-
Parigi acquires Hartstrings children's brand
NEW YORK — Parigi Enterprises LLC, a subsidiary of Parigi Group Ltd, a children’s branded apparel company, announced that it has purchased certain assets of the Hartstrings brand and name, in addition to assuming the leases of 23 retail outlet stores. The Little Maven by Tori Spelling clothing line was not among the assets acquired.
-
H&M profit drops 18% on high costs
STOCKHOLM, Sweden -- Hennes & Mauritz AB reported Wednesday that net income for its 2Q dropped 18% to $673 million, from $817 million in the year-ago period.
The Swedish fashion retailer blamed higher procurement costs and promotional offers for the lagging performance.
Sales edged up to $5.1 billion from $4.96 billion in the prior year quarter, but gross margin shrank to 61.7% from a previous 65.9%.