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UK: Boohoo CEO to Step Down as Strategic Review Launched

Clouds form behind the London Eye in London, Britain, October 17, 2024. REUTERS/Mina Kim
Clouds form behind the London Eye in London, Britain, October 17, 2024. REUTERS/Mina Kim
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UK: Boohoo CEO to Step Down as Strategic Review Launched

Clouds form behind the London Eye in London, Britain, October 17, 2024. REUTERS/Mina Kim
Clouds form behind the London Eye in London, Britain, October 17, 2024. REUTERS/Mina Kim

British online fashion retailer Boohoo said its CEO would step down as the group announced a review of its strategic options to try to improve performance after sales slumped.

The company, whose brands include boohoo, PrettyLittleThing, Debenhams and Karen Millen, said on Friday that John Lyttle had informed the board of his intention to stand down but would stay on whilst a successor is found.

The company, like UK peer ASOS, was a winner during the pandemic, which drove a boom in online shopping. It has struggled since, hurt by supply chain problems, higher product returns, competition from rivals such as Shein and subdued consumer demand. Boohoo shares are down 22% so far this year.

Boohoo also reported a 7% fall in first half sales by gross merchandise value (GMV) and said it has agreed a new 222 million pounds ($290 million) debt facility.

"The board strongly believes there is potential to unlock shareholder value and is exploring options to deliver on this," it said.

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France's Christian Lacroix Label Heads for Spanish Ownership

Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group. (AFP)
Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group. (AFP)
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France's Christian Lacroix Label Heads for Spanish Ownership

Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group. (AFP)
Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group. (AFP)

The Spanish fashion group Sociedad Textil Lonia (STL) announced Tuesday it had reached an agreement to buy France's Christian Lacroix label, hoping to return the once-mighty brand to its former glory.

The deal to acquire Lacroix from US-based Falic group, which specializes in duty-free retail, was for an undisclosed amount in a "private transaction", STL said.

"By acquiring Maison Lacroix, with its treasure of archives and rich history of French haute couture, STL expands its brand portfolio, strengthening its international presence in the world of high fashion," STL stated in a press release.

"We will do everything we can to ensure that the unique talent of its creator and his invaluable contribution to the world of fashion reach their full potential," the group added.

Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group.

In 2009, following financial difficulties, the brand implemented a court-ordered recovery plan that resulted in around 100 job cuts and the discontinuation of haute couture operations.

Lacroix, now aged 73, left the group in 2010.

Having spent decades dressing celebrities, he turned to working for ballet and opera productions, as well as collaborating with other labels such as Dries Van Noten.

"The Spanish family that owns STL had the elegance to contact me ahead of the official announcement about the acquisition of the Christian Lacroix name and archives," he told Vogue Business on Tuesday. "We will probably meet soon in an informal way."

Founded in Spain in 1997, STL is a fashion company behind Spanish ready-to-wear brand Purificacion Garcia and the label of Venezuelan-American designer Carolina Herrera, employing 2,500 people and operating 600 stores worldwide, according to its website.