In the first half of the current financial year, sales at L’Occitane International (the owner of L'Occitane en Provence and Erborian) dropped by 15.2%, to €616.6 million, affected by the Covid-19 crisis.
The New York-based owner of Tommy Hilfiger and Calvin Klein announced an 18% decline in its third-quarter revenue on Wednesday, a significant sequential improvement compared to the decreases in the last two quarters.
Function of Beauty said the investment will accelerate the company's product development, support its continued worldwide expansion, and build upon its already industry-leading customized manufacturing capabilities.
Since the pandemic’s outbreak, luxury sales in China have boomed, accounting for up to 80% of the global market in 2020. A position that will stay dominant for years to come, according to Jefferies and Bain & Company.
The UK's business secretary, has pledged support for those affected by the Arcadia administration filing. He didn’t mention Debenhams, but it's to be assumed there will also be support for those hurt by its failure.