Category: Fashion

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  • FamilyMart launches ‘convenience wear’ clothing range

    FamilyMart launches ‘convenience wear’ clothing range

    Family Mart, one of Japan’s most common convenience store chains, will now be offering apparel. Dubbed “Convenience Wear,” Family Mart will be launching 68 different articles of clothing, designed by FACETASM designer Hiromichi Ochiai.

    Spanning essentials like T-shirts, long-sleeves, tank tops, shorts and socks, each piece is neatly folded in transparent zip-lock packaging labeled with detailed information about the piece’s size, color, material and measurements. Most of the colors are kept minimal, too — navy, white, black and grey. Jointly developed with Asahi Kasei Co., many of the silhouettes also come with “Paircool” fabrication for optimal breathability. Beyond clothing, other pieces in the collection like towels round off the expansive assemblage.

    Family Mart’s “Convenience Wear” range is currently available on Family Mart’s website, ranging from ¥390 – ¥990 JPY (approximately $3 – $9 USD).

  • How much do you need to begin investing in crypto?

    How much do you need to begin investing in crypto?

    So far, 2021 has been the year of cryptocurrencies. With Bitcoin smashing through the previous record to reach an all-time high of £42,000 ($58,000) and firms such as Tesla now investing, it appears that there has never been a better time to jump on board and start investing in crypto. Of course, while Bitcoin may be the most well-known cryptocurrency it is by no means the only one. Alongside this, there is also the likes of Ethereum, Litecoin, and Cardano to consider. Even looking at these additional cryptos is only touching the tip of the iceberg as there are literally thousands of them in existence.

    With all of the media coverage of crypto and what this year has seen, now may be the time that you are considering investing. If you are unfamiliar with crypto terms such as algorithmic peg, altcoin, and bag there is a good chance that you may need to invest in some education before taking the plunge, but here’s a look at some of the key points that you’ll need to know.

    What is Crypto?

    Before considering how much you need to start investing, it is important to understand what crypto is and, just as importantly what it isn’t. Cryptocurrencies are digital currencies that exist online and in secure wallets. They can be used to buy goods and services, but more importantly, they can also be traded for profit.

    Crypto works by using blockchain technology. This is a decentralised computer system that keeps information extremely secure. The fact that crypto is decentralised also means that no government or single person controls it. This means that, although values can change, it is not susceptible to world events like a traditional currency is.

    What are the most popular cryptocurrencies?

    When it comes to considering investing in cryptocurrency, it is worth taking a look at what are the most popular. With so many in existence, it is easy to get lost in a sea of names and not really be sure what you are investing in. The most popular cryptos to invest in are:

    Bitcoin

    The open-source software for Bitcoin was released in 2009. The person behind this is only known as Satoshi Nakamoto and has never had his real identity confirmed. The first time that Bitcoin was used was to purchase a pizza, but since then it has gone on to achieve incredible values and is now even accepted as a method of payment by PayPal, showing that it is now truly mainstream.

    Ethereum

    The work of Vitalik Buterin saw Ethereum being launched in 2015. At the time of release, there were 72 million coins made available. Although not reaching the heights of Bitcoin, it still has a respectable all-time high of £1,239 ($1,700).

    Litecoin

    The creator behind Litecoin was Charlie Lee who founded this in 2011. Going live in 2013, this crypto works in an almost identical way to Bitcoin although the technology allows for faster confirmation of transactions. Its all-time high was £262 ($360).

    How can I invest in crypto?

    To invest in cryptocurrencies, you are going to need somewhere to buy it and then somewhere to keep it. This is where exchanges come into play. The most common of these is Coinbase. Here you can buy Bitcoin and Ethereum with your debit card. For other cryptos, you generally need to trade Bitcoin and Ethereum and can not use traditional currencies to buy them.

    Given the high values of these currencies, investing may seem unobtainable for many. The good news is that you do not need to purchase an entire Bitcoin. Exchanges allow you to purchase fractions of cryptocurrencies which makes investing accessible for everyone. Potential new investors should not be intimidated by the rising values. Instead, this should be taken advantage of by using fractional options which remove any barriers to entry.

