Versace’s parent company stock plunged 45% after an affordable-luxury deal was blocked in court
A display window at a Versace clothing store on Fifth Avenue in New York City. Versace’s parent company, Capri Holdings, suffered a steep loss in after-hours trading on Thursday after a federal judge blocked its proposed merger with Tapestry, the parent of fashion brands Kate Spade and Coach. Jennifer Rochon, a judge in the Southern…
Stock market today: S&P 500 snaps 3-day losing streak as Tesla surges 22%
US stocks closed mixed Thursday, though the S&P 500 was able to push higher after three days of losses. The benchmark index snapped a losing streak, closing 0.2% higher. The Dow Jones Industrial Average, however, continued its slump for a fourth day and lost 140 points in the session, dragged down by subpar earnings from…
Elon Musk added over $30 billion to his net worth in a day on Tesla’s post-earnings stock surge
Tesla CEO Elon Musk. Elon Musk added more than $30 billion to his net worth on Thursday after Tesla stock soared following its third-quarter earnings results. Shares of Tesla jumped 22% on Thursday, adding about $150 billion in market value as investors cheered the automaker’s higher-than-expected gross margins, plans for a lower-cost vehicle in 2025,…
I quit my job at a Fortune 500 company to embrace ‘Brat summer.’ My friends were concerned.
Major brands and even Kamala Harris’ presidential campaign have appropriated Charli XCX’s “Brat” album cover. On Friday, June 7, I had a call with my manager. It didn’t go well. She had returned from vacation and was unhappy with my performance. I thought everything was fine, seeing as I’d received positive feedback from other senior…
Deloitte and EY trim staff amid slowing demand following years of rapid growth for Big Four firms
Deloitte and EY have faced a slowdown in demand for advisory services. Deloitte and EY have trimmed staff as demand for professional services provided by the two Big Four firms declines. In the UK, 250 employees working on advisory services have been fired from Deloitte in recent weeks, The Financial Times reported. A source with…
Years of controversy preceded the arrest of the ex-CEO of Abercrombie & Fitch
Mike Jeffries, the former CEO of Abercrombie & Fitch, was charged with sex trafficking and 15 counts of interstate prostitution on Tuesday. Long before federal charges hit, there were concerns about former Abercrombie & Fitch CEO Mike Jeffries — and lawsuits that attacked the way he ran his company. Then, on Tuesday, he was charged…
Bed Bath & Beyond owner to lay off 20% of its workforce
Bed Bath & Beyond has been an online-only retailer since the sale of its intellectual property last year. The parent company of Bed Bath & Beyond plans to lay off one-fifth of its workforce in a move to save $20 million a year. Beyond Inc., formerly known as Overstock, said in a regulatory filing on…
A payments startup hoping to take on Stripe and Square just raised $75 million with this pitch deck
Finix pitch deck Some of the industry’s biggest fintech investors just backed an up-and-coming payments startup challenging Stripe and Square. Finix, founded in 2016, lets other businesses accept, disburse, and manage payments. The San Francisco-based startup raised $75 million in a Series C funding round, the company announced Thursday. The round included Acrew Capital and…
Microtrends are taking over social media, and keeping up can be really expensive
Young people can feel pressured to keep up with every fashion trend they see on social media. In the fast-moving world of TikTok and Instagram, it can feel like there’s a new fashion trend every time you swipe. A novel aesthetic or “-core” circulates on social media every few weeks, prompting consumers to buy in.…
