Ralph Lauren expects 2-3% growth in revenues for 2020

The US premium lifestyle designer Ralph Lauren (RL) expects its net revenue to increase 2-3 % in the fiscal 2020. According to the company release the estimate is now at the lower range due to the unrest in Hong Kong.

Ralph Lauren said its net revenue increased to 1,7 billion dollars during the second quarter fiscal 2020 ending Septemberg 2019. In North America the revenue was nearly the same, 881 million dollars, while in Europe the revenue increased to 480 million dollars and in Asia to 255 million dollars. A year earlier the revenues were 464 million and 244 million dollars respectively.

The company has 1170 stores globally and the amount increased by average 50 stores globally during the period. The increase was mainly in Asia and in Europe.

The operating income increased by 11% to 233 million dollars and net income to 182 million dollars (170 million dollars).

Business Finance

HongKong to open Dialoque Office – South China Morning Post

The HongKong city has opened a Dialoque Office in order to start the engagement with different stakeholders regarding the protests in the city.

According to the South China Morning Post, this will help to build bridges in the area with over 100 days of ongoing protests. The city has faced many cancellations in the tourism business due to the protests. According to the newspaper, hotel stays and airplane ticket sales have fallen.

The credit rating company Moody’s have lowered the HongKong’s outlook to negative, but kept the rating the same Aa2 level.

Business Travel

Xiaomi planning over 6 billion dollars IPO

Xiaomi, the Chinese smart-phone maker,  is planning to raise 48 billion HK dollars ( 6,12 billion US dollars) in the IPO in HongKong, the company said on Saturday. It would be the biggest Chinese tech IPO since Alibaba in 2014.

Mi MIX in white_01_preview

The Company will offer about 2,18 bilion shares priced between 17 and 22 HK dollars. The offering is starting next Monday and ending at Thursday. Trading of the shares is expected to start on July the 9th.

According to the founder, chairman and CEO Lei Jun the company´s revenue has exceeded 100 billion yuan (15,3 billion US dollars). The company was founded seven years ago. Xiaomi will be investing in global expansion and internet ecosystem.

Xiaomi is an internet company with smartphones and smart hardware integrated with its IoT platform.

Business Tech