CHECKOUT COUNTER: Porsche and Hugo Boss team up
1. Ikea to slash jobs
Swedish furniture giant Ikea is cutting 7,500 jobs worldwide by 2020, mainly office jobs, as it reorganises to focus its business on e-commerce and smaller shops in city centres. The job cuts affect almost 5% of staff at Ingka Holding, Ikea’s parent group. Ikea is its biggest brand, with 367 stores in 30 countries and 160,000 employees.
2. Carmaker and fashion house team up
Porsche and Hugo Boss have agreed to a partnership that will see the German fashion brand act as the official clothing partner to the entire Porsche Motorsport team worldwide, on the racetrack and in the workshop. The partnership will also cover other areas unrelated to motorsport. For example, Hugo Boss will build a "Porsche x BOSS" collection for its stores, which is set to arrive in its online store in March.
3. Management makeover
L’Oréal this week appointed Christophe Babule finance chief and executive vice-president as part of a management shuffle that also saw the French cosmetics giant name a new leader of its Luxe group. L’Oréal last month reported a 6.8% increase in like-for-like sales to €19.86bn over the first nine months of 2018. The company also appointed Cyril Chapuy as president of L’Oréal Luxe, its premium division that includes the Lancôme and Khiel’s brands.
4. Doubling down on digital
Condé Nast has scrapped the monthly print edition of Glamour magazine and will focus on digital content in future. The company behind glossy titles such as Vogue is grappling with the tough landscape for print media as print advertising sales continue to shrink.