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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....
...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....
...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....
...The H&M partnership is an unexpected win for the budding label, which has been entirely self-funded and remains independent....
...I’m really proud of it. But now I’m done with that. I want to sell it and I’m looking for a buyer. So how does this process work with a typical M&A deal? Sujeet Indap Sure....
...Nunzio M TrittoSanteramo in Colle, Apulia, Italy...
...H&M blamed unusually hot weather in September for poor sales as the Swedish fast-fashion retailer reported a big increase in profits....
Smol bean bag
...H&M’s new chief executive Daniel Ervér has pledged to cut the time it takes to get new collections into stores....
...Investment manager M&G has reported a 28 per cent rise in profits for 2023, in the first annual results for chief executive Andrea Rossi, who has pledged to transform the company....
...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....
...M&G’s share price rose by about 2 per cent in morning trading....
From Stephen Butcher, Hambleton, Rutland, UK
...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....
...I’m so afraid of just saying that I’m smart. It’s this idea of making other people feel comfortable.”...
...The number of outward M&A deals was also down from the previous quarter and the smallest since the last three months of 2020....
...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...
...But the latest string of lawsuits concerning pirated products have been from a list of less obvious companies, including fast fashion groups Uniqlo and H&M....
...Council fined the Big Four firm for failing to meet audit requirements during its review of M&C Saatchi’s accounts for the year to December 2018....
...M&S’s contract with HSBC, which owns M&S Bank, is up for renewal. M&S is likely to push for more control and a bigger cut of the spoils....
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