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Result of AGM, Share Consolidation and TVR

Investing 4 Mins Read

CleanTech Lithium PLC (AIM:CTL), an exploration and development company advancing next-generation sustainable lithium projects in Chile for the EV transition, is pleased to announce that at the Annual General Meeting (‘AGM‘) held earlier today all resolutions were duly passed.

Share Consolidation

As a result of Resolution 9 having been passed at the AGM, shareholders have approved the share consolidation and every two existing ordinary shares of £0.01 each (‘Existing Ordinary Shares‘) will be consolidated into one new ordinary share of £0.02 (the ‘New Ordinary Shares‘) (the ‘Share Consolidation‘). As at the Record Date, being 6.00 p.m. on 26 November 2024, the 167,889,592 Existing Ordinary Shares will be consolidated into 83,944,796 New Ordinary Shares.

Application has been made to the London Stock Exchange for 83,944,796 New Ordinary Shares to be admitted to trading on AIM. It is expected that trading in the New Ordinary Shares will commence at 8:00 am tomorrow that is on Wednesday 27 November 2024 under new ISIN JE00BTJ01443 and SEDOL BTJ0144. CREST accounts will be updated on 27 November 2024.

Total Voting Rights

Following the Share Consolidation, the Company’s total issued share capital will comprise 83,944,796 New Ordinary Shares of £0.02 each with voting rights. The Company does not hold any shares in treasury. As such, the total number of voting rights in the Company following the Share Consolidation will be 83,944,796.

Capitalised terms used in this announcement and not separately defined shall have the meaning given to them in the circular which contains the AGM Noticehttps://ctlithium.com/investors/circulars-documents/

For further information please visit https://ctlithium.com/

For further information contact:

CleanTech Lithium PLC

Steve Kesler/Gordon Stein/Nick Baxter

Jersey office: +44 (0) 1534 668 321

Chile office: +562-32239222

Or via Celicourt

Celicourt Communications

Felicity Winkles/Philip Dennis/Ali AlQahtani

+44 (0) 20 7770 6424

cleantech@celicourt.uk

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish/Asia Szusciak

+44 (0) 20 7628 3396

Fox-Davies Capital Limited (Joint Broker)

Daniel Fox-Davies

+44 (0) 20 3884 8450

daniel@fox-davies.com

Canaccord Genuity (Joint Broker)

James Asensio

+44 (0) 20 7523 4680

Beaumont Cornish Limited (‘Beaumont Cornish’) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Notes

CleanTech Lithium (AIM:CTL) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium’s mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.

CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have good access to existing infrastructure.

CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction.www.ctlithium.com

Source

Click here to connect with CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF, Frankfurt:T2N), to receive an Investor Presentation

This post appeared first on investingnews.com

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Investing

How to Invest in Coal Stocks (Updated 2024)

Investing 12 Mins Read

For thousands of years, coal has been an important source of heat and energy.

The fossil fuel played a crucial role in the Industrial Revolution, and today it’s the largest source of energy for electricity generation in the world — in total, coal generates over one-third of the world’s electricity.

But is coal’s role in the energy landscape fading? Maybe. However, there’s still a case to be made for the world’s dirtiest energy source. While its use has fallen in many countries, demand in others is rising. Additionally, it plays an essential role in steel-making.

Read on to find out how to invest in coal, the coal market outlook, as well as metallurgical and thermal coal stocks and ETFs you can invest in.

In this article

    What is coal and what is it used for?

    Coal is a hydrocarbon (carbon plus hydrogen), or fossil fuel, that contains the stored energy of prehistoric vegetation. The oldest coal dates back to 360 million years ago, and was formed when swamps and peat bogs were buried due to shifts in the Earth’s tectonic plates. Subjected to pressure and heat deep underground, the plant material in the swamps and bogs underwent a chemical reaction, creating coal.

    There are four main categories of coal that are based on the type and amount of carbon in the coal and how much heat energy it can produce.

