TODAY'S MUST READThis week, the gemstone giant said it would exit the fast-growing lab-grown diamond sector to focus on marketing the “unique attributes” of natural stones. Stakes are high after sales plummeted in 2023, and as owner Anglo-American explores a sale or spin-off.
TODAY'S MUST READThis week, the gemstone giant said it would exit the fast-growing lab-grown diamond sector to focus on marketing the “unique attributes” of natural stones. Stakes are high after sales plummeted in 2023, and as owner Anglo-American explores a sale or spin-off.
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The move, which may catch many merchants in the region by surprise, reflects ByteDance’s objective of entrenching itself in the US as a way to prove its value to domestic merchants and consumers.
Shares in Nordstrom dropped nearly 5 percent in after-market trading. The company, which sells pricier clothes, shoes, and accessories, beat first-quarter revenue expectations.
Lower input costs and normalising prices for its products has also helped support margin growth at the company.
Sun Choe will join the Vans leadership team as the brand tries to revive its flagging sales.
The company’s turnaround strategy to lower promotions and focus on right product assortment is yielding results after weak growth last year due to lacklustre demand and supply chain issues.
Chief executive officer Mary Dillon is looking to diversify the retailer’s brand offerings, expand loyalty programmes and open new store formats.
The company has also been expanding its own store base to boost full-price selling in its direct-to-consumer channel, where its products are sold largely above the average selling price at wholesale shops.
LVMH-backed private equity firm L Catterton expands its investment in the business following an earlier seed round.
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