     

  • Investors press companies on human rights in Xinjiang

    Investors press companies on human rights in Xinjiang

    A group of religious and socially conscious investors and other funds are ramping up pressure on Western companies over alleged human rights abuses in China’s Xinjiang region, highlighting the challenges for brands trying to maintain their business ties amid rising tensions.

    The group of more than 50 investors, backed by the Interfaith Center on Corporate Responsibility, said it is in the process of contacting more than 40 companies, including H&M, VF Corp, Hugo Boss and Zara-owner Inditex, requesting more information about their supply chains and urging them to quit situations that could lead to human rights abuses.

    Anita Dorett, program director for the Investor Alliance for Human Rights, which put together the request to the fashion brands and other big corporate names, said she was worried that some companies had moved to scrub language about policies on forced labor from their websites, or pledged to buy more cotton from Xinjiang, in fear of a backlash from Chinese social media and companies.

    “Companies do not prioritize resources to digging into their supply chains and mapping them out. As investors, we want transparency and accountability,” Dorett said in an interview. She added that “This is their business. If they don’t know what’s happening, who will?”

    Over the past week, H&M, Burberry, Nike, Adidas, and other Western brands have been hit by consumer boycotts in China after raising concerns about forced labor in Xinjiang.

    The wave of boycotts coincided with Britain, Canada, the European Union, and the United States over what they say are human rights abuses taking place in Xinjiang.

    The investor alliance alleged that companies removing or moving statements concerning Xinjiang were doing so in fear of commercial retaliation from the Chinese government. It also said compliance rules were being developed in other markets, including the European Union, obliging them to disclose their supply chains fully.

    The Human Rights section of H&M’s website hmgroup.com on Friday no longer carried a link to a 2020 statement on Xinjiang. The statement could still be accessed through the page’s direct address.

    Inditex’s statement on forced labor on its website was no longer available as of last Thursday. H&M and Inditex did not immediately respond to a Reuters request for comment on the investor group’s approach. H&M has declined to comment on the removal of details from its website. Inditex has not responded to requests to comment on the removal of information from its website.

    VF Corp’s original statement on Xinjiang was no longer available, with a new statement published on a different site section. ON TUESDAY, a VF spokeswoman said the company had “not changed our position, our policies or our practices” but did not address the new location of its statement.

    Hugo Boss said last week on Chinese social media that it would continue sourcing Xinjiang cotton. Company spokeswoman Carolin Westermann said on Friday an undated English-language statement on its website stating that “so far, HUGO BOSS has not procured any goods originating in the Xinjiang region from direct suppliers” was its official position and that the Chinese statement was not authorized.

    Westermann reiterated the company’s position on Tuesday, adding that it was in “active exchange with NGOs and other key stakeholders, including investors, to outline our standards, values and sustainability initiatives in more detail.”

    Among investors, environmental, social and governance funds have taken in big inflows of cash, putting companies on the spot and prompting new financial disclosures on topics that were once considered fringe issues best left to governments to address.

    Assets in sustainable funds hit a record $1.7 trillion in 2020, based on data from fund management industry tracker Morningstar.

    The Investor Alliance for Human Rights has more than 160 institutional investors and other organizations as members, representing more than $5 trillion in assets under management currently, its website said.

    The New York-based Interfaith Center on Corporate Responsibility, which is backing the companies’ approach, has a broad range of members, including religious groups, public and union pension funds, and several other asset managers.

    The investor alliance does not include top U.S. fund groups BlackRock Inc and Vanguard Group Inc. With $16 trillion in assets between them both companies are large shareholders in many of the companies under pressure in China Refinitiv data.

    Both companies have ramped up their ESG efforts by publishing more details of their engagements and proxy votes at portfolio companies and introducing new funds using ESG criteria to pick holdings.

  • Louis Vuitton launches Objets Nomades in Hong Kong

    Louis Vuitton launches Objets Nomades in Hong Kong

    Louis Vuitton’s Objets Nomades collection – a collection of travel-inspired furniture and objects made in collaboration with internationally renowned designers – first launched in 2012. Now, the Maison’s collaborative design showcase has landed in Hong Kong to exhibit the pieces created in partnership with celebrated designers around the world.

