Morning Hemlines: Bath & Body Works, Euro Lux, June Sales, Nike and more...

Carlos Slim Helú, the world's second-richest man, snaps up two million shares of Saks in wake of fallen share prices; now owns almost 11 percent of the company. (WWD)

Shares of European luxury purveyors, including PPR and Burberry, sank Thursday on lowered analyst ratings and estimates. A Deutsche Bank analyst predicts a "continued slowdown in global luxury demand in 2009." (WWD)

False hope for retail? June sales figures were better than expected thanks to additional spending encouraged by stimulus checks and Father's Day and Fourth of July sales. (DNR)

China curtails efforts of advertisers who aren't official sponsors of the Olympic games to prevent ambush marketing. Nike, traditionally one of the biggest ambush marketers, now faces delay in Chinese expansion. (IHT)

Bath & Body Works to expand internationally; parent company Limited Brands will open six Canadian stores this fall. (Report On Business)

French department stores Au Printemps and Galeries Lafayette are reporting slow summer sales--which typically account for almost a quarter of the stores' revenue--despite discounts of over 50 percent. (Bloomberg)

by Sean Santiago