Fast Retailing has cut its annual profit outlook as extra Covid restrictions in Japan and elsewhere dented footfall. But its nine-month and Q3 performances were broadly strong and Theory improved in the latest quarter.
As it continues efforts to rightsize its portfolio and repay its debt, Hong Kong’s Global Brands Group has announced the sale of its Spyder business in Korea to Alpha Vista Investment Co. for $40 million.
Fast Retailing released H1 results on Thursday, plus its Japanese Uniqlo performance for March. Both reports showed the business is doing well in general, even if the H1 figures showed some smaller brands struggling.
The label managed to limit its 2020 sales shortfall to 10% and is bolstering its licensing strategy, announcing a new partnership for underwear and swimwear, two key categories, with Italian manufacturer Area B.