    The showcase will exhibit at Pedder Building, a historical landmark in the heart of Hong Kong, and will feature an extensive range of pieces that celebrate the heritage of Louis Vuitton with design details worked in, such as the classic LV monogram. Combining the power of art, design and fashion, the showcase will be a colorful one, built by Nelson Chow of  NC Design & Architecture, and will likely see interest from fans across all creative intersections, especially fans of the brand.

    “I was inspired by Hong Kong’s old mansions. I studied places like Haw Par Mansion on Tai Hang Road and King Yin Lei on Stubbs Road and transported their beams, curved walls, and cross motifs to the interior,” Chow said on his inspiration for the exhibition design. “We also looked at the way these houses were divided into different compartments.”

    Included in the exhibition, will be designed duo Zanellato/Bortotto‘s Lanterns, which accompanies statement chairs, sofas, trunks and more. Alongside this, Atelier Biagetti has created a new perspective of the Anemona table, as well as Objets Nomades featuring a collaboration with contemporary artist Wing Shya, whose movement-driven photographs will be on display throughout the showcase. The Objets Nomades 2021 exhibition runs until April 8, 2021.

    Since its inception in 2012, the Louis Vuitton Objets Nomades collection has employed the skills of international designers such as Atelier Oi, Atelier Biagetti, the Campana Brothers, Andre Fu, Raw Edges, and Tokujin Yoshikoka to bring the showcase to audiences across the globe. The only requirement once chosen, is that each designer must create functional pieces of art that nod to Louis Vuitton’s vision of exploration, embodying the brand’s design codes and savoir-faire.

    The collection, complete with hammocks, side tables, and transformative sofas showcases the House’s attention to complex craftsmanship and creative innovation.

  • Lululemon warns of demand risks from potential virus resurgence

    Lululemon warns of demand risks from potential virus resurgence

    Lululemon Athletica on Tuesday warned of more store closures and risks to demand from a potential resurgence in COVID-19 cases, even as it forecast first-quarter revenue above analysts’ estimates.

    The company said any surge in cases, including the new variants, could hamper demand and disrupt the supply chain at a time its stores are struggling with capacity restrictions, sending its shares down 1.6% in extended trading.

    The company’s stock, however, has gained 64% over the past 12 months, as Lululemon saw a surge in demand for its leggings and sports bras from stuck-at-home consumers looking for comfortable apparel.

    “Regardless of vaccines, the sense of comfort will continue to sell and Lululemon has found a very strong assortment in between comfort and activewear,” said Jessica Ramirez, retail analyst at Jane Hali & Associates.

    The company is also banking on its home fitness startup acquisition, Mirror, to provide an additional revenue stream this year, and expects its top line to rise as much as 65% to $275 million in 2021 on the booming demand for online workout classes.

    Lululemon said it would ramp up investments in the startup, which offers subscriptions for live workout classes on mirror-like video monitors, to sustain its growth. The Canadian company forecast first-quarter revenue of $1.10 billion to $1.13 billion, above analysts’ estimate of $999.5 million, according to IBES data from Refinitiv. It expects first-quarter adjusted earnings per share of 86 cents to 90 cents, above estimates of 82 cents.

    Lululemon’s full-year earnings per share expectations of $6.30 to $6.45, however, were below estimates of $6.72.

    Net revenue rose 24% to $1.73 billion in the fourth quarter, beating estimates of $1.66 billion, as online sales jumped 92% on a comparable basis.

  • Nike sues company that made ‘Satan Shoes’ with Lil Nas X

    Nike sues company that made ‘Satan Shoes’ with Lil Nas X

    Athletic shoe maker Nike Inc on Monday sued a New York-based company that produced “Satan Shoes” purported to contain a drop of human blood as part of a collaboration with “Old Town Road” rapper Lil Nas X.

    Nike said in the lawsuit that the company, MSCHF Product Studio Inc, infringed on and diluted its trademark with the black-and-red, devil-themed shoes, which went on sale online on Monday. Lil Nas X is not named as a defendant in the suit.

    The shoes are customized Nike Air Max 97 sneakers that contain red ink and “one drop of human blood” in the sole, according to a website describing the 666 pairs of limited edition shoes. The back of one shoe says “MSCHF” and the other says “Lil Nas X.” her

    Several media outlets reported that the shoes sold out in less than one minute at a cost of $1,018 per pair. Lil Nas X said on Twitter he would choose the recipient of the 666th pair from social media users who circulated one of his tweets.

