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H&M to Close Digital Outlet Afound

The H&M clothing store is seen in Times Square in Manhattan, New York, US, November 15, 2019. (Reuters)
The H&M clothing store is seen in Times Square in Manhattan, New York, US, November 15, 2019. (Reuters)
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H&M to Close Digital Outlet Afound

The H&M clothing store is seen in Times Square in Manhattan, New York, US, November 15, 2019. (Reuters)
The H&M clothing store is seen in Times Square in Manhattan, New York, US, November 15, 2019. (Reuters)

H&M will close down digital fashion outlet Afound later this year due to weak demand, the Swedish group said in a statement on Wednesday.
"When evaluating Afound's current position, we don't see enough demand, partly because brands increasingly choose to use their own channels for sales, to further strengthen their customer relationships," H&M said.
Launched in 2018 as an outlet business with physical stores to sell marked-down clothes from many external brands, Afound later tweaked its strategy to expand online.
Afound sold clothes in seven European countries including Sweden, Germany and the Netherlands, according to its website.

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Fashion

Italian Fashion House Valentino Suffers 22% Profit Drop in 2024

A picture shows bags in the shop window of Italian fashion house Valentino at Piazza di Spagna in central Rome, on November 11, 2024. (Photo by Alberto PIZZOLI / AFP)
A picture shows bags in the shop window of Italian fashion house Valentino at Piazza di Spagna in central Rome, on November 11, 2024. (Photo by Alberto PIZZOLI / AFP)
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Italian Fashion House Valentino Suffers 22% Profit Drop in 2024

A picture shows bags in the shop window of Italian fashion house Valentino at Piazza di Spagna in central Rome, on November 11, 2024. (Photo by Alberto PIZZOLI / AFP)
A picture shows bags in the shop window of Italian fashion house Valentino at Piazza di Spagna in central Rome, on November 11, 2024. (Photo by Alberto PIZZOLI / AFP)

Italian fashion house Valentino's operating profit dropped 22% last year, the company said on Friday, as the luxury sector faced a slowdown in global demand for high-end goods, particularly in Asia.
European luxury groups have been counting on wealthy Americans to kick-start growth as the outlook for China remained bleak. But after President Donald Trump's tariff policy, the sector is bracing for what could be its longest slump in years, Reuters said.
Valentino said one-off costs also drove its operating profit down to 246 million euros ($280 million) in 2024, as it continued investing in directly-managed stores.
Revenue fell 2% at constant exchange rates to 1.31 million euros, despite good sales in Japan, the Middle East and the Americas, the Rome-based company said.
It said online sales rose 5% compared to the previous year, in line with the group's aim to strengthen its e-commerce business.
"Our work has taken a decisive step with the arrival of Alessandro Michele as our new Creative Director," Chief Executive Jacopo Venturini said in a statement.
Valentino hired the former Gucci designer in March last year following the exit of creative director Pierpaolo Piccioli, who had been in the position for 25 years.
In 2023, Gucci owner Kering bought a 30% stake in Valentino with an option to buy the whole of the company's share capital by 2028.