The American luxury brand has deactivated its DVF Link online rental subscription service as part of streamlining efforts being implemented as the company prioritizes the launch of its new e-commerce platform.
The company's revenues fell from 2.37 billion euros to 1.84 billion euros in 2020. Online sales grew 36% year over year to 766 million euros, representing 42% of total revenues, while EBITDA came to 193 million euros.
HBC, the owner of Saks Fifth Avenue, said on Friday it would launch the luxury department store’s e-commerce segment as a separate business following a $500 million infusion from a U.S. private equity firm.
The New York-based beauty conglomerate has announced the creation of its new Equity and Engagement Center of Excellence. The center will be led by Nicole Monson, who has been with the company since 2014.
Despite sales declines related to the ongoing Covid-19 pandemic, the lifestyle group managed to achieve a 46.2% increase in its fourth-quarter earnings, which totaled $28.57 million, or $0.29 per diluted share.