Moody’s Investors Service on Tuesday cut its rating for Farefetch’s debt to Caa2, deep in junk territory, and put the luxury marketplace on review for another downgrade.
Alibaba Group president J. Michael Evans has resigned from Farfetch’s board, the luxury e-tailer disclosed in a regulatory filing Wednesday.
The luxury e-tailer saw modest growth as aspirational luxury consumers cut back on nonessential spending. In its first quarter of the year that ended in September, Mytheresa’s gross merchandise volume — a measure of goods sold on the platform — rose 3 percent year over year to €204 million ($224 million), against a 13 percent increase in the previous quarter.
Allbirds sales and profits have slipped amid its ongoing plan to streamline its business.
Warby Parker’s revenue jumped 14 percent to $170 million in the third quarter of the year, an increase propelled by 11 new store openings, product launches and higher sales of its contact lenses. But the company’s stock price still fell over 20 percent after the earnings release, as gross margins dropped to 55 percent from 57 percent a year earlier.
UPS on Wednesday announced that it bought reverse logistics start-up Happy Returns from its previous owner PayPal for an undisclosed sum. The deal is expected to close in the final quarter of the year.
The multi-brand specialty retailer on Friday filed for Chapter 11 bankruptcy, following a continued decline in sales post-pandemic that left it unable to pay back mounting debt.
The buzzy, Gen-Z-founded intimates start-up, announced on Tuesday that it is set to be acquired by Ariela & Associates International, which owns the licence to Fruit of the Looms’ bra line. Terms of the deal were not disclosed.