Representative from Macy's said last week that there are plans in place to close 125 of its stores over the next couple of years and cut minimum 2,000 corporate jobs as a cost-savings effort.

The company said it would close stores in lower-tier malls, and explore new avenues, as it looks to tackle plummeting mall traffic.

The chain, which has been struggling to boost store traffic as consumers opt for online shopping in the United States, has closed more than 100 stores since 2015 and cut thousands of jobs.

"We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams," Chief Executive Jeff Gennette said.

The to-be-closed 125 stores currently account for about $1.4 billion in annual sales, the company said.

It also said it expects annual gross cost savings of $1.5 billion by 2022, with $600 million expected in 2020.

It forecast full-year net sales to be between $23.6 billion and $23.9 billion, below analysts' average estimate of $24.36 billion, according to IBES data from Refinitiv.

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Some of the other winners included: 

Kaia Gerber - Breakout Star Women

Alton Mason - Breakout Star Men

Cameron Russell - Social Media Star Women

Luka Sabbat - Social Media Star Men

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Lanvin has let go of artistic director Olivier Lapidus, less than a year after his initial appointment. The remaining in-house design team will be responsible for the women's collection until a replacement is found. The struggling brand has announced additional leadership changes: Joann Cheng, president of Fosun Fashion Group and chairman of the Lanvin board of directors, will become the interim chief executive of the house. Nicolas Druz, who has served as Lanvin general manager since 2017, will take up the new position of managing director of Fosun Fashion Group to "support the group's current and future business expansion in Europe." Ms Cheng continued "We sincerely thank Mr Druz and Mr Lapidus for their contributions to Lanvin's glorious heritage". "In seeking candidates for the permanent positions of CEO and artistic director, we want to ensure we find people who share the spirit of Lanvin. The re-launch of Lanvin with fresh talents, while adhering to the values that the brand has maintained since 1889, is fundamental to returning the maison to its rightful position at the top table of the world's most lauded and innovative fashion houses."

Luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE has reached a $16.2 billion deal to buy American jewellery giant Tiffany & Co.

The companies announced that they had entered an agreement for LVMH to acquire Tiffany for $135 a share.

“We strongly believe that LVMH is not only an ideal owner for Tiffany but also that this iconic brand is a perfect addition to our portfolio and perfect complement to our existing model,” LVMH Chief Financial Officer Jean-Jacques Guiony.

The all-cash acquisition is one of the largest ever for the French conglomerate known for its hard-charging deal making and surpasses its $13 billion deal for Christian Dior in 2017.

The storied American brand has resisted acquisition for years, but as one of the few independent global jewellery houses remaining in the market, analysts had long speculated that it would make an attractive, if expensive, target.

But Tiffany has had a difficult time lately. In the first half of 2019, worldwide net sales at Tiffany decreased 3 percent to $2.1 billion. The American jeweller is facing weak demand at home and abroad, and will likely need heavy investment to re-energise its brand and business.

The deal will bring LVMH’s substantial financial and market clout to help support Tiffany’s ongoing transformation efforts. At the same time, it boosts the French company’s presence in the US market.

The deal also allows LVMH to gain further ground on Swiss conglomerate Richemont, which has long dominated hard luxury with its ownership of Cartier and Van Cleef & Arpels. Jewellery was one of the best-performing luxury categories in 2018, according to Bain & Co, which predicts that the global $20 billion market will grow 7 percent this year.

Tiffany employs more than 5,000 artisans to cut diamonds and craft its jewellery, rather than buying from middlemen.

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