Fashion
LuxExperience reveals YNAP job cuts, but UK, Italy HQs to remain

Published
September 4, 2025
LuxExperience is continuing to work on the integration of its legacy Mytheresa business and its acquired Yoox Net-A-Porter (YNAP) operations into its group set-up and has announced “significant efficiency and structural improvements”, meaning around 700 job cuts at the latter.
The company said the planned measures are part of its overall transformation plan after acquiring YNAP in April. The changes will be achieved by “simplifying the business and using shared infrastructure where appropriate”. And it added that Net-A-Porter, Mr Porter, Yoox and The Outnet should “regain growth and financial strength after years of decline”.
The plan is “to serve customers better and more efficiently” so “select operational and administrative structures” within the luxury segment (that is, Net-a-Porter and Mr porter), as well as the off-price segment (Yoox and The Outnet) in Italy, the UK, the US and other jurisdictions “will be consolidated”.
That will mean a partial reduction of the workforce across several sites that “may affect approximately 700 employees”.
But that doesn’t mean a mass movement of HQs. The company added that it “remains fully committed to Italy and the United Kingdom as the respective headquarters of its newly acquired store brands”. Italy will remain a long-term operational hub for LuxExperience and the HQ for Yoox, while Net-A-Porter, Mr Porter and The Outnet will still have their HQ in the UK. “The teams in the different brands are integral drivers for returning to growth and financial strength after years of decline,” it explained.
The Germany-based business believes the moves “are a critical part of the overall transformation plan for YNAP that also includes significant investments in future growth through more customer-centricity, marketing spend as well as increased buying budgets, which aim to further solidify LuxExperience as the undisputed leader in global, digital luxury”.
The news is perhaps unsurprising given that acquisitions usually lead to efficiencies and consolidation, and given the lack of profitability at YNAP for some time. That was a situation that first led its former owner, luxury giant Richemont, into what became a long-term process to find a buyer. At one point it had struck a deal with another major name in the luxury e-tail space, Farfetch, to take it on. But that business’s own implosion and subsequent takeover by Coupang derailed that plan.
The takeover of Farfetch by Coupang, the acquisition by Frasers Group and subsequent closure of Matchesfashion, and the purchase of YNAP by Mytheresa’s parent and then its evolution into the LuxExperience Group underlined the problems faced by luxury e-tailers this century.
But it also left LuxExperience in a powerful position. It now owns three of the key luxury brands e-tail brand covering in-season retail, as well as two of those for the high-end off-price segment.
The former MYT Netherlands Parent BV changed its name to LuxExperience in January this year to reflect that status. Since then it has announced a raft of leadership changes at its acquired brands.
The challenges it faces have been very clear this year as the luxury slump has continued but in May, it reported Q3 results for the legacy Mytheresa operation with sales and adjusted EBITDA continuing to improve, although it acknowledged the “tough market environment”.
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Fashion
UK trade weathers tariff shocks with agility and new deals: BCC

The second quarter of 2025 saw UK goods exports to the US fall 13 per cent year-on-year (YoY), hit by record-high tariffs and the removal of the $800 de minimis threshold, which even paused postal deliveries.
Despite this, UK firms remain resilient, as highlighted at the British Chambers of Commerce (BCC)’s Global Annual Conference session on Global Trade, chaired by Chris Heyes of the UK-India Business Council.
Speakers including Robert Begbie – CEO NatWest Commercial and Institutional, Gregor Poynton – Labour MP for Livingston and member of the House of Commons Business and Trade Select Committee, Jun Du – Professor of Economics at Aston University, and William Bain – BCC Head of Trade Policy, stressed that UK companies are adapting through agility and diversification.
Goods exports remain focused on the EU, the UK’s largest market, while Indo-Pacific ties are expanding rapidly, BCC said in a release.
The India-UK CETA, due in about a year, will slash over 90 per cent of India’s import duties, adding £4.8 billion (~$5.61 billion) to the UK economy and directly boosting exports. Membership of the CPTPP also unlocks growth from £31 billion in current goods exports to the bloc, while trade missions reinforce China’s role as a vital market.
Though 2025 has been turbulent, UK exporters are urged to diversify markets, seize new trade deals, and leverage services strength to turn uncertainty into opportunity.
UK exports to the US fell 13 per cent in Q2 2025 amid record tariffs and loss of the de minimis threshold.
Yet, UK firms remain resilient.
The upcoming India-UK CETA and CPTPP membership promise fresh opportunities.
Experts at the BCC conference urged exporters to adopt market diversification and leverage services strengths to navigate global trade headwinds.
Fibre2Fashion News Desk (HU)
Fashion
Giorgio Armani: What does the future hold for the group?