    The most commonly mined classifications are sub-bituminous coal and bituminous coal. Sub-bituminous coal is used primarily as fuel for steam-electric power generation. Bituminous coal makes up more than half of the world’s coal reserves and accounts for a majority of the coal industry.

    Bituminous coal is divided into two types: thermal and metallurgical. Thermal coal is used in energy generation for heating, but it is also used for cement manufacturing and other industrial purposes. Metallurgical coal, also known as met coal or coking coal, is used to produce coke, the primary source of carbon used in steelmaking.

    Top coal-producing countries

    In 2023, the three top coal-producing countries in the world were China, India and Indonesia, which combined represent 70 percent of the record 8.9 billion metric tons of coal production for the year. The US was the fourth largest coal producer in 2023, and saw its production decline by 2.8 percent over the previous year.

    The US, Russia, Australia, China and India are the countries with the largest proven coal reserves, representing 75 percent of total global coal reserves. Japan, India, China, South Korea and Taiwan among the largest importers of coal.

    Coal industry trends

    Global coal demand has been on a declining trend since 2014, especially in Europe and the United States. However, this trend reversed in 2021, according to the International Energy Agency’s (IEA) 2021 coal report. Lower supply and rebounding coal demand in China — the world’s largest consumer — pushed prices for the material to record highs that year.

    Russia’s invasion of Ukraine elevated coal demand and prices in 2022 and 2023 as European countries such as Germany and Italy fired up previously mothballed coal plants to make up for sidelined natural gas supply. Coal usage rose by 3.3 percent in 2022 and 2.6 percent in 2023 to reach new all-time highs in both years based on IEA reporting.

    The electricity and industrial sectors are the largest end users of coal. The electricity sector alone accounts for two-thirds of coal demand worldwide, making it a main driver of global coal demand trends, explains the IEA.

    How much impact the renewable energy transition will have on the global coal market and how soon it will happen will depend on how quickly such policies and technologies are adopted in China and India. China’s electricity sector accounts for one-third of global coal demand, according to the IEA, which states a “recovery in hydropower in China combined with significant expansion of wind and solar is expected to slow the growth of coal power generation globally in 2024.”

    Environmental concerns are one of the main reasons some market watchers believe coal’s role in the energy mix is set to fade in the coming years and decades. Both mining coal and burning it for energy are problematic, with two of the key issues being pollution and greenhouse gasses.

    Many countries have laid out plans to phase out coal in the near to medium term, including Germany (which has the largest fleet of coal-fired plants in Europe), Canada, the UK, Finland, France, Chile, Ireland, Israel, New Zealand, South Africa and Denmark. Belgium has been coal-free since 2016.

    During his first term in office, US President Donald Trump sparked hope for a coal industry revival when he pulled the country out of the Paris Agreement, citing his support of the coal sector as one of his reasons for doing so.

    Under President Joe Biden, the US rejoined the Paris Agreement. In his first days in office, Biden signed an executive order directing federal agencies to help generate alternative economic activity in regions traditionally dominated by the coal industry, such as Kentucky and West Virginia. The Biden administration also set a lofty goal of using 100 percent renewable energy for electricity generation by 2035. In response, many US utilities began moving towards wind and solar power, as well as natural gas.

    With Trump back in office in 2025, the US coal industry may see a reversal of Biden’s directives. Leaders in the industry are hopeful that Trump’s pick for Secretary of Energy, Founder and CEO of Liberty Energy (NYSE:LBRT) Chris Wright, and his pick for Secretary of the Interior, North Dakota Governor Doug Burgum, will revive the country’s coal sector.

    Coal industry outlook

    The investment outlook for the coal industry is dependent on a myriad of factors, including electricity and industrial demand as well as a shift toward renewable energy sources.

    Overall, after a mere 0.4 percent increase in total consumption in 2024, demand for coal is set to decline by 0.3 percent in 2025, according to the IEA.

    Whether or not coal is here to stay or is facing its demise depends on jurisdiction.

    After four years of steady growth, China’s coal usage has begun to slow on economic woes. For thermal coal consumption in China, the agency is projecting a demand growth rate of 0.9 percent in 2024 — the lowest rate since 2015. For 2025, the IEA is forecasting a 1.1 percent decline in demand from the power sector as the transition to renewables continues.

