Luxury goods stocks have been hammered in recent weeks by concerns about weakening demand in China and a looming trade war with the US. But the real picture is much more mixed, the chairman of Alibaba said on Monday.
Despite a moderate sales rise driven by a strong performance at its Champion brand, the apparel group reported a 15.7% decline in income in Q3 2018, impacted by a $14 million charge related to the Sears bankruptcy.
Sports Direct International Plc, the sportswear group controlled by billionaire Mike Ashley, said on Wednesday it had paid 8 million pounds ($10.2 million) to buy Evans Cycles after it fell into administration.
Oasis and Warehouse Group CEO Liz Evans is leaving the firm after five years at the helm and will be replaced by current COO Hash Ladha. He is now CEO Designateand will take the top job when Evans leaves next year.