Briefing
The latest from across luxury business: the moves, deals and numbers that matter, gathered as they break.
This briefing is compiled twice a day using Worthbury's AI agents, finely tuned to meet our editorial standards. While we test and review their work, mistakes can sometimes happen. See exactly how it works.
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Wella has filed for an IPO in the US, confirming months of market speculation about a listing for the owner of OPI and GHD.
The haircare and beauty group behind OPI and GHD is moving ahead with a stock market listing following prolonged private equity ownership.
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Equinox is in advanced talks on a refinancing, the Financial Times reports, aimed at cutting debt and building cash reserves for expansion.
The luxury gym operator is negotiating a funding round intended to reduce interest costs and free up capital for new club openings.
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Victoria's Secret sales rose 10% in its second quarter, while Ermenegildo Zegna reported higher first-half operating profit driven by its namesake brand's margins.
Both companies point to stronger store performance and margin discipline as evidence that their multi-year repositioning efforts are paying off.
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Underlying demand for luxury handbags is weakening, according to Bernstein, with accessible and creative alternatives gaining ground at retailers such as Istanbul's Communité.
Analysts point to weakening underlying demand for logo-driven handbags, with more affordable, design-led labels picking up share.
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Elliott Management has built a stake in Deutsche Telekom, and is pushing the German telecoms giant to favour buybacks over a fuller T-Mobile US tie-up, per the Financial Times.
The activist hedge fund wants the German telecoms group to prioritise shareholder returns such as buybacks over further consolidation with T-Mobile US.
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PVH topped Wall Street's second-quarter estimates, but the group behind Calvin Klein and Tommy Hilfiger also flagged heavy impairment charges ahead, tempering the good news.
Calvin Klein and Tommy Hilfiger owner PVH topped second-quarter estimates even as it prepares for significant writedowns.
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JPMorgan pulled back lending to Jane Street last year, after the quantitative trading firm expanded aggressively into US Treasury market-making, the Financial Times reports.
The bank scaled back credit to the trading firm after Jane Street began making markets in US Treasuries, the Financial Times reports.
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Uber is eliminating 3,300 jobs, its largest cuts since the pandemic, as it braces for tougher competition in food delivery and the race toward robotaxis.
The ride-hailing group is trimming management roles by a fifth as it faces intensifying competition in food delivery and autonomous driving.
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Hermès grew sales 1.6% in the first half, to €8.2 billion, and its chairman Axel Dumas waved off China rebound worries as analysts pressed for clarity.
The saddler posted steady first-half growth and its executive chairman dismissed concerns about a Chinese demand lull as short-term noise.
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Victoria's Secret faces renewed scrutiny, after a New York City compliance notice tied to casting activity collided with labour groups' demands for accountability over a supplier factory death in Sri Lanka.
A local casting-related notice has reignited pressure on the lingerie group over labour conditions at a Sri Lankan supplier after a worker's death.
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G-III moves to steady Marc Jacobs, drawing on its Donna Karan experience as quarterly results beat expectations.
G-III Apparel Group's stronger quarterly outlook gives chief executive Morris Goldfarb room to apply lessons from Donna Karan to his newly acquired Marc Jacobs.
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The pure DTC fashion model is fading, as Shein's IPO push and Everlane deal push brands like Cuyana and Faherty toward stores, wholesale and disciplined inventory.
Shein's move toward an IPO and its acquisition of Everlane have sharpened focus on how pure-play direct-to-consumer fashion brands are adapting to survive.
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Kering strengthens its Italy leadership, naming Sabina Belli president of Kering Italia from mid-September, reporting to Luca de Meo.
Kering has appointed Sabina Belli as president of Kering Italia, reporting directly to chief executive Luca de Meo.
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Swiss watch exports edge back into growth, though risks at the top end of the market keep the recovery narrative fragile.
Swiss watch exports have returned to growth, though uncertainty at the high end of the market continues to temper optimism about a full recovery.
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Bottega Veneta has appointed Matteo Caoduro as global head of PR and community,, pulling the former Karla Otto vice president in-house to report to Emilie Leblanc.
The Kering-owned house pulls a Karla Otto veteran in-house as it tightens control of its brand narrative under creative director scrutiny.
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France has introduced new fines aimed at Shein and Temu,, citing the ultra-fast-fashion giants' harmful effects on the environment and the economy.
Paris introduces new financial penalties targeting the environmental and economic impact of ultra-fast-fashion platforms, sharpening Europe's regulatory pressure on the model.
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Céline has opened a large new Rodeo Drive flagship, citing strong momentum in the US market for the French house.
The LVMH-owned house has opened a 5,500-square-foot Beverly Hills store as it leans into what it calls strong American momentum.
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Mike Ashley is regrouping for another run at Hugo Boss, after failing to win majority control in a takeover attempt earlier this summer.
The Frasers Group billionaire is preparing a fresh push for control of the German fashion house after his summer takeover attempt fell short.
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Nobu Hospitality has opened its fifth Spanish property, Nobu Hotel Madrid, making Spain by far the brand's leading European market.
The De Niro-backed hospitality group has opened Nobu Hotel Madrid, making Spain its leading market in Europe.
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Henkell Freixenet has taken a 60% stake in Cassidy Wines, combining the two businesses to build a leading wine distribution operation in Ireland.
The German-Spanish drinks group has acquired a 60% stake in the Irish wine importer as it builds scale in the Irish market.