    Metallurgical coal demand in the country is expected to remain flat as the real estate sector continues to falter.

    While China may have decreased its coal use in an effort to improve air quality, the Asian powerhouse is still one of the world’s fastest-growing major economies and is likely to remain the world’s top coal consumer for years to come.

    India is experiencing the greatest growth in coal demand compared to other regions. The IEA estimates that India’s consumption of thermal coal will have increased by almost 10 percent for 2024, while the country’s metallurgical coal consumption is expected to increase by just over 2 percent.

    With India growing its coal-fire plant capacity by more than four times its annual average in the past five years and rising demand for thermal and met coal in industrial applications, the IEA projects the country’s aggregate coal demand to rise by 3.1 percent in 2025.

    In the United States, coal usage in 2024 remained on par with the previous year, but the IEA expects it will decline by 2 percent in 2025.

    Europe is forecast to continue experiencing the greatest decline in coal consumption, particularly from the power sector as the switch to renewable energy and nuclear power intensifies. The IEA predicts a 19 percent drop in coal demand for the region in 2024 followed by a 3 percent decline in 2025.

    Looking more specifically at metallurgical coal as a whole, research firm Technavio is reporting that the market will experience a compound annual growth rate of 4.77 percent between 2023 and 2028. The vast majority of this growth — 85 percent — is expected to come from the Asia-Pacific region, particularly out of China, Australia, Indonesia and India.

    How to invest in coal

    There are a number of entry points for investing in coal, including thermal and metallurgical coal stocks and coal ETFs. Below, we take a look at each of these routes to investing in coal.

    Coal stocks

    For those interested in investing in coal stocks, there are a number of publicly traded metallurgical, thermal and coking coal companies to choose from. Learn about options for coal stocks listed on the NASAQ, NYSE, TSXV, ASX and LSE below.

    Alliance Resource Partners (NASDAQ:ARLP)
    Alliance Resource Partners is the largest coal producer in the Eastern United States. With seven underground coal mining operations in Appalachia and the Illinois Basin, this coal company provides thermal and metallurgical coal products to utility, industrial and steelmaking customers on a global scale.

    Alpha Metallurgical Resources (NYSE:AMR)
    Alpha Metallurgical Resources is a metallurgical coal company that has 21 coal mines across the United States’ Central Appalachia regions of Virginia and West Virginia. The company produces and exports metallurgical products to the global steel industry, with customers in 25 countries.

    Arch Resources (NYSE:ARCH)
    Arch Resources and its subsidiaries provide metallurgical coal products for the global steel industry and thermal coal for domestic and international power generation markets. Its operations include four metallurgical coal mines in West Virginia, two thermal coal mines in the Powder River Basin of Wyoming and one thermal coal mine in Colorado.

    CONSOL Energy (NYSE:CEIX)
    CONSOL Energy is a producer and exporter of high heating value bituminous thermal coal for global markets. It owns the Pennsylvania Mining Complex, located in its namesake state’s Greene and Washington counties, which is the largest underground coal mine complex in North America. The company’s Baltimore Marine terminal is one of the largest coal export terminals on the Eastern Seaboard.

    Corsa Coal (TSXV:CSO,OTCQX:CRSXF)
    Corsa Coal is a metallurgical coal producer with five mines in the US states of Pennsylvania and Maryland. Corsa sells its metallurgical coal products to both domestic and international steel and coke producers.

    Glencore (LSE:GLEN,OTC Pink:GLCNF)
    Glencore is one of the world’s largest producers and exporters of thermal and metallurgical coal. The company has numerous met coal and thermal coal operations in Australia, Canada, Colombia and South Africa.

    Peabody Energy (NYSE:BTU)
    Peabody is a leading producer of thermal and metallurgical coal to domestic and global markets. The company’s United States operations are in the states of Colorado, New Mexico, Illinois, Alabama and Wyoming, specifically in Wyoming’s coal-rich Powder River Basin. It also has extensive seaborne thermal and metallurgical coal operations in the Australian states of Queensland and New South Wales.

