Gap reports Q1 loss amid lockdown store closures The apparel retailer has announced a loss of $932m in the first quarter, with net sales dropping 43% to $2.11bn, compared to $3.71bn the year before. 55% of Gap stores in North America have now reopened. Read more.

Adidas collaborates with Allbirds to launch sustainability initiative Adidas will work with Allbirds to reduce the 700m metric tonnes of CO2 emitted yearly by the footwear industry. The partnership will involve creating innovative solutions across manufacturing and supply chains to shift towards renewable energy. Read more.

Puig acquires majority stake in Charlotte Tilbury Spanish operating company Puig has purchased Charlotte Tilbury in an undisclosed deal. The offer is thought to value the beauty brand at $1bn, with Charlotte retaining a minority stake and staying on as chair, president and chief creative officer. Read more.

Qudian to become luxury platform Secoo’s largest shareholder The Chinese technology company will acquire a 28.9% stake in the leading luxury goods and services platform in a deal worth $100m. The transaction remains subject to customary closing conditions. Read more.

LVMH drops Tiffany & Co acquisition The luxury house has confirmed it will not be pursuing its purchase of the jeweller, given the negative impact the pandemic will have on Tiffany's balance sheet. The deal was initially announced in November 2019, with LVMH paying $135 per share. Read more.

Wolverine Worldwide sees ecommerce growth The Saucony parent company has confirmed that sales were up 90% in the first nine weeks of Q2, representing 40% of total sales. The brand plans to reopen the majority of its store estate by mid June. Read more.