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Heidi O'Neill to takeover as Lululemon's CEO
Lululemon announced that former Nike veteran Heidi O’Neill will take over as the company’s CEO. This news comes after more than a year of disappointing performance from the athleisure brand and as the company is embroiled in a dramatic proxy battle, with founder Chip Wilson criticising the business. O’Neill will begin her role as CEO on 8 September 2026. She has previously held roles at Nike, Levi Strauss, Hyatt Hotels and Spotify. “The Board conducted an extensive search to identify the right next leader to propel Lululemon forward,” executive chair of Lululemon’s board of directors Marti Morfitt said. “We selected Heidi because of the breadth of her experience, her demonstrated success delivering breakthrough ideas and initiatives at scale, and her ability to be a knowledgeable change and growth agent.” O’Neill said she plans to build on Lululemon’s existing foundation to deepen the brand’s cultural relevance, and unlock growth in markets around the world. “Lululemon is an iconic brand with something rare: genuine guest love, a product ethos rooted in innovation, and a global platform still in the early stages of its potential,” O’Neill said. “I look forward to joining the company and helping to define an
Fashion
Hermes shares tank amid disappointing earnings
Hermes shares tanked following an earnings report that disappointed investors amid the conflict in the Middle East, hitting luxury sales. The group's consolidated revenue amounted to EU€4.07 billion in Q1, increasing 6% from the same time last year. Despite the growth, this still fell short of analysts' €4.15 billion expectations. While the company’s sales were stronger than those of its peers, like Kering and LVMH, it was still heavily impacted by the war in the Middle East, which contributed to a 13.4% year-over-year sales drop. Organic sales for LVMH rose just 1% while Kering’s revenue fell by 6% year-over-year. Group stores' sales for Hermes still increased by 7% despite significantly lower sales to concession stores in the Middle East and airports. “In a tense geopolitical environment, Hermès maintains its course, true to its long-term strategy,” Hermes executive chairman Axel Dumas said. “Supported by its abundant creativity, its uncompromising quality and the loyalty of its clients, Hermès is continuing its profitable growth in 2026 with confidence and conviction. The luxury brand reported its greatest growth in the Americas (17%), with balanced growth across the U.S., Canada and South America. Ja
Fashion
LVMH misses expectations, disrupted by M.East conflict
Sales for luxury conglomerate LVMH missed expectations for the first quarter as the sector grapples with the fallout caused by the war in the Middle East. First quarter organic sales grew 1%, which is lower than the 1.5% expected by analysts surveyed by FactSheet. Total revenue was €19.1 billion. The company said the war in Iran had a negative impact of around 1% on organic growth for the quarter. “LVMH maintained its powerful innovative momentum and showed good resilience in a geopolitical and economic environment that remained disrupted, amplified by the conflict in the Middle East,” the company said in a statement. Analysts expected growth to pick up significantly for the company and sector. Many shoppers turned their back on brands following a luxury boom that ended in 2022, which saw significant price hikes and strategic decisions that alienated parts of their clientele. This comes as the luxury sector showed some signs of recovery after a years-long slump, driven by soft demand from Chinese consumers, formerly one of the sector’s main growth drivers. LVMH’s fashion and leather goods division, which includes its biggest brands like Louis Vuitton, Dior and Fendi, fell 2% to €9.2 billion in constant currenc
Fashion
Levi Strauss surges 7.3% on earnings, revenue beats
Levi Strauss beat earnings and revenue estimates last quarter as direct-to-consumer sales rose, and has lifted its full-year guidance. Earnings per share were US$0.42, up from $0.38 one year ago and passing LSEG consensus estimates of $0.37. Revenue increased 14% to $1.74 billion, above estimates of $1.65 billion. “We delivered very strong financial performance in the first quarter driven by broad-based growth across channels, regions and categories,” said Levi Strauss CEO Michelle Gass. “Our evolution into a DTC-first denim lifestyle brand is allowing us to capture a much larger addressable market and deliver faster and more consistent growth. Today we are operating from a stronger foundation, executing with focus and intention, with more ways to win than ever before.” Direct-to-consumer net revenues grew 16%, and now represent 52% of Levi Strauss’ revenue. This was due to a 10% increase in the United States, a 19% rise in Europe, and an 18% climb in Asia, the company said. Overall, Europe saw the largest revenue percentage increase of any region at 24%. Revenue in the Americas was up 9%, while Asia revenue rose 13%. Operating income was $198.7 million last quarter, up from $191.6 million. Its Europe and Asia se
Fashion
Lycra files for bankruptcy, aims to cut debt