    NACCO Industries (NYSE:NC)
    NACCO Industries is the parent company of four separate business units related to natural resource mining and environmental solutions. The company’s North American Coal business unit operates numerous surface coal mines in the US across the states of Mississippi, Louisiana, Texas and North Dakota.

    New Hope Group (ASX:NHC)
    New Hope is involved in all stages of the coal industry, from exploration and development to production and processing. The company owns interests in two open-cut thermal coal mines in Queensland and New South Wales. Much of its production is shipped to customers in Asia.

    Ramaco Resources (NASDAQ:METC)
    Ramaco Resources produces premium metallurgical coal products for customers in North America and internationally in approximately 20 countries. The company has nine met coal mines in the Appalachian states of West Virginia and Virginia.

    SunCoke Energy (NYSE:SXV)
    SunCoke Energy is the largest independent coke producer in the US by annual output. The coal company operates five metallurgical coke plants across Illinois, Indiana, Ohio and Virginia, as well as one in Brazil. SunCoke’s heat-recovery coke-making technology produces stronger coking coal and converts the heat into steam or electricity.

    Warrior Met Coal (NYSE:HCC)
    Warrior Met Coal is a major supplier of premium metallurgical coal, also known as hard-coking coal, to the global steel industry, particularly in Europe, South America and Asia. The company has two active underground mines based in Alabama, US.

    Whitehaven Coal (ASX:WHC)
    Whitehaven Coal is a leading Australian metallurgical and thermal coal producer with six mines in the Gunnedah Coal Basin of New South Wales and Bowen Basin of Queensland. The company exports to economies across East and South East Asia.

    Yancoal Australia (ASX:YAL)
    Yancoal Australia is Australia’s largest pure-play coal producer and one of the largest coal exporters. With a focus on both metallurgical and thermal coal products, the company operates five mines and manages five other projects across the states of New South Wales, Queensland and Western Australia.

    Coal ETFs

    For those investors interested in how to invest in Coal ETFs, Range Global and VanEck offer coal investment funds.

    Range Global Coal Index ETF (ARCA:COAL)
    The Range Global Coal Index ETF offers investors exposure to companies engaged in the metallurgical and thermal coal industry, from exploration and development through to production, transportation and distribution. Its top holdings include Warrior Met Coal, Yancoal Australia and Alpha Metallurgical Resources.

    VanEck Vectors Coal ETF (ARCA:KOL)
    The VanEck Vectors Coal ETF offers a broader global range of exposure to the coal and energy markets. Its constituents are companies with operations in a wide variety of energy sectors, including coal-focused ones such as coal and consumable fuels, coal products, steel and metallurgical coal mining. Top holdings in KOL include freight rail transport company Aurizon Holdings (ASX:AZJ); Exxaro Resources (OTC Pink:EXXAF,JSE:EXX), one of South Africa’s largest coal producers; and the aforementioned Whitehaven Coal.

    Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

    This post appeared first on investingnews.com

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    Nifty PFS Confirms $1,12Cm Pre-Tax NPV and 7C7kt Ore Reserve

    Investing 2 Mins Read

    Cyprium Metals Limited (ASX: CYM, OTC: CYPMF) is pleased to present the Prefeasibility Study (“PFS”) for the Nifty Copper Complex. The PFS confirms the economic viability of large-scale production of copper in concentrate (“Concentrate Project”) through the refurbishment and expansion of Nifty’s brownfield concentrator and accompanying new surface mine. The PFS also confirms economics of producing copper cathode by re-treating Nifty’s Heap Leach Pads 1-6 (“Initial Cathode Project”) which is a subset of oxide opportunities. This PFS supports the first Ore Reserve Estimate (“ORE”) to be published on the Concentrate Project and Initial Cathode Project (collectively referred to as the “Projects”).