    Nike, in its lawsuit filed in federal court in New York, said the shoes were produced “without Nike’s approval and authorization,” and the company was “in no way connected with this project.”

    “There is already evidence of significant confusion and dilution occurring in the marketplace, including calls to boycott Nike in response to the launch of MSCHF’s Satan Shoes based on the mistaken belief that Nike has authorized or approved this product,” the lawsuit said.

    Nike asked the court to immediately stop MSCHF from fulfilling orders for the shoes and requested a jury trial to seek damages.

    Representatives for Lil Nas X and MSCHF did not immediately respond to requests for comment.

    The Grammy-winning rapper, 21, on Friday released a video for new song “Montero (Call Me By Your Name)” in which he dances with a character wearing devil horns.

  • Burberry – the first luxury brand to suffer Chinese backlash over Xinjiang

    Burberry – the first luxury brand to suffer Chinese backlash over Xinjiang

    British designer Burberry is the first luxury brand to be targeted in China in a backlash against western sanctions imposed over alleged human rights abuses in the Xinjiang region, following on from retailers including H&M and Nike that were boycotted by Chinese shoppers this week after they voiced concerns about cotton sourced from the Chinese region, one of the world’s top cotton producers.

  • Gap sells Janie and Jack children’s fashion label

    Gap sells Janie and Jack children’s fashion label

    As part of a three-year strategic plan to focus its four largest brands — Old Navy, Gap, Banana Republic and Athleta — Gap Inc. said it will sell its children’s business to investment firm Go Global Retail on Thursday.

    Gap bought Janie and Jack in 2019 for $35 million from Gymboree Group Inc. It has a web business and counts 115 stores in the US. The terms of the deal were not disclosed.

    In March, Gap Inc said it was reviewing Intermix, a multi-brand retailer and contemporary fashion, and recorded a $56 million impairment chart for the business. Last year, Gap Inc shut down another smaller sub-label, the men’s athletic brand Hill City. The company also said it is reviewing its European business, which represents 2 percent of total sales.

  • Victoria’s Secret owner raises profit target again on stimulus boost

    Victoria’s Secret owner raises profit target again on stimulus boost

    VICTORIA’S Secret owner L Brands raised its current-quarter profit forecast for the second time this month as customers use stimulus checks to buy everything from scented candles to lingerie, sending its shares to a three-year high.

    The company on Friday also cited the unusual shifts in spending patterns and relaxation of COVID-19 restrictions for the upbeat first-quarter forecast.

    Analysts have said that retailers are set to benefit from the $1.9 trillion aid bill passed earlier this month that included $1,400 checks for eligible families.

    The company’s Bath & Body Works business has boomed in recent quarters as a sharper focus on hygiene standards and increased interest in skin-care by home-bound customers during the pandemic lifted demand for soaps, lotions, and sanitizers.

    This prompted L Brands to raise its profit target for the current quarter earlier this month.

    The Ohio-based company’s shares, which have gained about 60% since the start of the year, rose as much as 8% to a near three-year high of $64.08 on Friday.

    L Brands, which is separating its Victoria’s Secret business later this year, has managed its inventory well to avoid heavy discounting that has plagued some U.S. retailers.

    The company said on Friday it expects an adjusted profit of 85 cents to $1 per share in the first quarter, up from its previous raised forecast of 55 cents to 65 cents per share.

    Analysts were expecting 62 cents per share, according to IBES data from Refinitiv.

    Still, L Brands cautioned that it was not sure whether these improved trends would extend into the future.

    The company is scheduled to report its first-quarter results after markets close on May 19.

  • China says H&M should look into Xinjiang issue seriously amid boycott

    China says H&M should look into Xinjiang issue seriously amid boycott

    H&M, Burberry, Nike and Adidas and other western brands have been hit by consumer boycotts in China since last week over comments about their sourcing of cotton in Xinjiang. The growing rift comes as the United States and other Western governments increase pressure on China over suspected human rights abuses in the western region.

    Chinese social media users last week began circulating a 2020 statement by H&M announcing it would no longer source cotton from Xinjiang.

    H&M said at the time the decision was due to difficulties conducting credible due diligence in the region and after media and human rights groups reported the use of forced labor in Xinjiang – a charge that Beijing has repeatedly denied.

