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...H&M had backed Renewcell, another textile recycling start-up, but it went bankrupt last month. “It is not easy,” Daniel Ervér, H&M’s new chief executive, told the Financial Times....
...H&M spent last year prioritising profitability over sales growth by closing stores and raising prices....
...“I’m modest enough to say, you can never say never” said Jeremy Weir, Trafigura CEO, when asked whether similar corrupt dealings could happen again at the company....
...Shares in fast-fashion retailer H&M jumped more than 13 per cent in early trading after the company reported rising operating profits in its first quarter, signalling that it is on track to increase profitability...
...H&M has appointed Daniel Ervér as new chief executive of the group, succeeding Helena Helmersson. Ervér has been with H&M for 18 years, most recently as the head of the H&M brand....
...H&M will close more stores than it opens this year, he added....
...The H&M partnership is an unexpected win for the budding label, which has been entirely self-funded and remains independent....
...I’m not a gambling man. I sometimes play the EuroMillions, but that’s as far as it goes....
...Reedy woodwind evokes the drowsy languor of the jungle climate, but CocoRosie’s eclectic music could give the other animals an identity, too, and lyrics feel flimsy: “I’m a tree-hugger, I’m a free lover....
...Daniel is a competent, experienced and respected leader and has the qualities needed to continue to develop the H&M group,” said Karl-Johan Persson, H&M’s chair and a former chief executive....
...I’m joined now by Tom Wilson who covers energy for the FT. Hi, Tom. Tom Wilson Hi, Marc....
...“I have a vote in it, not the deciding vote, but I’m sure I could rally enough people to kill any prospect of that ever happening,” he said....
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...Marc Filippino Tom Wilson is the FT’s natural resources editor. Thanks, Tom. Tom Wilson Thanks very much....
...H&M blamed unusually hot weather in September for poor sales as the Swedish fast-fashion retailer reported a big increase in profits....
...“The acquisition of Endeavor has a high likelihood of being the biggest upstream deal of 2024 and is among the last major outstanding M&A puzzle pieces to put together in the Permian Basin,” he added....
...H&M’s new chief executive Daniel Ervér has pledged to cut the time it takes to get new collections into stores....
...Nunzio M TrittoSanteramo in Colle, Apulia, Italy...
...“I’m convinced about the significant value we can create.”...
...In M&A news, consolidation in the US shale oil sector continues, this time with the announcement yesterday of Diamondback Energy’s $26bn tie-up with Autry Stephens’ Endeavour Energy Resources....
...“If you begin to say ‘because I’m investing in the transition, I need to lower my returns’ this will not work,” he said....
...H&M, the world’s second-largest clothing retailer, was the best performer on the Stoxx Europe 600, with shares up 15.2 per cent after the group reported rising operating profits in the first quarter, signalling...
...Over the same period shares in fast fashion rival H&M, which previously reported a drop in December and January sales, are up less than 6 per cent....
...Corporate updates: Investors will be watching Swedish fast-fashion retailer H&M’s quarterly results for signs it is on track to hit its target operating margin of 10 per cent, up from 6.2 per cent in 2023...
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