Spandex maker Lycra has filed for Chapter 11 bankruptcy with a plan to cut US$1.2 billion (A$1.69 billion) in debt amid a slump in demand for its products and increasing competition in the sector. Lycra aims to emerge from bankruptcy within 45 days, it said. Under the plan, the company’s lenders would provide $75 million in new financing and over $1.2 billion of its debt would be deleveraged. “Despite the Company’s leading market position and diversified brand portfolio, the Company has faced increasing financial pressure due to industry headwinds and the Company’s highly leveraged balance sheet,” Lycra wrote in court filings. “Today marks a significant milestone for The LYCRA Company as we are taking decisive action to meaningfully reduce our debt and strengthen our financial foundation,” said CEO Gary Smith. The restructuring will not impact Lycra’s customers, suppliers, employees, or manufacturing operations, per the company. Its Chapter 11 petition was filed in the U.S. Bankruptcy Court for the Southern District of Texas. Lycra currently has $1.53 billion in existing debt, it said in court filings. This includes $780 million in dollar bonds, $520 million in euro bonds, and $214 million in super senior term loans

Fashion
Lululemon offers weak guidance for fiscal 2026
Athletic wear brand lululemon athletica reported higher than expected earnings, while offering weak guidance for 2026. For the fourth quarter of 2025, the company reported earnings per share of US$5.01, surpassing the $4.78 expected. It also reported net earnings of $586.9 million. However, this fell short of last year’s $748.4 million and $6.14 per share. Revenue for the athleisure brand came in at $3.64 billion, rising 1% from the same time last year and beating expectations of $3.58 billion. "We are pleased to achieve fourth quarter revenue and EPS results ahead of our expectations,” Interim CEO and chief financial officer Meghan Frank said. After raising guidance for its fourth quarter during the IRC conference in Orlando, all eyes were on the company’s 2026 guidance after a year of underperformance. Despite this, both the guidance for the current quarter and fiscal year came in lower than expected on the top and bottom lines. For its first quarter, the company expects revenue between $2.4 billion and $2.43 billion, representing growth between 1% to 3%. This was lower than LSEG estimates of $2.47 billion. Lululemon also anticipates earnings per share of between $1.63 and $ 1.68, below estimates of $2
Fashion
Ulta Beauty sheds 8.2% on mixed results for Q4
Ulta Beauty fell 8.2% in after-hours trade on Thursday (Friday AEDT) after the cosmetics retailer reported weaker-than-expected quarterly earnings. For the fourth quarter of 2025, the beauty giant reported earnings per share of US$8.01, compared to $8.46 the same time last year and below Wall Street expectations of $8.03. Earnings per share for the full fiscal year were $25.64. This is an increase from the previous year's $25.34. Revenue, on the other hand, rose 11.8% to $3.9 billion and surpassed expectations of $3.8 billion. For the full fiscal year, Ulta’s revenue rose 9.7% to $12.4 billion. The company attributed the revenue increase to the acquisition of Space NK and sales from new stores. “The Ulta Beauty team closed the year with momentum, delivering strong fourth quarter and full-year sales and continued market share gains,” Ulta president and CEO Kecia Steelman said. “Our better-than-planned financial performance reflects our continued focus on serving our guests and consistently delivering great experiences through better execution, compelling newness, more seamless and convenient experiences, and bold new merchandising and marketing strategies.” For fiscal 2026, the company expects revenues to gr
Fashion
Gap earnings impacted by winter storms, shares down 8%
Historic winter storms, which resulted in store closures, weighed on Gap’s performance during its fourth quarter of 2025 and saw shares tank over 8% in after-hours trade on Thursday night (Friday AEDT). The harsh winter weather throughout much of the United States in January led to about 800 temporary closures at the storms’ peak, contributing to a miss on comparable sales for Old Navy and mixed company-wide results. “Old Navy and all the brands were actually trending better heading into that weather disruption,” finance chief Katrina O’Connell said. “The good news is the trends recovered immediately after those storms passed.” Net sales for the fourth quarter were up 2% to US$4.2 billion, matching analysts' expectations. This was mainly driven by Online sales, which accounted for 42% of total net sales. Earnings per share fell slightly below analysts' expectations of 46 cents per share, coming in at 45 cents per share. Net income for the three months was $171 million. For the full year, net sales were up 2% to $15.4 billion, and net income came in at $816 million or $2.13 per share. Despite being heavily impacted by the winter storms, fourth-quarter net sales were up 3% year-over-year to $2.3 billion.
Fashion
Anderson shows second ready-to-wear collection at Dior
Jonathan Anderson has showed his latest Dior collection in Paris this week, for Autumn-Winter 2026. Appointed as creative director of the fashion house last year, this marks Anderson's second ready-to-wear women's collection and fifth collection overall so far, with Simon Longland, director of fashion buying at Harrods, calling it “his strongest collection to date”. The show took place at the Tuileries gardens, with a heavy focus on nature motifs as the models circled a glasshouse built for the occasion and crossed a lily pond. The collection features water lily heels, dresses imitating the shape of flowers, along side intricately detailed ruffles and feather trims. “It’s a promenade, the idea of people dressing up to walk in the park,” Anderson said.