    Xu Guixiang, a spokesman for the regional government of Xinjiang, told reporters that a company should not politicize its economic behavior and said H&M won’t be able to make money anymore in the Chinese market because of its statement.

    Elijan Anayat, another Xinjiang government spokesman, said during the briefing that Chinese people do not want the products of companies such as H&M and Nike that have boycotted Xinjiang’s cotton. He invited companies to take trips to the region’s cotton fields to see for themselves what is happening.

    Washington on Friday condemned what it called a “state-led” social media campaign in China against U.S. and other international companies for committing not to use cotton from Xinjiang.

    The wave of consumer boycotts in China has coincided with a coordinated set of sanctions imposed by Britain, Canada, the European Union and the United States last week over what they say are human rights abuses taking place in Xinjiang. The U.S. government has publicly accused Beijing of genocide against the Uighur Muslim ethnic minorities in the region.

    Xu repeatedly rejected accusations of genocide and human rights abuses in the region and accused the Western powers of engaging in political manipulation to destabilise China with the sanctions.

    The United States in January announced an import ban on all cotton and tomato products from the area due to allegations of forced labour from detained Uighur Muslims.

    Western governments and rights groups have previously accused authorities in the far-western region of detaining and torturing Uighurs in camps, where some former inmates have said they were subject to ideological indoctrination.

    China has repeatedly denied all such charges and say the camps are for vocational training and combating religious extremism.

  • Covid-19 Fashion impact may threaten Esprit’s future

    Covid-19 Fashion impact may threaten Esprit’s future

    As the world faces this pandemic in unified isolation, we at Fashion Revolution are focusing on how the unfolding situation is affecting the people who make our clothes. Retailers are shutting their doors around the world, encouraging their customers to shop online instead. Yet the reality is that as we are forced to stay in our homes many of us are financially burdened by layoffs or new childcare responsibilities, and the desire to buy new clothes feels like a distant dream.

    For Fashion Revolutionaries, this unique set of circumstances can hopefully bring about the #LovedClothesLast movement that we have been pushing for many years. Given the level of clothing overproduction that preceded this crisis, we hope that our days indoors can bring about revolutions in caring for our clothes better, mending and making clothing, and adopting a mindset of longevity when it comes to our wardrobes.

    While we have been encouraging an end to overconsumption for many years, we also know that in the face of this unexpected halt in manufacturing, it is the most vulnerable, lowest paid people in the fashion supply chain that feel the worst effects. IndustriALL, the global trade union which works to give workers around the world a voice, says that millions of garment makers have already lost their jobs as a result of the virus and have no access to social or financial safety nets to help them weather this storm. Bangladeshi garment manufacturer Mostafiz Uddin reminds us, “Poverty is a killer too, and many more people die from poverty than from COVID-19”.

    In the global fashion industry, brands typically pay their suppliers weeks or even months after delivery, rather than upon order. This means that suppliers usually pay upfront for the materials or fibres used to make the brand of the product buy from them. In response to the pandemic, many major fashion brands and retailers are canceling orders and stopping payments for orders already placed, even when the work has already been done, taking no responsibility for the impact this has on the people working in their supply chains. Factories are left with little choice but to destroy or keep hold of unwanted goods already made and lay off their workers in droves.

    About 1,089 garment factories in Bangladesh have had orders canceled worth roughly $1.5 billion due to the coronavirus outbreak. The AWAJ Foundation says that many factories in Bangladesh have been shut down indefinitely. Some workers were given less than a month’s salary as severance and many others have received nothing at all. Nazma Akter the executive director of AWAJ explains, “These workers now don’t know how they will take care of their families in the coming days – how they will manage costs for food, rent and other necessities. They can’t even imagine what they’ll do if they or a family member needs medical treatment for COVID-19. The meager income these workers earned was barely enough to cover their living costs, and as a result, they have little to no savings set aside to deal with a crisis such as this.” Meanwhile, Labour Behind the Label estimates that 10% of factories in Yangon, Myanmar are now closed.

