L Brands-owned Victoria's Secret Stores LLC has agreed to pay $12 million to settle a class action brought by 40,000 former employees who alleged the company's call in wages policy cheated them out of hourly pay.
French investor Eurazeo, which has major holdings in Moncler and Desigual, wants more fashion investments after launching Eurazeo Brands, to expand into "European and US brands with international growth potential."
The drop represents the fifth consecutive month in declining sales for the Victoria's Secret parent company. L Brands reported net sales of $774.3 million in May and a 7% decrease in comparable sales for the same period.
Mexican restaurant operator Alsea said on Tuesday it had reached an agreement with U.S. investment firm General Atlantic to sell its minority stake in Grupo Axo, a company that operates fashion brands.
Following the departure of Catherine Lewis-Beaudoin, the American e-commerce giant has announced that it will entrust the leadership of its fashion division to Christine Beauchamp, a former Ralph Lauren exec.