Latest news with #AnujaBharatMistry
The Star
a day ago
- Business
- The Star
Victoria's Secret says cyber incident led to temporary website shut down
FILE PHOTO: Shoppers stand in line as they wait for a Victoria's Secret store to open on Black Friday, at the Tysons Corner Center, in Tysons, Virginia, U.S., November 27, 2020. REUTERS/Hannah McKay/File Photo (Reuters) -Victoria's Secret on Tuesday disclosed that it detected a security incident relating to information technology systems, which led to the lingerie maker temporarily shutting down its website for roughly three days in late May. While the incident did not impact its financial results for the first quarter of fiscal year 2025, Victoria's Secret said it will be postponing the release of quarterly results. Peer Marks & Spencer as well as jewelry maker Cartier have also recently faced cyber security issues that impacted the functioning of their shopping websites. Victoria's Secret said it temporarily shut down its corporate systems and e-commerce website on May 26 and immediately enacted response protocols to contain and eradicate unauthorized network access. Its website was restored on May 29. The incident also affected some functions in Victoria's Secret and PINK stores, the company said, adding that these have now been restored. Shares of the company were up about 3% in premarket trading. (Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Mrigank Dhaniwala)
Time of India
23-05-2025
- Business
- Time of India
Ralph Lauren mulls price hikes as tariffs hurt sales forecast
By Anuja Bharat Mistry Ralph Lauren forecast tepid annual sales on Thursday and said it was weighing price increases, as the Trump administration's steep tariffs start to pressure consumer spending and margins. The company still beat fourth-quarter estimates for revenue and profit, thanks in part to increased marketing and investments in brands such as Polo and Purple Label, sending its shares about 2% higher in early trade. "We are assessing additional pricing actions for full-year 2025 and spring of 2026 to mitigate the potential impact of evolving tariffs," said CEO Patrice Louvet on a post-earnings call. That will be in addition to the proactive pricing Ralph Lauren has already planned for 2025 in North America and Asia, he said. The apparel retailer expects fiscal 2026 revenue to increase in the low-single digits from last year, including the impact of tariffs, inflationary pressures and spending challenges. Analysts estimate a rise of 4.39%, per data compiled by LSEG. "The outlook is far more modest. Weakening consumer sentiment and ongoing tensions from trade and geopolitical relations may dampen the appeal of iconic U.S. brands such as Ralph Lauren in overseas markets," said Sky Canaves , analyst with eMarketer. Ralph Lauren is among the retailers and luxury brands facing the brunt of unpredictable U.S. tariff shifts that have disrupted businesses and rattled shoppers worldwide. In fiscal 2025, the company sourced about 96% of its products from outside the U.S., with 12% coming from China, according to its annual filings. China is also a major market for Ralph Lauren products, after North America and Europe. While the recent 90-day trade truce between Washington and Beijing cut U.S. tariffs on China to 30% from an eye-watering 145%, the relief is expected to be brief for the Asian country's export-reliant economy. Ralph Lauren also said its gross margins would be squeezed in the second half of the year due to tariffs.
Business of Fashion
22-05-2025
- Business
- Business of Fashion
Ralph Lauren's Quarterly Results Beat Estimates on Steady Demand
Ralph Lauren surpassed fourth-quarter revenue and profit estimates on Thursday, helped by resilient demand for its classic Polo shirts and spring dresses, sending its shares up 3 percent in premarket trading. Its investments into brands including Polo and Purple Label, paired with stylish seasonal drops, have been helping the company win over younger and less price-sensitive shoppers. Ralph Lauren has also stepped up its marketing initiatives with campaigns including Summer Sports and the Hamptons fashion event, to help boost consumer engagement. However, it forecast annual revenue below estimates owing to pressures from uncertainty around US tariffs. Ralph Lauren is among the retailers and luxury brands facing the brunt of unpredictable US tariff shifts that have disrupted businesses and rattled shoppers worldwide. In fiscal 2024, the company sourced about 96 percent of its products from outside the US, with 15 percent coming from China, according to its annual filings. China is also a major market for Ralph Lauren products. While the recent 90-day trade truce between Washington and Beijing cut US tariffs on China to 30 percent from an eye-watering 145 percent, the relief is expected to be brief for China's export-reliant economy. Additionally, mounting pressure from a deepening property crisis in China and climbing unemployment has also clouded hopes for a strong economic rebound. Ralph Lauren expects fiscal 2026 revenue to increase in the low-single digits from last year, including the impact of tariffs, inflationary pressures and spending challenges. Analysts estimate a rise of 4.39 percent, per data compiled by LSEG. The company posted quarterly revenue of $1.70 billion, compared with estimates of $1.65 billion. It earned an adjusted profit of $2.27 per share, beating estimates of $2. By Anuja Bharat Mistry; Editor: Devika Syamnath Learn more: In Uncertain Times, Ralph Lauren Embraces '80s Excess The brand's autumn 2025 show harkened back to an earlier time when economic uncertainty and geopolitical tension were on Americans' minds.