    On the other side of the world a similar situation is unfolding. The Garment Worker Center describes how garment makers in Los Angeles are often not eligible for unemployment benefits. This is partly because the underground nature of the industry, such as “off the books” work, makes applying for paid family leave or disability insurance uniquely challenging in the face of the pandemic.IndustriALL reports that while many fashion brands are offering compensation packages for retail and office workers who face layoffs due to this crisis, they are failing to protect the workers in their supply chains who are also suffering from the loss of income. Furthermore, the Solidarity Center believes that the inability to meet together in-person will inhibit workers’ abilities to unionise and collectively bargain for their rights.

    Of course, fashion isn’t just created in factories. Fashion is craft, artisanship and things that are often made by hand in informal environments. According to the Artisan Alliance, artisanal craft is the second largest source of employment across the so-called developing world. WIEGO estimates there are around two billion informal workers around the world that lack basic labour, social and health protections. As a result of COVID-19 threatening global trade flows, workers cooperatives, artisan groups, local crafts-based communities, home-based workers, agricultural workers and farmers face desperate economic circumstances.
    At Fashion Revolution, we have always tried to be honest with our community about the  problems that persist within the global fashion industry. Having formed in response to major human catastrophe – the Rana Plaza collapse in 2013 – we are no strangers to exploitation or disparity within the industry. But we have been, and will continue to be, focussed on solutions and dedicated to finding ways for citizens around the world to make a positive difference. We’ve already seen several visionaries within the fashion industry pose the question: what kind of world do we want to see emerge after this crisis is over? For us, the answer lies in our Manifesto for a Fashion Revolution, and we’ll be spending the next months (and years) mobilising our community to take action to build this future of fashion.

    Meanwhile, in this current crisis, we believe that our capacity for empathy is strengthened by our shared global experience. While we may be stuck indoors, using social media our voices can still be amplified, especially when we speak up together. That’s why we’re asking our global community to be louder than ever. To ask #WhoMadeMyClothes? and demand that fashion brands protect the workers in their supply chain just as they would their own employees, especially during this unprecedented global health and economic crisis.

    If we do nothing, the fashion industry will simply return to business as usual when this is all over. Instead, let’s come together as a revolution and build a new system that values the wellbeing of people and planet over profit. This means that right now we should stand together to protect and support the people who make our clothes.

    As Wangari Maathai said in her famous 2004 Nobel Peace Prize acceptance speech,

  • Indian lingerie model, age 52, hopes to inspire inclusivity

    Indian lingerie model, age 52, hopes to inspire inclusivity

    A 52-year-old Indian lingerie model is pushing e-commerce firms to hire older women for their advertising campaigns, challenging what she says are the ageist norms practiced by many companies.

    Geeta J, a former teacher who took to modeling when she turned 50, says she wants innerwear companies in India to be more inclusive and avoid featuring only younger women in their promotion drives.

    “Are women no more fit to become a lingerie model past a certain age?,” Geeta has said in an online petition on Change.org, captioned with the hashtags ‘#AgenotCage’ and ‘#LingerieHasNoAge’, which she started this year.

    Her job is bold and unusual in the largely conservative Indian society where religious and cultural norms limit women’s freedom to dress the way they want.

    Such norms are even more restrictive for women over the age of 40, Geeta told Reuters in an interview.

    More than 11,000 people have signed up to support her petition, which is addressed to the chief executive of the popular innerwear company Zivame.

    “This will lead to a change in the mindset of people in our country who think that after 40, women should dress and behave in a certain way,” Geeta said in the petition, adding that she hoped it would lead to more companies following suit.

    Geeta began her career after winning a runners-up prize in a beauty pageant for older women. While her family and friends had been supportive of her switch in careers at 50, however, she said she was aware many Indian women her age would find it hard to do so.

    “I want to tell this to all women that they should care about the dreams of their husbands and loved ones and support them, but they should never think that their own life is not important or their wishes are not important,” Geeta said.

  • Pre-owned Store Hula opens its first permanent boutique in Hong Kong’s Central

    Pre-owned Store Hula opens its first permanent boutique in Hong Kong’s Central

    Pre-loved designer brand, HULA will be opening its first boutique on Hollywood Road this Friday. The location will feature a curated selection of over 500 unique designer womenswear pieces. There is also a dedicated Chanel rail for fans of the iconic brand.