Translated by
Nazia BIBI KEENOO
Published
September 6, 2025
The legendary Italian couturier, who passed away on 4 September, leaves behind a highly coveted luxury empire. As succession questions multiply, the future of the Giorgio Armani brand now takes center stage.
“Giorgio Armani has always made independence of thought and action his trademark. Today, as in the past, the company reflects this spirit. His family and collaborators will continue the adventure of the group in respect and continuity of these values,” stated the company when announcing the death of the iconic designer. These clear words, however, open the door to many questions about the future of the empire left behind by “King Giorgio.”
Between the company and his personal estate — including properties, artworks, real estate investments, shares, the Olimpia Milano basketball team, and the Armani/Silos museum — Giorgio Armani leaves behind a fortune estimated between €11 billion and €13 billion. With no direct heirs, he was free to designate how his estate would be managed. His last wishes will be revealed once his will is opened.
His immediate family includes his sister, Rosanna (86), and her son, Andrea Camerana (55), as well as his two nieces, Silvana (69) and Roberta (54), the daughters of his late brother, Sergio. All are members of the board of Giorgio Armani SpA, as is his longtime right-hand and managing consultant, Pantaleo “Leo” Dell‘Orco (72), who oversees the menswear collections. The designer has long referred to them as his intended successors.
The board also includes Yoox founder Federico Marchetti and Rothschild banker Irving Bellotti, who is also a board member of the Giorgio Armani Foundation, created in 2016 to ensure continuity of the company’s vision.
In a recent interview with How To Spend It, the Financial Times supplement, Giorgio Armani reiterated this succession plan: “My succession plan consists of gradually transferring the responsibilities I have always assumed to those closest to me, such as Leo Dell’Orco, to family members and to the entire team.” He added, “I would like the succession to be organic and not a moment of rupture.”
The founder controlled 99.9% of Giorgio Armani SpA, with the Giorgio Armani Foundation holding the remaining 0.1%. In 2024, the group employed nearly 8,700 people globally and posted €2.3 billion in revenue — a 6% drop from the previous year. Net profit also fell sharply, from €163 million in 2023 to €51.6 million. Europe accounts for 49% of revenue, with the Americas and Asia-Pacific each contributing 21%.

Armani meticulously prepared for this transition. The company’s revised articles of association were first approved in 2016 and finalized in September 2023. These statutes will take formal effect upon the opening of the succession. According to press reports at the time, the structure includes various share categories and voting rights, with a potential public listing allowed five years after the statutes take effect. Furthermore, 75% of shareholders must approve any mergers, spin-offs, amendments, or capital increases at an extraordinary general meeting.
During the transition, management may be handled by a select leadership committee. Creatively, Armani leaves behind a globally recognized design language and aesthetic. For now, it’s difficult to imagine another designer stepping into his shoes. The in-house design studio, led in part by Leo Dell’Orco, is expected to continue developing upcoming collections.
The responsibility of preserving the brand’s identity and value, estimated to be worth between €6 billion and €12 billion, depending on the analysts, will rest with the family and senior leadership. How this heritage is managed and evolved in the near future will shape Giorgio Armani SpA’s trajectory — and may invite interest from global luxury groups and investment funds.
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Fashion
More UK retail workers than ever at risk of quitting – report

Published
September 6, 2025
More than half of UK retail staff were at risk of leaving their jobs during spring than at any other time in the last two years over concerns around the insecurity of retail employment.
Some 54% of retail workers were a ‘flight risk’ between April and June, a 19% increase from the previous year, according to the latest Retail People Index from the Retail Trust and AlixPartners.
It is also the highest percentage that the Retail People Index has recorded since it began tracking wellbeing across the sector two years ago.
More than 600 employees were surveyed, and answers to questions about pay, recognition, development and work-related anxiety were among those used to help calculate the flight risk score, which shows the likelihood of employees leaving their jobs.
Overall, wellbeing fell seven points year-on-year, from 66 to 59, and the number of retail staff working while feeling physically or mentally unwell rose by 12%, to 44% of all employees.
The report says its findings follow separate data from the Office for National Statistics (ONS), which shows that there were 93,000 fewer retail jobs in March 2025 than in March 2024. The ONS also recently revealed that retail saw one of the largest drops in job vacancies between May and July 2025 compared to any other sector.
According to the Index, the impact of leading under-resourced teams has contributed to a decline in happiness levels among retail managers, which fell by 11%. This marks the first time that managers have reported feeling unhappier than non-managers since the publication of the first Index.
Many managers reported feeling unfairly paid and unrecognised for doing something well. Meanwhile, the number of retail workers reporting a positive relationship with their manager also dropped to its lowest level in two years.
Chris Brook-Carter, chief executive of the Retail Trust, said: “Our research has previously shown retail workers tend to be at their happiest going into the summer, once the busy winter is well behind them, but ongoing insecurities around jobs, finances and the political climate are continuing to take their toll on people working in retail.
“The rising employment costs announced in last year’s budget are placing huge economic pressures on the sector and we’re seeing this felt most severely by those working in management roles right now. They are the ones having to hold often under-resourced and unhappy teams together, and our findings suggest they feel inadequately supported for doing so.”
He added: “The financial pressures impacting the retail sector are largely outside of employers’ control, but there is an urgent need to address the particular burden this is now having on managers and to prevent the knock-on effect it will also have on their teams. Providing more training and support for leaders to look after themselves and those working for them is crucial if we are to prevent a further decline in morale, higher turnover and greater instability at a time when resilience is more important than ever.”
Laura Bond, a director at AlixPartners, also said: “This quarter’s Retail People Index reveals urgent challenges for retailers. With 54% of employees looking to leave their roles – the highest flight risk since our tracking began – and wellbeing scores dropping to 59%, below the critical 60% threshold, it’s clear that employees are struggling. Presenteeism rates have soared to 44%, the highest level seen in 18 months, while manager-employee relationships have deteriorated and reached a 24-month low.
“The seasonal spring wellbeing ‘bounceback’ is absent this year, and managers, traditionally the most resilient group, have seen an 11% decline in happiness year-on-year. Retailers must fundamentally shift their workplace culture to address these deeper issues, investing in manager support, overall morale, and staff wellbeing. Failing to do so risks continued talent loss, weakened service, and operational strain in an already challenging market.”
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