Yahoo
16-05-2025
- Business
- Yahoo
'Big Short' investor Michael Burry doubles stake in cosmetics maker Estee Lauder
By Anuja Bharat Mistry (Reuters) -Michael Burry's Scion Asset Management has doubled its stake in Estee Lauder, at a time when the beauty giant's new CEO is steering the company through a transformation to overcome weak demand in key markets such as North America and China. The U.S. investor, whose bets against the U.S. housing market before the 2008 financial crisis were chronicled in the movie "The Big Short," now owns 200,000 shares of Estee valued at $13.2 million, according to a regulatory filing on Thursday. That is double the number of shares it held at the end of December last year. "Burry's bet suggests belief in Estee Lauder's ability to reclaim its status as a beauty powerhouse in an increasingly competitive global market," said Angeli Gianchandani, a global brand marketing expert at New York University. Since joining the company in January, Estee CEO Stephane de La Faverie has ramped up product launches and introduced new luxury price tiers in an attempt to revive demand after several quarters of slow growth. "I view this as a positive for Estee Lauder amid the CEO's effort to turn around the business, though the position size of the investment is not very large," said Morningstar analyst Dan Su. The recently announced 90-day truce in the global trade war between Washington and Beijing brings U.S. tariffs on China down to 30% from an eye-watering 145% level. The move is expected to ease some pressure on companies with a big exposure to China. Asia-Pacific region, which includes China, accounted for roughly 31% of Estee Lauder's total sales in fiscal 2024. Burry slashed the number of companies in his portfolio by roughly half, to seven, the regulatory filing showed. Estee's stock has lost 15% of its value so far this year. Its shares were up about 2% on Friday. Scion could not be immediately reached for comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-04-2025
- Business
- Yahoo
Capri aims to revive Michael Kors with lower prices, Amazon e-commerce sales
By Ananya Mariam Rajesh and Anuja Bharat Mistry (Reuters) - Capri Holdings may have to let go of its image as a luxury fashion house and bank on mid-tier pricing as well as a partnership with for its Michael Kors brand following its $1.4 billion sale of Versace to Prada. After Italy's Prada struck a deal to buy smaller rival Versace on Thursday, Capri CEO John Idol said that the company could make "accelerated strategic investments" in Michael Kors, the clothing and accessories brand it still holds in addition to footwear brand Jimmy Choo. Capri had been exploring alternatives for both Versace and Jimmy Choo after the $8.5 billion sale of Capri to peer and Coach-owner Tapestry fell apart in November. Sources viewed a deal for Jimmy Choo as more tricky given consumers have been favouring sneakers and more casual shoes over high heels. Meanwhile, in a rare move for a luxury brand and a signal that Capri is putting less emphasis on an upscale image for Michael Kors, Capri in March launched its first official Amazon storefront for the brand, allowing shoppers to buy handbags, clothing and accessories. "Michael Kors' availability on Amazon marks a significant shift - and not necessarily in the direction of luxury," said Angeli Gianchandani, adjunct instructor at New York University's School of Professional Studies. "While it may help drive volume and reach a broader audience, it also risks further diluting the brand's prestige." Michael Kors handbags at its retail outlet and website are priced from under $50 to more than $3,000 while on Amazon its purses and bags are sold for anywhere between $59 and $400. "(Amazon's) a great outlet for these companies to get rid of excess inventory, especially from the higher end markdowns," said Jamie Meyers, Securities Analyst at Laffer Tengler Investments. "So, it's certainly a move that makes perfect sense." Capri has also said it is reviewing pricing across categories to try to boost full-price sales. The attempt to revive growth could, however, take a hit from U.S. President Donald Trump's tariffs as nearly all Michael Kors products are made in Asia, according to Capri's annual report last May, although it did not specify individual countries. Jimmy Choo products are produced by specialists in Italy, supported by factories across Europe, with a small portion produced in Asia, according to the report. During a post-earnings call in February, Idol said that Capri had attempted to elevate Michael Kors' price points too quickly and going forward it would refocus on the heritage of the brand and align pricing architecture with historical levels. Michael Kors bought Versace for $2.2 billion in 2018 and named the group Capri, in a bid to take on larger European rivals such as Louis Vuitton-owner LVMH and Kering and widen its customer base. It acquired Jimmy Choo, whose shoes retail for as much as $5,000, the previous year. Capri has posted nearly ten quarters of revenue declines and lost out to local competition from Coach as it struggled to convince shoppers higher prices were worth paying. "The bottom line is Prada is a luxury company and Capri is not, in a sense, because Michael Kors is not really a luxury brand," Morningstar analyst David Swartz said. "It was not a great fit because Michael Kors is a primarily American mid-tier handbag maker." Sign in to access your portfolio
