Apparel Retail

"The numbers speak for themselves. We are currently not performing the way we should", Adidas CEO Bjørn Gulden said in a press release.Jeremy Moeller / Contributor / Getty ImagesAdidas on Wednesday reported a big fourth-quarter loss and slashed its dividend after the costly termination of its partnership with Kanye West's Yeezy brand in October.The German sportswear giant posted a fourth-quarter operating loss of 724 million euros ( $763 million ) and a net loss from continuing operations of 482 million euros. The company…

A salesperson showing the limited edition launched by Emporio Armani to welcome the Year of the Tiger at a duty-free store in Haikou, south China's Hainan Province, January 15, 2022.Zhou Huimin | Xinhua News Agency | Getty ImagesStocks of many luxury fashion houses reliant on Chinese consumers rallied on China's reopening, but those customers may not necessarily be buying the goods overseas.In the past, trips abroad often included personal luxury purchases for affluent Chinese consumers looking to take advantage of…

Nike is suing Lululemon for patent infringement related to at least four of the apparel company's shoes, extending a contentious legal history between the two companies.In the complaint, filed Monday in Manhattan federal court, Nike claims it has suffered economic harm and irreparable injury as a result of Lululemon's sale of the Chargefeel Mid, Chargefeel Low, Blissfeel and Strongfeel shoes.Nike said its three patent claims focus on textile elements, including knitted elements, webbed areas and tubular structures on the…

A pair of Levi's selvedge denim jeans arranged in Louisville, Kentucky.Luke Sharrett | Bloomberg | Getty ImagesLevi Strauss on Wednesday posted earnings and revenue that topped Wall Street's expectations. Shares of the company rose in after-hours trading as the company also offered upbeat sales guidance for its new fiscal year.Here's how Levi did in its fiscal fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:Earnings per share: 34 cents, adjusted, vs. 29 cents…

Fast fashion is big business, but it is also a big polluter, responsible for about 10% of global carbon emissions. Roughly 70% of the $3 trillion fashion industry is comprised of articles made from synthetics or petrochemicals.While some companies are claiming sustainable clothing lines, there is a very wide variance in what that means. For some the carbon reduction is in the manufacturing, while for others it is in the clothing itself.The market for plant-based clothing is growing fast, shown by companies like Activ…

Peter Cade | Stone | Getty ImagesLuxury shoppers are getting wealthier and younger, with purchases by some of the newest consumers expected to grow three times faster than older generations over the next decade, according to a new report.Generation Y, also known as millennials, and Generation Z accounted for all of the luxury market's growth last year, according to a report from Bain & Co. Spending by Gen Z and the even younger Generation Alpha, or those under 13, is expected to make up a third of the luxury market…

Jennifer Hyman, Rent the RunwayScott Mlyn | CNBCRent the Runway began selling its secondhand luxury clothes Thursday on Amazon as the subscription-based startup continues to chase profitability. Hundreds of items from the company's "pre-loved" collection, plus new, never-worn pieces from its "design collective," can now be purchased directly from Amazon through a virtual Rent the Runway storefront. Secondhand items from more than 35 brands, including Tory Sport, rag & bone, Tibi, sita murt and Kate Spade, will be…

Handbags displayed in a Chanel SA store window at the Avenuel department store, operated by Lotte Shopping Co Ltd., in Seoul, South Korea, on Tuesday, Dec. 14, 2021.SeongJoon Cho | Bloomberg | Getty ImagesWhether it's calf-leather Italian Prada bags or classic, checkered British Burberry trench coats, South Koreans are the world's biggest spenders on personal luxury goods per capita, Morgan Stanley said.The investment bank estimated South Korean total spending on personal luxury goods grew 24% in 2022 to $16.8 billion, or…

Nike CEO John Donahoe said Thursday the company is "really focused" on Gen Z consumers in China and that the athletic apparel retailer is continuing to see strong demand in the region, even amid Covid-related disruptions. "We're still the number one cool and favorite brand in Shanghai and in Beijing. We're really focused on the Gen Z consumer in China, we saw a very good response from the Gen Z consumer who wants the most innovative products and wants brands that are globally relevant," Donahoe told CNBC's "Closing Bell."…

Katrina Lake, CEO of Stitch FixAdam Jeffery | CNBCStitch Fix founder Katrina Lake on Thursday told employees the company will be cutting 20% of its salaried workforce and she will reassume her post as CEO as the fledgling apparel company continues to grapple with low sales, a dwindling customer base and a reduced market cap.The brand's current CEO, Elizabeth Spaulding, who joined the company as president in 2020 and took over as CEO in August 2021, will be stepping down effective immediately, Lake said."I will be stepping…