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Adidas reportedly mulling sale of Reebok as early as March

German sportswear giant Adidas is reportedly mulling a sale of Reebok and could be looking to offload it as early as March 2021. Chinese sportswear giant Anta Sports and VF Corp, the US company behind brands Vans, The North Face and Timberland, could be among interested bidders, according to German business publication Manager-Magazine, though it didn’t provide a source. Neither Adidas or Reebok have yet commented on the report. Adidas looks to offload Reebok The publication also said Adidas has written down the book value of Reebok by almost half to 842 million euros in the past two years. If it were to go ahead, the deal would put an end to a relationship that hasn’t been as fruitful as...

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Moncler posts 15 percent revenue decline in Q3

For the first nine months of 2020, Moncler said that the company recorded revenues of 765.1 million euros, a decrease of 23 percent at current exchange and of 22 percent at constant exchange rates impacted by the Covid-19 pandemic, whose effects continued also in the third quarter of this year, although with lesser effects. In the third quarter, Moncler registered revenues of 361,8 million euros, a 15 percent decrease at current exchange and 14 percent at constant exchange rates. Commenting on the company’s performance, Remo Ruffini, Moncler’s Chairman and CEO, said in a statement: “We ended the third quarter with better results than we expected. Not only is the Chinese market seeing high and constantly improving growth rates, but other...

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Moncler posts 15 percent revenue decline in Q3

For the first nine months of 2020, Moncler said that the company recorded revenues of 765.1 million euros, a decrease of 23 percent at current exchange and of 22 percent at constant exchange rates impacted by the Covid-19 pandemic, whose effects continued also in the third quarter of this year, although with lesser effects. In the third quarter, Moncler registered revenues of 361,8 million euros, a 15 percent decrease at current exchange and 14 percent at constant exchange rates. Commenting on the company’s performance, Remo Ruffini, Moncler’s Chairman and CEO, said in a statement: “We ended the third quarter with better results than we expected. Not only is the Chinese market seeing high and constantly improving growth rates, but other...

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Kering's luxury houses report positive sales growth in Q3

Kering’s consolidated revenue in the third quarter totalled 3,717.7 million euros, down 4.3 percent as reported and 1.2 percent on a comparable basis. This performance, the company said, represents a sharp rebound compared with the year-on-year contraction of 43.5 percent as reported and 43.7 percent on a comparable basis posted in the second quarter of 2020. Revenue from the group’s houses amounted to 3,600.1 million euros in the quarter, down 4.7 percent as reported and 1.6 percent on a comparable basis. “In a tough environment, Kering achieved substantial revenue recovery in the third quarter. The creativity of each of our Houses and the agility of our organization led to a sharp rebound in sales, nearly matching the level of the...

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Hermès reports positive sales momentum in Q3

After a second quarter marked by the health and economic crisis, Hermès said, sales in the third quarter increased 7 percent at constant exchange and 4 percent at current exchange rates driven by positive activity in the group’s stores, up 12 percent at constant exchange, momentum in Asia and an improvement in all other geographical areas. At the end of September 2020, the group’s consolidated revenue amounted to 4,288 million euros, down 14 percent at current and constant exchange rates. Commenting on the trading results, Axel Dumas, Executive Chairman of Hermès, said in a statement: “In 2020, we are seeing the affirmation of major strategic commitments with social and environmental responsibility, the digitalisation of uses and lifestyles, as well as...

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