Today’s news in brief-26/10/23

Majestic Wines has marked a significant milestone by opening two new stores in one week, a feat not accomplished in a decade. The first store, located in Chippenham, was reopened four years after its closure by previous management. The second, the largest in Wales, is the second-largest in the company's 207-store UK portfolio. These new additions, along with previous openings in Rugby and Newark, mark four new store launches in 2023/24. The company plans to continue this expansion, aiming for one new store per month, including a smaller format store in London’s Crouch End in November. The Chippenham and Monmouth stores will also support Majestic’s growing B2B division, Majestic Commercial. Second-hand online marketplace Vinted is exploring a secondary share sale worth over €200m as it positions itself in the sustainable fashion movement. The company is working with Morgan Stanley to evaluate its capital structure in preparation for a potential initial public offering. While considering options for both new and existing shares, Vinted's valuation could surpass its previous €3.5bn mark from May 2021. In 2022, the platform saw a 51% increase in revenue to €370.2m, coupled with a significant reduction in pre-tax losses. Luxury conglomerate Kering Group, owner of brands like Gucci, Yves Saint Laurent, and Bottega Veneta, reported a 13% drop in Q3 group revenues, amounting to €4.5bn. The decline is attributed to a 6% drop in revenues from its directly operated retail network, reflecting lower foot traffic and regional disparities. Within the group, Gucci and Bottega Veneta experienced revenue drops of 14% and 13%, while Yves Saint Laurent saw a 16% decrease. Despite the challenges, Gucci unveiled its new creative collection during the quarter, and Yves Saint Laurent made progress in women’s ready-to-wear. Kering Group generated €14.6bn in revenue for the first nine months of the year. The Very Group reported a significant drop in profit before tax, falling to £4.6m for the 52 weeks ending 1 July 2023, representing a 92% decrease from the previous year's £63.9m. This drop is attributed to increased funding costs, which rose by 43.5% during the period. Additionally, adjusted EBITDA decreased by 5% to £276.5m. Despite these declines, the company's revenue increased by 1.9% to £1.82bn, with Very Finance revenue growing by 6.1% to £422.1m. Inditex, the parent company of Zara, has entered into a strategic partnership with Ambercycle, a Los Angeles material science firm, to scale textile-to-textile recycled polyester. This collaboration includes a three-year agreement for Inditex to purchase a significant portion of Cycora, an innovative material made from recycled polyester waste, for over €70m. This investment will support the construction of Ambercycle’s first large-scale textile regeneration factory. Inditex aims to have 100% of its textile products made from environmentally friendly materials by 2030, with 25% from next-generation materials. This partnership aligns with Inditex’s commitment to sustainable and circular solutions through its Sustainability Innovation Hub.

Today’s news in brief-26/10/23

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