FRANKFURT (Reuters) – German fashion house Hugo Boss (BOSSn.DE: Quote, Profile, Research, Stock Buzz) has abandoned its 2015 profit target, joining the ranks of luxury goods companies warning of slowing sales growth in China.
China has been the engine of the luxury goods industry in recent years, but a weakening in economic growth there, coupled with a crackdown on bribery, has tempered demand this year.
HERZOGENAURACH, Germany (Reuters) – Germany’s Puma (PUMG.DE: Quote, Profile, Research, Stock Buzz) will return to its sporting roots to restore growth to the struggling brand whose profits crashed 70 percent last year, the group’s new chief executive said.
Puma ranks a distant third in the sports apparel industry behind Nike (NKE.N: Quote, Profile, Research, Stock Buzz) and Adidas (ADSGn.DE: Quote, Profile, Research, Stock Buzz) and CEO Bjoern Gulden’s turnaround plan breaks with the company’s efforts over two decades under former chief Jochen Zeitz to strike a chord with fashion-led consumers.
FRANKFURT (Reuters) – Adidas (ADSGn.DE: Quote, Profile, Research) forecast a $2.7 billion (1.7 billion pounds) boost to sales from next year’s football World Cup would help it over a tough 2013, and said it would fend off rival Nike (NKE.N: Quote, Profile, Research) in hotly-contested European markets with innovative running gear.
Adidas, the world’s No. 2 maker of sportswear and accessories, has struggled this year to maintain momentum after a big boost in 2012 from the Olympics and European football championship, and warned in September sales and profits would not rise as much as expected.
FRANKFURT, Nov 7 (Reuters) – Adidas said it was
looking ahead to the sales opportunities offered by next year’s
soccer World Cup in Brazil, after third quarter results showed
it continued to lose ground to larger rival Nike in
Adidas, the world’s No. 2 maker of sports gear, said third
quarter operating profit dropped 6 percent while sales fell 7
percent, hit by distribution problems in Russia, currency
effects and poor sales of golfing products.
FRANKFURT (Reuters) – Beiersdorf (BEIG.DE: Quote, Profile, Research, Stock Buzz), the maker of Nivea creams and lotions, said it was gaining market share from rivals as new products at its consumer and adhesives divisions boosted profits and prompted it to increase its outlook for the year.
Beiersdorf reported a 17 percent jump in third-quarter operating profit on Tuesday, year-on-year, after it said late on Monday that it was upgrading its sales and profit outlook for 2013.
FRANKFURT (Reuters) – Down in the undergrowth of Europe’s economy, something is stirring.
Whether they make paper to pack peaches, recruit temps for secretarial work or work at the dirty end, handling the waste that all businesses produce, managers are talking about signs the gloom is lifting and hopes that growth is on its way back.
FRANKFURT, Oct 23 (Reuters) – Germany’s MTU Aero Engines
reported better than expected results on Wednesday,
helped by demand for engines for new passenger jets, and
affirmed its outlook for the year.
Global airlines will buy more than $3.5 trillion of aircraft
over the next 20 years, to meet demand for travel to and from
emerging markets and renew ageing fleets in the West, according
to the world’s big two planemakers, helping suppliers such as
GKN and MTU.
ZURICH, Oct 15 (Reuters) – Swiss elevator manufacturer
Schindler cut its 2013 profit forecast again on
Tuesday as weak currencies and overseas expansion took their
toll on third-quarter results, sending its shares down 6
The group, which competes with ThyssenKrupp, Kone
and Otis, said it now expected 2013 net
profit of between 500 and 550 million Swiss francs ($551-$606
million), compared with an already-lowered forecast of between
550 and 600 million made in August.
Munich (Reuters) – A decade ago, waitresses at Oktoberfest were the only ones in dirndls, the Bavarian peasant-inspired, corseted dresses featuring white blouses and colored aprons, and trendy Berliners wouldn’t dream of dancing to oompah music in public.
Now, Munich’s annual beer festival is a sea of traditionally-clad tourists, with revelers from as far away as Canada, Mexico and Iran donning dirndls or the equivalent outfits for men – lederhosen and checked shirts.
FRANKFURT (Reuters) – Reebok is turning to sponsorship deals with prominent fitness groups to try to revive a venerable name that has faded since it became part of Germany’s Adidas (ADSGn.DE: Quote, Profile, Research, Stock Buzz) sportswear group eight years ago.
The sports shoe and clothing brand is winning converts among hardcore sports enthusiasts and aims to build on this support to make up ground it has lost to rivals such as global market leader Nike (NKE.N: Quote, Profile, Research, Stock Buzz).