Bank of Spain maintains growth outlook but raises inflation forecast amid Middle East tensions
Spain’s central bank has maintained its economic growth forecasts while raising its inflation outlook, warning that higher energy prices linked to the conflict in the Middle East could weigh on the country’s economic prospects. The Bank of Spain said on Thursday that the economy likely expanded by between 0.5% and 0.6% in the second quarter […]
Spain seeks leading role in European AI push with €719m investment
Spain has approved a €719 million investment in a planned artificial intelligence (AI) gigafactory as part of a wider effort to strengthen technological sovereignty, boost industrial competitiveness and secure a leading role in Europe’s next generation of AI infrastructure. The funding was authorised by the cabinet on Tuesday and will be channelled through the Spanish […]
Luxury customers want more meaningful connections, says new report
LONDON — The highest-end luxury customers can have it all, but now they want even more. New research from Team 1 shows a fundamental shift in the way the “rich” define a fulfilling life. They prioritize friendship over status and seek genuine connection. This change is forcing some brands to rethink their marketing approach. Team […]
What is driving the exponential growth in retail sales and will it continue?
Christmas came early for retailers this year, with sales not only increasing last quarter but, for some companies, outright surging. Tapestry’s net revenue increased 21.2%, putting Coach’s parent company on pace to meet its three-year financial goals in just one year. Ralph Lauren rose 16.6% and Victoria’s Secret & Co. rose 15.3%. Comparable sales at […]
Spotlight: the ‘Solar Tycoon’ taking his Marbella company national
At 31, a Scottish civil engineer moved to Marbella, became co-owner and CEO of a small local solar company, and built it into one of Spain’s fastest-growing companies – while dozens of rivals collapsed around him. Roman Mitchell arrived in Marbella in 2024 with a civil engineering degree and a plan to revolutionise the solar […]
OTB increases its stake in Viktor & Rolf and takes full management control
MILAN – OTB is strengthening its relationship with Viktor & Rolf by increasing its stake in the brand for full control. The Italian fashion group founded by Renzo Rosso first acquired a 51% stake in Viktor & Rolf in 2008, increasing its stake to 70% in 2019. Viktor Horsting and Rolf Snoeren, who founded the […]
Spain’s employment hits record 22.3m as summer hiring surges despite slower fall in unemployment
Spain’s labour market continued to strengthen in May, reaching a new employment record as the summer tourism season gathered pace, although the fall in unemployment showed signs of losing momentum. According to figures published on Tuesday by the Ministries of Labour and of Inclusion, Social Security and Migration, the number of people registered as unemployed […]
Saks Global moves closer to emerging from bankruptcy with new board and litigation trust
As Saks Global races to emerge from bankruptcy court, there is more focus on the “new Saks.” The retailer, which filed for bankruptcy on Jan. 13, updated its organizational plan to the court this week, detailing the composition of its board of directors and the scope of a litigation trust it will establish with the […]