    Highlights on a combined basis include:

    • $1,129 million pre-tax NPV8 ($756 million after-tax); pre-tax IRR of 28.9% (23.6% after-tax)
    • All major permits currently in hand, to be updated using PFS information
    • Concentrate Project Ore Reserves of 83Mt at 0.90% Cu for 753Kt contained Cu
    • Initial Cathode Project Ore Reserves of 10.6mt at 0.41% Cu for 44Kt contained Cu

    “The successful completion of this comprehensive PFS marks a pivotal milestone for Cyprium. This is important, foundational work that we will build on” said Executive Chair Matt Fifield.

    “The PFS highlights the long duration and immense profitability of Nifty’s Concentrate Project. With 797,000 tonnes of copper in total reserve supporting more than $3 billion dollars of pre-tax cash flow, Nifty is a large and important copper source and economic engine for Australia,” said Fifield.

    “There are few near-term copper development opportunities that present the scale, longevity and positive economics of Nifty’s Concentrate Project, and really none that have the speed and cost advantages of a permitted brownfield site and access to Western Australia’s world-class supply chain,” added Fifield. “The important information in this PFS serves as a strategic foundation for our forward activities as we move towards project execution.”

    For a copy of this announcement and a short introductory video please visit Cyprium Metals Investor Hub at https://investorhub.cypriummetals.com/link/drLK0e.

    Click here for the full ASX Release

    This post appeared first on investingnews.com

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    Newmont to Sell Éléonore Gold Mine in Québec for US$795 Million

    Investing 3 Mins Read

    Newmont (TSX:NGT,NYSE:NEM), the world’s largest gold miner, is continuing its divestiture program through the sale of its Éléonore mine in Québec to Dhilmar, a private UK-based mining firm, for US$795 million in cash.

    Located in the Eeyou Istchee James Bay region, Éléonore is a prominent underground gold operation. Since producing its first gold in 2014, the mine has contributed significantly to Newmont’s output, averaging 215,000 ounces annually.

    The sale is expected to close in Q1 2025, pending regulatory approvals and other standard closing conditions.

    The transaction follows Newmont’s recently announced sale of the Musselwhite gold mine in Ontario to Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) for US$850 million.

    Together, these two deals contribute substantially to Newmont’s efforts to reshape its portfolio — the company has now exceeded its initial target of generating US$2 billion through asset sales.

    “Proceeds from this transaction will support Newmont’s comprehensive approach to capital allocation, which includes strengthening our investment-grade balance sheet and returning capital to shareholders,” said Tom Palmer, the company’s president and CEO, in a Monday (November 25) press release.

    “We are pleased to be selling this operation to Dhilmar,” he added. “They have a wealth of experience in gold and copper mining and we believe Dhilmar will be excellent stewards of this asset.’

    Éléonore, acquired by Newmont as part of its 2019 purchase of Goldcorp, is the second Canadian asset to be sold by Newmont as part of its ongoing divestiture program. The program aims to concentrate Newmont’s resources on its core Tier 1 gold and copper assets — those with long mine lives and the scale to generate sustainable free cash flow.

    Dhilmar, the purchaser of Éléonore, is a relatively new player in the global mining industry. Alexander Ramlie, the firm’s CEO, is known for his role in the 2016 acquisition of Indonesia’s Batu Hijau copper-gold mine.

    Newmont’s current approach stems from its broader portfolio optimization strategy, initiated after its acquisition of Newcrest Mining in 2023. The company initially said it was aiming to generate US$2 billion through asset sales to improve its balance sheet, increase shareholder returns and allocate capital efficiently.

    Both the Musselwhite and Éléonore sales alone have added US$1.65 billion to Newmont’s divestiture proceeds.

    Combined with other completed and planned asset sales, the company has raised approximately US$3.6 billion from its optimization program, significantly surpassing its original target.

    In addition to Éléonore and Musselwhite, Newmont has identified other assets for potential sale, including its Porcupine mine and Coffee project in Canada, as well as its Cripple Creek & Victor mine in the US.

    This strategy coincides with a broader industry trend of large mining firms divesting smaller, less profitable or more geographically dispersed assets to focus on core projects. Newmont’s approach is consistent with the strategy of prioritizing high-margin, scalable operations that promise consistent cashflow over long periods.

