Today’s news in brief-8/2/24

Farfetch has appointed Akshay Navle as a new director amidst shareholder discontent following the company’s sale to Coupang. Navle, who had previously served as chief product officer at Deliveroo and co-founded Maple, brought valuable experience to the company. Farfetch’s decision to remain silent on shareholder concerns hinted at ongoing turbulence.

VF Corporation, the parent company of renowned brands like Vans and The North Face, faced a 16% revenue decline in the last quarter of 2023, prompting CFO Matt Puckett’s departure. Despite challenges, the company maintained its free cash flow guidance for fiscal year 2024 and embarked on a strategic review of its brand portfolio.

Kering, the luxury fashion group behind Gucci and Yves Saint Laurent, reported a 4% revenue drop in 2023, attributing it to exchange rate fluctuations. Despite this, the company remained focused on enhancing its Houses’ exclusivity and eyed future growth through investments and acquisitions in the beauty market.

Revolution Beauty unveiled a turnaround strategy aimed at achieving £1bn in sales by 2030. The plan emphasised investment in the Revolution brand, SKU reduction, and global expansion. Despite downgrading its full-year guidance, the company remained optimistic about long-term growth prospects.

Watches of Switzerland experienced a 1% revenue decline, primarily due to sluggish luxury watch sales amidst subdued demand. The company reaffirmed its guidance for the fiscal year, expecting similar trading conditions to persist.

Primark celebrated 50 years on the Great British High Street with over £100m investment in UK stores. The investment included new store openings, extensions, and refurbishments, signalling the company’s commitment to growth and sustainability.