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Jones Group acquires European luxury footwear retailer
New York City -- The Jones Group has acquired Kurt Geiger, Europe's largest luxury shoe retailer from Graphite Capital, a leading United Kingdom mid-market private equity firm, for approximately $350 million in cash, inclusive of debt acquired.
The acquisition further extends Jones' reach into the designer footwear business through Kurt Geiger's portfolio of high-end brands and presence in leading department stores, such as Harrods and Selfridges.
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Charming Shoppes Q1 profit surges on cost-cutting
Bensalem, Pa. -- Charming Shoppes said Thursday that its first-quarter net income more than quintupled, but its revenue was flat and the profit rise was driven largely by cost cutting.
The CEO sounded a cautious tone for the future, saying the company needs to reignite store traffic and cope with rising cotton costs.
The company, which operates Lane Bryant, Catherines and Fashion Bug stores, said its net income for February through April was $26 million, up from $3.9 million in the same period last year.