    Companies like Dhilmar and Orla are taking advantage of these sales to expand their own portfolios.

    Orla’s acquisition of the Musselwhite mine, for example, is expected to more than double its gold production, underscoring the opportunities presented by divestitures for mid-tier and private mining firms.

    The gold price, which has remained strong due to global economic uncertainty, continues to play a significant role in shaping these transactions. A stable or rising price increases the attractiveness of gold assets, providing an opportune time for companies like Newmont to sell non-core properties at favorable valuations.

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

    This post appeared first on investingnews.com

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    Economy

    Kohl’s Shares Plunge 11%

    Economy 3 Mins Read

    Kohl’s Corporation (NYSE: KSS) shares plunged 11% following a disappointing Q3 earnings report and a sharp downgrade of its fiscal 2024 outlook. The department store chain reported adjusted earnings per share of $0.20, significantly below analysts’ expectations of $0.31. Revenue declined 8.8% year-over-year to $3.51 billion, missing the consensus estimate of $3.65 billion, while comparable sales fell 9.3%, reflecting continued weakness in its core apparel and footwear categories.

    In response to the challenging environment, Kohl’s cut its full-year earnings forecast. The new range is $1.20 to $1.50 per share. This is a stark reduction from its prior outlook. It is also below Wall Street’s consensus of $1.86. The company now expects full-year net sales to decline by 7%-8%. Comparable sales are projected to drop 6%-7%. This signals further headwinds in the months ahead.

    CEO Tom Kingsbury acknowledged the struggles in key categories but highlighted growth in segments like Sephora and home decor. However, these gains were insufficient to offset the broader declines. On a positive note, gross margin improved slightly, rising 20 basis points to 39.1%, and inventory levels were reduced by 3% year-over-year.

    Kohl’s is facing mounting challenges. Weak consumer demand is weighing

    Kohl’s shares Chart Analysis

    KSS/USD 15-Minute Chart

    The 15-minute chart of Kohl’s Corporation (NYSE: KSS) demonstrates significant price action and momentum shifts over recent sessions. After a prolonged downtrend, the stock bottomed near $16.12 on the 20th before experiencing a sharp bullish reversal. A strong green candlestick on the 22nd signals robust buying interest, pushing the price above $18.

    The RSI (Relative Strength Index) initially showed oversold conditions below 30 before recovering, peaking above 70, signalling overbought territory during the recent surge. Currently, RSI is at 55.71, suggesting neutral momentum but leaning towards consolidation. The price now sits around $18.34, reflecting a slight pullback after reaching a session high of $18.74.

    Resistance appears near $18.50–$18.75 as the price struggled to maintain upward momentum. Support levels can be observed around $17.00–$17.50, offering potential entry points if a retracement occurs. The recent price breakout and volume spikes suggest a bullish bias in the short term, though continued strength is contingent on holding above $18.

    Traders should monitor RSI divergence and volume patterns to confirm a potential continuation of the uptrend or a reversal. A break above $18.75 could pave the way for higher highs, while failure to hold $18 may signal a correction toward key support zones.

    The post Kohl’s Shares Plunge 11% appeared first on FinanceBrokerage.

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    Business

    Spanish retailer Mango to open 60 new U.S. stores as it looks to elevate the brand

    Business 3 Mins Read

    Spanish retailer Mango is embarking on a bold expansion plan in the U.S. as it looks to shed its fast-fashion image and position itself as a premium brand.  

    The privately held company, headquartered in Barcelona, plans to open 42 new storefronts in the U.S. by the end of the year and aims to launch 20 more in 2025, primarily in the Sun Belt and Northeast, Mango CEO Toni Ruiz told CNBC in an interview. 

    The $70 million expansion plan includes a new logistics center outside of Los Angeles and about 600 new jobs, bringing the company’s U.S. headcount to about 1,200 employees by next year. 

