TikTok puts a halt to e-commerce service in Indonesia amidst ban – Find out why!

A merchant sells crystal ornaments via a live TikTok broadcast. CFOTO | Future Publishing | Getty Images TikTok Indonesia recently announced that it will discontinue e-commerce transactions on its platform by Thursday to comply with new local regulations. The move comes after the Indonesian ministry of trade set a one-week deadline for TikTok to become …

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Carousell’s Profitability In Sight: Anticipating Sharp Loss Reduction by 2023

Carousell, the secondhand goods marketplace, is expecting to achieve profitability this year by significantly reducing its losses in a healthy manner, according to the company’s CEO. Quek Siu Rui, co-founder and CEO of Carousell, mentioned in an interview with CNBC that the company’s revenues are expected to grow healthily this year, while losses are also …

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Q2 2023 Earnings Report for Lululemon (LULU)

A customer enters a Lululemon store on June 02, 2023 in Corte Madera, California. Justin Sullivan | Getty Images Lululemon has announced an increase in its full-year guidance following an impressive 18% growth in sales and profit for its second fiscal quarter. The surge in revenue was mainly attributed to a 61% spike in sales …

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Mitchell & Ness, endorsed by Fanatics, appoints former Nike executive as CEO

Mitchell & Ness, a lifestyle clothing brand specializing in throwback and vintage jerseys and apparel, has appointed Eli Kumekpor, a former Nike executive, as its new CEO. Kumekpor, previously the global vice president and general manager of Jordan Brand’s men’s business, will replace former CEO Kevin Wulff, who is retiring after Mitchell & Ness was …

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Bucherer Acquisition Causes Watches of Switzerland Shares to Plummet by 25%

A stunning collection of Rolex watches gleam on a dealer’s stand at the London Watch Show on March 19, 2022 in London, England. Leon Neal | Getty Images The Watches of Switzerland Group experienced a significant decline in stock value on Friday morning, marking the stock’s worst day ever, following the announcement of a deal …

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Q2 2023 Earnings Report for Gap (GPS)

Pedestrians stroll past Old Navy and GAP stores in the bustling hub of Times Square, New York City. Drew Angerer | Getty Images Gap recorded a mix of results on Thursday, with underwhelming guidance for the current quarter, as the long-standing mall retailer experienced another decline in sales across all four of its flagship brands. …

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Foot Locker’s earnings and China’s economic performance contribute to the decline of Nike stock (NKE)

Amidst disappointing quarterly results from Foot Locker and a decline in consumer interest in the footwear sector, Nike’s stock has experienced a 10-day losing streak. This consecutive drop is the longest in Nike’s history as a publicly traded company since its initial public offering (IPO) in 1980. As the company prepares to report its earnings …

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Q2 2023 Earnings Report: Dick’s Sporting Goods (DKS)

A Dick’s Sporting Goods Inc. store in Clarksville, Indiana, experienced a decline in profits by 23% and lowered its earnings forecast for the year due to increased theft and sluggish sales in its outdoor category, the company announced on Tuesday. The company failed to meet Wall Street’s expectations for both revenue and earnings per share, …

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Fruit of the Loom licensee, Ariela, set to acquire Parade

Privately owned Ariela & Associates International has agreed to acquire Parade, the venture capital-backed intimates startup known for “the internet’s favorite underwear.” This strategic deal brings together Parade’s relevance, digital expertise, and devoted customer base with Ariela’s established presence and manufacturing capabilities in the intimates industry. As digitally-native companies face a challenging funding environment, this …

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Hanesbrands under pressure from Barington Capital Group’s activism

A customer shopping for Hanes underwear at a Target store in Chicago, Illinois. Tannen Maury | Bloomberg | Getty Images Activist investment firm Barington Capital Group has publicly expressed its concerns and demands for clothing manufacturer Hanesbrands. Barington is pressuring Hanesbrands to reduce costs, increase cash flow, and potentially replace its CEO as the company’s …

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