    The boutique is open daily and offers a range of new and vintage designer items including bags, clothing, shoes, and accessories. Each week new products will be added to the boutique, including pieces not available at its Wong Chuk Hang warehouse.

    For those looking for a tailored shopping experience, the boutique also offers a personalized styling session with its in-house stylists.

    Founded by Sarah Fung in 2016, HULA is an online marketplace that sells second-hand designer womenswear and handbags. The consignment store only sells items from invited sellers to guarantee their authenticity and quality. “If we aren’t sure, we don’t sell it,” says Fung.

    HULA previously hosted a pop-up on Hollywood road last year which encouraged Fung to think about a more permanent store. “After the success of our three-week pop-up on Hollywood Road last year, opening a permanent store space in Hong Kong Central was a no-brainer and we were lucky to have found the perfect location,” she says.

    The new shop will open on March 19 and is located at 56-58 Hollywood Road, Central. For more information visit HULA’s website and Instagram.

  • Nike sales crimped by pandemic and shipping issues

    Nike sales crimped by pandemic and shipping issues

    Nike’s quarterly sales missed estimates due to shipping issues and a pandemic-related slump at brick-and-mortar stores, and investors were disappointed by the world’s biggest athletic shoe maker’s full-year revenue forecast.

    Nike forecast “low-to-mid-teens” full-year revenue growth, falling just short of the 15.9% increase in sales that analysts were expecting, according to IBES data from Refinitiv.

    Nike shares were down about 3% in post-market trade.

    “I think the expectations for Nike into the call were very high with many analysts upping revenue and earnings expectations into the quarter,” said Ivan Feinseth, head of investment at Nike shareholder Tigress Financial Partners.

    Revenue rose to $10.36 billion from $10.1 billion, while analysts on average had expected $11.02 billion. The company said revenue from North America fell 11% on a currency-neutral basis because container shortages and U.S. port congestion held up inventory by more than three weeks.

    “We expect to capture this delayed revenue in the fourth quarter,” Nike Chief Financial Officer Matthew Friend said.

    U.S. container-freight traffic has slowed significantly in recent months due to COVID-19 outbreaks among dockworkers and safety restrictions aimed at stemming the spread of the virus. At the same time, ports are dealing with a cargo surge due to pandemic-led demand for bulk products.

    Nike’s net income nonetheless climbed to $1.45 billion, or 90 cents per share, in the third quarter ended Feb. 28, from $847 million, or 53 cents per share, a year earlier. Analysts were expecting earnings per share of 76 cents.

    In Europe, the Middle East and the Africa region, 45% of Nike-owned stores were closed for the last two months of the quarter. Currently, 65 percent of stores in EMEA are open or operating on reduced hours, Nike said.

    Rival Adidas ADSGn.DE said last week that it had reopened 95% of its stores after coronavirus lockdowns.

  • Tiffany & Co designer Elsa Peretti dies at 80

    Tiffany & Co designer Elsa Peretti dies at 80

    Elsa Peretti, the famed jewelry designer for Tiffany & Co., has died, according to a statement from the company. She was 80 years old.
    Peretti died in Spain on Thursday, March 18, according to a statement from her foundation.
    “Elsa was not only a designer but a way of life,” the statement from Tiffany & Co. said, describing her as a “larger-than-life” person who “touched everyone at Tiffany & Co.”
    “A masterful artisan, Elsa was responsible for a revolution in the world of jewelry design. Her collections of organic, sensual forms have inspired generations,” the statement said. “Elsa’s relationship with style and the natural world was profoundly personal and strongly reflected in her creations. Over the past nearly 50 years Elsa has created some of the most innovative jewelry and object designs in the world.”
    Peretti was born in Florence, Italy. By 1964 she’d begun modeling in Spain and later moved to New York and met the fashion designer Halston, whom she collaborated with and who introduced her to Tiffany & Co. leadership. She joined the company in 1974. Vogue reported that Peretti’s designs eventually accounted for about 10% of Tiffany & Co.’s sales.
    Peretti was also the president and founder of the Nando and Elsa Peretti Foundation, the company said, which supported projects related to human rights, environmental conservation, and arts and cultural preservation. She believed, Tiffany & Co. said, that protecting the planet was “a duty of all of humanity.”
    “We could do so much better,” she said. “I’m trying to do something good.”