Ralph Lauren’s Race to Greatness Takes Off in Fortnite
Luxury fashion brand Ralph Lauren is set to make a digital splash by launching an immersive branded world called “Race to Greatness” within the popular online game Fortnite on August 3. The virtual island will embody the adventurous spirit of Polo and engage players in a unique and interactive experience. Additionally, Ralph Lauren will debut the limited-edition Polo x Fortnite P-Wing Boot for retail, inspired by the digital boot from the original Polo Stadium Collection in Fortnite. This ‘phygital’ product will be available exclusively on RalphLauren.com, offering fans a tangible connection to the virtual realm.
Farfetch Appoints Tim Stone as New CFO
Farfetch, the leading global platform for luxury fashion, has named Tim Stone as its new Chief Financial Officer. With over two decades of experience in senior financial and CFO roles at prestigious companies like Amazon and Ford Motor Company, Stone is expected to bring valuable expertise to Farfetch. He will assume his new role next month, contributing to the company’s financial strategies and growth plans.
e.l.f. Beauty Reports Impressive Q2 Results with 76% Sales Growth
e.l.f. Beauty, the innovative cosmetics company, reported outstanding results for the three months ended June 30. The company achieved an impressive 76% growth in net sales, primarily driven by robust performance in both retail and e-commerce channels. This stellar performance also translated into a 260 basis points increase in market share in Q1. Adjusted EBITDA soared to $74.3 million, accounting for 34% of net sales, marking a remarkable 135% year-on-year growth. With net income reaching $53 million on a GAAP basis and adjusted net income at $62.9 million, e.l.f. Beauty continues to showcase its resilience and success in the beauty industry.
Frasers Group Reviews House of Fraser Stores Amidst Global Department Store Woes
Frasers Group, owner of the UK department store chain House of Fraser, is facing challenges in the retail landscape and is considering store closures. CEO Michael Murray stated that the department store concept globally is facing difficulties, leading the company to continually review its portfolio. Some House of Fraser stores are deemed too large, and the company is actively seeking solutions for the excess space. Frasers Group has significantly reduced the number of House of Fraser stores since acquiring the chain in 2018.
Petar Petrov Files for Self-Administration and Restructuring
Vienna-based womenswear label Petar Petrov has filed for self-administration in Austria to initiate a restructuring process. The 15-year-old label is facing liabilities of around €3.6 million. Creditors are expected to receive approximately 30% of what they are owed. Founder Petar Petrov is anticipated to retain control of the company during this restructuring phase.
Kao Corporation Acquires Australian Brand Bondi Sands
Kao Corporation, the owner of renowned beauty brands such as John Frieda, Jergens, Curél, and Bioré, is set to expand its portfolio with the acquisition of Australian suncare brand, Bondi Sands. The specific sum for the acquisition remains undisclosed. Bondi Sands has established a strong presence in over 32 countries, including Australia, the UK, and the US, and holds a leading position in the self-tanning market.
