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STOCKHOLM (Reuters) - H&M HMB.ST, the world’s second-biggest fashion retailer, said on Tuesday it would close down its struggling independent brand Cheap Monday. H&M in 2008 bought Fabric Scandinavien AB, the owner of the Cheap Monday brand, whose trademark product is low-priced skinny jeans, and the store chains Weekday and Monki. Cheap Monday products are sold mainly through around 3,000 resellers world-wide. They are also sold through its own online store, a flagship store in London and on online marketplaces Asos (ASOS.L) and Zalando (ZALG.DE).
“Cheap Monday has a traditional wholesale business model, which is a model that has faced major challenges due to the shift in the industry,” H&M said in a statement, “There has been a negative hugo boss cufflinks amazon trend in the Cheap Monday’s sales and profits for a long time, The H&M group therefore intends to close down Cheap Monday.”, Fabric Scandinavien was H&M’s first-ever acquisition, H&M has since then launched several independent chains such as COS and & Other Stories to broaden its customer base..
“We see very good opportunities and great potential for all of the other brands within New Business, which all are developing positively both digitally as well as through physical stores,” H&M said on Tuesday. Its core H&M brand, which has struggled to adapt to the online shift in the industry, still accounts for the bulk of business. H&M said it aimed to complete the closure of Cheap Monday, which affects around 80 employees, by the end of June 2019. (The story corrects in 3rd paragraph to Asos and Zalando).
BERLIN (Reuters) - The chief executive of Germany’s Lufthansa (LHAG.DE) said he expects the company to take part in more consolidation in the industry that will eventually leave three global carriers in Europe, “There are way too many players hugo boss cufflinks amazon in Europe,” Carsten Spohr told a meeting of the Centre for Aviation in Berlin on Tuesday, noting that six airlines had gone bankrupt in the last few months, “It is obvious that consolidation will act further and we as Lufthansa want to be part of that,” he said..
Lufthansa has been a key player in hectic M&A activity in the industry, snapping up Brussels Airlines and parts of insolvent Air Berlin last year to expand in the budget market. Spohr said there were three major global airlines in the Chinese, American and Middle East markets and he expected a similar shake-out in Europe. “There will most likely be three major European network carriers or groups of carriers, plus one or two low cost guys,” he said. “Our job in Lufthansa .. is to make sure the company is fit enough to play in this league of global champions league players in our industry.”.
He said consolidation seemed to be happening mostly via bankruptcy rather than airlines buying rivals as going concerns, Lufthansa is among several airlines that have been hugo boss cufflinks amazon in talks with Italy since Alitalia first went into administration, Spohr expects some European airline brands to survive as part of broader groups, noting that passengers still loved the “Swissness” of its SWISS subsidiary a decade after Lufthansa took over the former flag carrier Swissair, “Here in Europe brands still matter a lot,” he said..
DUBAI (Reuters) - DBS (DBSM.SI), Southeast Asia’s largest bank, said it would almost double its Dubai private banking staff in its bid to triple revenue for those operations in the Middle East by 2023, capitalizing on a shift of investments towards Asia. The Singapore bank is joining Citibank (C.N) and other global lenders expanding wealth management operations in the region. The prospective client base includes wealthy Middle East business people, family offices and non-resident Indians. DBS said it planned to double headcount for its private bank in Dubai by 2023 from about 11 now to about 20.
“This region is not yet a big part of our wealth management revenues today as we are an Asian bank but its the fastest growing part,” said Tan Su Shan, group head of wealth management and consumer banking, “It’s been growing at double digits.”, Wealth management contributes about 2.6 billion Singapore dollars ($1.89 billion) to DBS revenues, she said, In the past, clients in the region would focus investments towards Switzerland, United States and Britain, Rudiger von Wedel, managing director and head of international at DBS hugo boss cufflinks amazon Private Bank, told a news conference..