the supplemental nutrition assistance program, that help feed poor families. And if those cuts stay in place, they may leave American families with few alternatives to sending their children to work to keep food on the table. This article was originally published on