    “This is a long-term commitment,” Ruiz said. “We have also the opportunity to have bigger stores in the U.S.,” he noted, adding Mango will open some multiline stores that feature men’s and kids’ items.

    Mango’s sales grew more than 10% in the U.S. this year and the company expects to see double-digit growth again next year. 

    Currently, Mango’s largest market is its home base in Spain. While the U.S. is among its top five markets, the company is aiming to grow sales in the region so it can breach the top three. The goal is part of a larger strategic plan at Mango focused on growing sales from about 3.1 billion euros annually to 4 billion euros by 2026.

    Mango, known for its European chic basics, is looking to reposition itself as a premium brand and signal to consumers that it is not a fast-fashion label. Its design process takes between seven and eight months, and everything is designed in-house in Barcelona, Ruiz said. 

    “Internally we have all the design, all the patterns, all the fittings — this is very important for us so 100% is done here. We also have 500 people taking care of the product from end to end,” said Ruiz. “We are trying to elevate. What does it mean, elevate? We think that our customer appreciates a lot this creativity, this design, this own style. So this is why we are pushing a lot, not only in terms of quality, design and also, why not prices? Because our proposal is getting better.” 

    Ruiz said Mango’s U.S. growth plans are focused on stores because a physical presence will allow the company to get closer to its consumer and tell its story in a new way.

    The company follows a string of other international competitors such as Sweden’s H&M, Spain’s Zara and Japan’s Uniqlo that have turned to the U.S. market for growth. They are all competing to win over the average American household, which spends on average about $2,000 annually on clothes, according to a Lending Tree study.

    Mango has opened stores in Pennsylvania; Washington, D.C.; and Massachusetts, but has turned its sights to the Sun Belt for its next phase of growth, driven by insights from e-commerce.

    Mango’s website now represents about 33% of overall sales and helps the retailer determine where its customers are shopping from and what they are buying, said Ruiz. 

    “It’s a big challenge for us, because we have understood that every state in the U.S. is like a country in Europe, so because of the customer, because of the way of dressing,” said Ruiz. “It’s very important to understand the difference between the states. … So this is why we try to go step by step.” 

    This post appeared first on NBC NEWS

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    Business

    Walmart pulls back on DEI efforts, removes some LGBTQ merchandise from website

    Business 3 Mins Read

    Walmart on Monday confirmed that it’s ending some of its diversity initiatives, removing some LGBTQ-related merchandise from its website and winding down a nonprofit that funded programs for minorities.

    The nation’s largest employer, which has about 1.6 million U.S. workers, joined a growing list of companies that have stepped back from diversity, equity and inclusion efforts after feeling the heat from conservative activists.

    Some have also attributed changes to the U.S. Supreme Court’s decision last year that struck down affirmative action programs at colleges.

    Those companies include Tractor Supply, which said in June it was eliminating DEI roles and stopping sponsorship of Pride festivals. Lowe’s, Ford and Molson Coors have also walked back some of their equity and inclusion policies in recent months.

    Others, such as Anheuser-Busch-owned Bud Light and Target, have faced sharp backlash and falling sales after marketing campaigns or merchandise focused on the LGBTQ community.

    In a statement, Walmart said it is “willing to change alongside our associates and customers who represent all of America.”

    “We’ve been on a journey and know we aren’t perfect, but every decision comes from a place of wanting to foster a sense of belonging, to open doors to opportunities for all our associates, customers and suppliers and to be a Walmart for everyone,” the statement said.

    Walmart’s DEI changes were first reported by Bloomberg News.

    Among the changes, Walmart will no longer allow third-party sellers to sell some LGBTQ-themed items on Walmart’s website, including items marketed to transgender youth like chest binders, company spokeswoman Molly Blakeman said.

    She said it also recently decided to stop sharing data with the Human Rights Campaign, a nonprofit that tracks companies’ LGBTQ policies, or with other similar organizations.

    Additionally, the big-box retailer is winding down the Center for Racial Equity, a nonprofit that Walmart started in 2020 after George Floyd’s murder sparked protests across the country. At the time, Walmart and the company’s foundation pledged $100 million over five years to fight systemic racism and create the center.

