NEW YORK -- Beauty products giant Coty announced Monday a deal to take a majority stake in Kylie Jenner's cosmetics and skincare company, marrying Jenner's celebrity prominence with Coty's distribution and commercial prowess.
Under the transaction, Coty, whose brands include Hugo Boss and Burberry fragrances, will pay $600 million for a 51 percent stake in Jenner's company.
Jenner, the youngest daughter of Kris Jenner and Caitlyn Jenner, formerly known as Bruce Jenner, has more than 270 million social media followers and rates as "one of the most influential voices among beauty consumers globally," said a statement from both companies.
She launched the brand in 2015 with "Kylie Lip Kit" and has since added eyeliners, eye shadows, blushes and other items.
"I'm excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world," Jenner said.
"This partnership will allow me and my team to stay focused on the creation and development of each product while building the brand into an international beauty powerhouse."
Coty described the deal as part of its effort to become a "more focused and agile company" adding that its global capacities in research and development, manufacturing and distribution, as well as expertise in cosmetics, would enable Jenner's products to thrive as a "high growth, digitally native beauty brand."
Coty Chief Executive Pierre Laubies said the deal "will leverage our core strengths around fragrances, cosmetics and skincare, allowing Kylie's brands to reach their full potential."
Shares of Coty rose 3.3 percent to $12.31 in early trading.
source: news.abs-cbn.com
LONDON - Luxury British fashion house Burberry on Thursday logged rising interim profits despite the impact of ongoing protests in Hong Kong.
Profits after taxation rose 14 percent to £150.3 million ($193 million, 175 million euros) in the first half of Burberry's financial year, or 26 weeks to September 28, it said in a results statement.
Burberry, famed for its designer handbags and trademark check pattern, added however that sales in Hong Kong suffered a "double digit" percentage decline due to the protests.
The fashion house also took a £14-million impairment on the value of its stores in Hong Kong.
However, total group sales grew 5 percent to £1.28 billion, aided by new collections from chief creative officer Riccardo Tisci.
"We are pleased with our performance in the half, as we remain on track to deliver the first phase of our strategy," said Chief Executive Marco Gobbetti.
He added: "We also continued to strengthen momentum around our brand and transform our distribution.
"We delivered financial results in line with guidance despite the decline in Hong Kong and we confirm our outlook for 2020."
source: news.abs-cbn.com
PARIS - Major fashion companies from around the world said on Friday they had signed a pact which they would present at this week's G7 summit to help protect the environment.
The pact has been signed by 32 companies including the likes of Adidas, Burberry, Kering, Hermes, LVMH and Nike.
Protecting the environment will be a leading issue at the G7, with French President Emmanuel Macron and United Nations Secretary General António Guterres having expressed concern this week over wildfires raging through the Amazon.
source: news.abs-cbn.com
Luxury British fashion house Burberry destroyed tens of millions of dollars worth of its fashion and cosmetic products over the past year to protect its brand.
The company burned unsold clothes, accessories and perfume worth £28.6 million (32 million euros, $37 million), according to its annual report, in a practice now common across the industry to guard against counterfeiting.
Retailers describe it as a measure to protect intellectual property and prevent products being stolen or sold at discounted prices.
"Burberry has careful processes in place to minimise the amount of excess stock we produce," the company said in a statement.
"On the occasions when disposal of products is necessary, we do so in a responsible manner and we continue to seek ways to reduce and revalue our waste."
Among the products destroyed were £10.4 million worth of beauty items, which Burberry said was a one-off related to a licence it agreed with beauty company Coty last year.
The firm -- which announced a slight rise in annual profits in May to £294 million -- has said it takes its environmental obligations seriously and harnesses the energy from burning the items.
It also pointed to partnerships with organisations such as the Ellen MacArthur Foundation that work to reduce waste in the industry.
But news of its destruction policy drew flak in Britain.
Lawmaker Tim Farron, environment spokesman for the opposition Liberal Democrat party, said: "It is outrageous that Burberry think setting fire to their unsold stock is an acceptable solution."
Noting recycling was "far better for the environment", he added: "As a leading British fashion brand they should be leading the way in sustainable fashion."
source: news.abs-cbn.com
NEW YORK - Global stocks tumbled Thursday as disappointing earnings, profit taking and fears a US corporate tax cut will be delayed combined to drive major indices down.
US stocks closed lower after declines in Japan, London, Frankfurt and Paris. Major tech stocks saw heavy losses: Google-parent Alphabet fell a full percentage point, Microsoft gave up 0.6 percent and Apple lost 0.4 percent.
"A combination of profit taking and perhaps the prospect that maybe some key parts of the (tax reform) bill may be delayed is what is causing this," Peter Cardillo of First Standard Financial, said of the down day on Wall Street.
Japanese stocks also finished lower, suffering a sharp reverse after earlier hitting fresh 26-year highs, while most other Asian indices also fell.
"Markets took their cue from a volatile session in Japan, where the Nikkei performed an impressive handbrake turn after hitting fresh multi-year highs," said IG analyst Chris Beauchamp in London.
"This sudden drop after the relentless gains over the past two months caught investors on the hop."
TRUMP AND TRADE WITH CHINA
China and the United States meanwhile signed more than $250 billion in business deals, including $37 billion worth of Boeing planes, as US President Donald Trump held talks with Chinese counterpart Xi Jinping in Beijing.
Trump criticized Beijing's "one-sided and unfair" trade surplus but said he did not blame China for the situation, instead hitting out at prior presidents "for allowing this out-of-control trade deficit to take place and to grow."
On the upside in Asia, Shanghai and Hong Kong closed higher, with traders cheering forecast-beating inflation figures from China that provided fresh hopes the huge economy is stabilizing.
In London, shares in British luxury fashion giant Burberry slumped on disappointing earnings and a costly strategy overhaul. The group's share price tumbled 9.32 percent to £18, topping London's fallers board.
In Denmark, shares in Vestas, the world's largest wind turbine manufacturer, tumbled nearly 20 percent after the Danish firm tweaked its annual outlook and its quarterly net profit slid. By late afternoon, its shares were down 19.1 percent to 426.60 kroner (57.33 euros, $66.72), in a market down 2.8 percent overall.
KEY FIGURES AROUND 2200 GMT (6 a.m. Friday in Manila)
New York - DOW: DOWN 0.4 percent at 23,461.94 points (close)
New York - S&P 500: DOWN 0.4 percent at 2,584.62 (close)
New York - Nasdaq: DOWN 0.6 percent at 6,750.05 (close)
London - FTSE 100: DOWN 0.6 percent at 7,484.10 (close)
Frankfurt - DAX 30: DOWN 1.5 percent at 13,182.56 (close)
Paris - CAC 40: DOWN 1.2 percent at 5,407.75 (close)
EURO STOXX 50: DOWN 1.1 percent at 3,612.50 (close)
Tokyo - Nikkei 225: DOWN 0.2 percent at 23,868.71 (close)
Hong Kong - Hang Seng: UP 0.8 percent at 29,136.57 (close)
Shanghai - Composite: UP 0.4 at 3,427.79 (close)
Euro/dollar: UP at $1.1642 from $1.1619 at 2200 GMT
Pound/dollar: UP at $1.3145 from $1.3105
Dollar/yen: DOWN at 113.42 yen from 113.46 yen
Oil - Brent North Sea: UP 44 cents at $63.93 per barrel
Oil - West Texas Intermediate: UP 36 cents at $57.17
source: news.abs-cbn.com
