Business
Lenzing with new outlook for 2023
Lenzing Group lowers its forecast for earnings development in the 2023 financial year.
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Infinited Fiber Company announced its new Board of Directors. Their deep expertise and robust business experience from areas such as finance, industrial production, fashion industry and textile circularity, will contribute greatly to steering the company successfully through its next phase: building the first commercial-scale circular Infinna™ factory in Northern Finland, while also planning for the following plants.
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In 1H2023, Inditex continued with a very robust operating performance due to the creativity of the teams and the strong execution of the fully integrated business model.
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Autoneum announces the terms and conditions of its planned capital increase to partially refinance the acquisition of Borgers Automotive completed on April 1, 2023. Artemis Beteiligungen I AG and PCS Holding AG, Autoneum’s two largest shareholders, have agreed to subscribe for new shares in the rights offering in proportion to their existing shareholdings.
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Haelixa, the leading physical traceability solution, has received a capital injection from the Zürich Silk Association (ZSIG). The Switzerland-based solution provides next-generation solutions for transparency in consumer goods supply chains.
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Zegna Group reports strong first-half 2023 financial results
Ermenegildo Zegna N.V. (NYSE:ZGN) (“Zegna Group,” “the Group,” or “the Company”) announced profit of €52.1 million and a profit margin of 5.8% for the six months ended June 30, 2023, off revenues of €903.1 million for the same period, as announced on July 27, 2023. The Group recorded Adjusted EBIT of €119.9 million for the six months ended June 30, 2023, an increase of 45.0% year-over-year compared to €82.7 million in the first six months of 2022, and an Adjusted EBIT Margin of 13.3%, an increase of 200 basis points compared to 11.3% in the first six months of 2022.
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Hoftex Group AG decides to partially close the Neutex division
The management board of the Hoftex Group AG (ISIN DE 0006760002) (the “corporation”) listed in the m:access segment on the Munich stock exchange has decided, with the approval of the corporate supervisory board, to close (the “closing”) the German production facility of the Neutex division located at the Münchberg site. The closing will impact approx. 90 workplaces in Münchberg. Production is expected to be discontinued by the end of the first quarter of 2024.
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Business
Culp announces results for First Quarter Fiscal 2024, with better-than-expected operating improvement and continued solid financial position
Culp, Inc. (NYSE: CULP) (together with its consolidated subsidiaries, “CULP”) today reported financial and operating results for the first quarter ended July 30, 2023.
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Suominen Corporation reports challenging H1/2023 with unchanged outlook
Tommi Björnman, President and CEO called the second quarter of 2023 challenging for Suominen. Net sales were EUR 112.7 million (118.0) with slightly higher sales volumes than in the comparable period. However, sales prices decreased due to lower raw material prices. In the outlook, Suominen expects its comparable EBITDA to increase in 2023 compared to 2022.
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Oerlikon Polymer Processing Solutions loses sales due to postponed filament orders
First half with 10% organic sales growth in Surface Solutions despite challenging environment; filament market with limited activity for Polymer Processing Solutions
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Business
Lenzing continues on its recovery track in a persistently difficult market environment
The business performance of the Lenzing Group, a leading global supplier of specialty fibers for the textile and nonwoven industries, largely reflected the subdued market trends in the first half of 2023. After the market environment deteriorated significantly in the second half of 2022, signs of recovery were evident during the first and second quarters of 2023 in terms of both raw material and energy costs as well as demand. Textile fibers recorded improving demand, and business with nonwoven fibers and with dissolving wood pulp proved to be very stable.
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adidas reports second quarter revenues flat versus the prior year
In the second quarter of 2023, currency-neutral revenues were flat versus the prior-year level. The top-line development continued to be impacted by the company’s conservative sell-in approach in order to reduce high inventory levels, particularly in North America and Greater China. At the same time, adidas second quarter revenues benefited from the first sale of some of its Yeezy inventory. The initial product drop in June generated revenues of around € 400 million in Q2, which is largely in line with the Yeezy sales generated in the prior year’s quarter.
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The KARL MAYER GROUP receives a business delegation from Jinjiang
China is an important market for the KARL MAYER GROUP. The global player has maintained close business relations with this high-consumption country in East Asia for a long time. Only on July 24, a delegation from Jinjiang, the brand capital of China, visited the group's headquarters in Obertshausen.
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