    Over the past year, the company has phased out supplier diversity programs, which gave preferential financing to some groups, such as women and minorities, after the Supreme Court decision striking down affirmative action.

    It’s also moved away from using the term “diversity, equity and inclusion” or DEI in company documents, employee titles and employee resource groups. For example, its former chief diversity officer role is now called the chief belonging officer.

    Yet, Walmart will continue to award grants, disaster relief, and funding to events like Pride parades, but with more guidelines of how funding can be used, Blakeman said.

    Some recent changes came on the heels of pressure from conservative activist Robby Starbuck, who threatened a consumer boycott of Walmart. Starbuck, a vocal DEI-opponent who had also put heat on Tractor Supply, touted Walmart’s changes in a post on X, describing them as “the biggest win yet for our movement to end wokeness in corporate America.”

    Walmart had conversations with Starbuck over the last week and already had some DEI-related changes underway, Blakeman said.

    Walmart’s DEI changes were first reported by Bloomberg News.

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    U.S. charges former Wamco executive Kenneth Leech with fraud

    Business 1 Min Read

    Kenneth Leech, the former co-chief investment officer of Western Asset Management Co, was charged by U.S. authorities on Monday with running a fraudulent “cherry-picking” scheme where he improperly favored some clients’ accounts over others when allocating trades.

    The U.S. Securities and Exchange Commission said that between January 2021 and October 2023, Leech disproportionately allocated better performing trades to favored portfolios, and worse performing trades to other portfolios.

    Leech also faces related criminal charges from the U.S. Attorney’s office in Manhattan, the SEC said.

    Lawyers for Leech did not immediately respond to requests for comment. The U.S. attorney’s office did not immediately respond to a similar request.

    Western Asset Management, known as Wamco, is part of Franklin Resources, which acquired the business through its purchase of Legg Mason in 2020.

    Clients have pulled tens of billions of dollars from Wamco in the last few months, after Franklin announced that authorities were investigating Leech.

    This post appeared first on NBC NEWS

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    Kohl’s CEO Tom Kingsbury to step down and be replaced by Michaels CEO Ashley Buchanan

    Business 2 Mins Read

    Kohl’s is getting a new CEO, its third since 2018.

    The off-mall department store’s current CEO Tom Kingsbury is stepping down effective Jan. 15. He will leave the position he held first on an interim basis starting in late 2022, and then permanently since early 2023.

    Michaels CEO Ashley Buchanan will take over the top job at Kohl’s as Kingsbury departs, after leading the crafting retailer since 2020. Prior to his time at Michaels, Buchanan was at Walmart and its Sam’s Club division for 13 years.

    Kohl’s shares fell about 3% in extended trading following the announcement.

    At the world’s largest retailer, he held the roles of chief merchandising and chief operating officer for Walmart U.S. e-commerce and chief merchant at Sam’s Club before that. Buchanan is currently on the board of Macy’s, but will be stepping down from that role.

    Kingsbury will remain with Kohl’s in an advisory role to Buchanan and stay on the board until he retires in May. Kohl’s doesn’t intend to replace Kingsbury and will reduce the board size by one seat.

    Buchanan will step in just after the critical holidays end and as the retailer closes its fiscal year. There’s a lot of work to be done at a time when department stores are struggling to resonate with shoppers who have more options than ever before. While Kohl’s off-mall physical format has insulated it a bit more than other department stores, it has had a difficult several years.

    Kohl’s shares fell 17% during Kingsbury’s interim period from Dec. 2, 2022 to Feb. 2, 2023 and then dropped a further 45% since. Kingsbury hasn’t been able to return sales to growth at Kohl’s. Its comparable store sales, a key metric for retailers, have fallen for the past 10 quarters.

    Kingsbury took over as CEO after Michelle Gass left Kohl’s to become president and then eventual CEO of Levi Strauss. Kingsbury had been a member of the Kohl’s board since 2021. He previously served as CEO of Burlington Stores from 2008 to 2019.

    This post appeared first on NBC NEWS

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