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Category: Fashion

Retail News Asia is committed to providing both local and global retailers with the latest Fashion news throughout the Asian market. This on a daily base.

  • Uniqlo opens massive store in Hamburg

    Uniqlo opens massive store in Hamburg

    Japan’s Fast Retailing Co. Ltd. opened Friday (October 9, 2020) its first Uniqlo store in Hamburg on Alter Wall adjacent to City Hall during festivities attended by Japanese Consul General Kikuko Kato and Astrid Nissen-Schmidt, Vice President of Hamburg’s Chamber of Commerce, and other guests. The new 1,750 square metre-store is spread out over four floors.

    The opening of the huge store in downtown Hamburg is an expression of the “belief in retail”, the daily Hamburger Abendblatt quoted Michelle Kronbergs, Head of Marketing and PR Germany at Uniqlo, as saying. Taku Morikawa, Chief Executive Officer of Uniqlo in Europe, stressed: “Hamburg is an impressive city known worldwide for its tolerance, culture and economic importance as a main European trading centre with its port. We are delighted to have found such an exceptional location for our first store in the heart of this great city.”

    The new fashion store, Uniqlo’s tenth in Germany, is located in the former premises of the Bucerius Kunst Forum. The brand highlights Japanese values of “simplicity, quality and durability”.  Since moving to Germany in 2014, Uniqlo has opened six stores in Berlin and one each in Stuttgart, Düsseldorf and Cologne. The company operates more than 2,200 stores in 25 countries.

    Uniqlo is a wholly owned subsidiary of Fast Retailing Co. Ltd, a leading international Japanese apparel retail group that designs, manufactures and sells eight major fashion labels. Fast Retailing achieved global turnover of more than USD 21.5 billion in 2019 making it one of the world’s largest clothing companies and Japan’s biggest fashion brand.

  • Vietnam fashion house Icon Denim to expand abroad

    Vietnam fashion house Icon Denim to expand abroad

    ICON DENIM Co., Ltd. officially launched its first store at 12-12 Bis Cach Mang Thang 8 Street, Ben Thanh Ward, District 1, Ho Chi Minh City.

    ICON DENIM brand was established in 2017, with the desire to bring the brand fashion closer to Vietnamese men. After 2019, ICON DENIM opened 3 large Flagship stores (showrooms) located in the front of the central districts: such as the store at Cach Mang Thang Tam Street – the junction of Phu Dong near New World Hotel, store at Su Van Hanh street – the busiest entertainment street for young people, store at Le Van Sy – the biggest fashion street in the city. The floor square of Flagship stores is from 150m2 to more than 200m2 to create a spacious and comfortable shopping area for customers. Founders of ICON DENIM Mr.

    Over the past year, ICON DENIM has affirmed its brand position, as well as created its own core values for the Vietnamese fashion communities. Aiming at the mid-range segment, ICON DENIM focuses on the “real value” of products, targeting customers who tend to shop for brands whose product prices are equivalent to the actual quality of goods. The models are diverse and are always in tune with world fashion trends. The company has ambition to create “real value” products in designing beautiful, trendy and diversified products; create high-quality, durable to high-end products with reasonable prices and value for money. That is ICON DENIM’s strategy in branding in the branded fashion market.

    To keep up with market trends, ICON DENIM always researches trend reports and consumer behavior reports of the industry to better understand the fashion needs of customers and listen to customers’ opinions. Since then, ICON DENIM has adjusted and developed its products to follow the market demand. Therefore, each month, this brand launches about 80 to 100 designs that follow the world’s trends, corresponding to thousands of products ranging from shirts, pants, accessories etc.

    With many years of experiences in the fashion industry and having a unique view on the fashion market, Mr. Tran Dai Duong – CEO of ICON DENIM said that the company is determined to build a men’s fashion brand with much diversity and differences in Vietnam. “Our key message is “Restyle. Reborn “is also the mission of ICON DENIM now as well as in the future – not only to become the choice of young Vietnamese people but also to reach to the level of international fashion brands.”

    The year 2020 also witnessed ICON DENIM’s efforts to perfect the Manufacturing Process, from design, production to image and display of the store. ICON DENIM always had a methodical process and strict control. With all dedication, when entering to any stores of ICON DENIM, customers will feel the difference of trendy fashion designs, new top styles, exclusive and the sincerity and enthusiasm given from each employee.

    Through a year of challenges and opportunities, ICON DENIM has been striving every day to improve its position in the hearts of customers. In Vietnam, in 2021, the brand will continue to open 4-5 stores in Ho Chi Minh City, and also expand to Hai Phong, Hanoi. The brand is also preparing to set up the first base for development in potential Southeast Asian countries such as Thailand, Cambodia, Singapore etc.

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  • H&M recycles old garments into new clothes

    H&M recycles old garments into new clothes

    Fast fashion chain H&M wants to turn discarded clothes into something new to wear again — within five hours. The Sweden-based retailer is about to start giving consumers at its Stockholm store the option to turn in used garments that it will then transform into one of three different clothing items.

    Once the program begins Monday, customers will be able to bring in a garment they don’t want, which will be cleaned and put into a machine called Looop. The machine will disassemble it, shredding it into fibers that are then used to create new clothing. The effort comes amid a rising volume of global clothing waste and growing concern over fast fashion’s contribution to it.

    H&M is unveiling a garment-to-garment recycling system called Looop at its store in Stockholm. The company said the recycling process, which can handle more than one garment at a time, doesn’t use water or chemicals and sometimes might need “sustainably sourced” raw materials added in, but it hopes to make “this share as small as possible.”

    The entire process takes about five hours and is visible to shoppers. For now, customers can choose one of three items to be made — a sweater, a baby blanket or a scarf for a fee of $11 to $16.

    “We are looking to expand the range available as we get to know Looop better,” the company said in an email.

    The Looop machine dissembles old clothing, shreds it, turns it into yarn, which then is used to make new clothing. H&M said the system is currently only available in Sweden, where H&M is based. It declined to reveal what future plans it may have to expand Looop, if any. While the Looop system could help spread awareness about clothing waste and recycling, for now, it lacks the scale to make any widespread impact on the volume of clothing waste generated annually.

    According to the Environmental Protection Agency’s website, 16.9 million tons of textile waste was generated in the United States in 2017, the latest data available. The recycling rate was just 15.2 percent, with 2.6 million tons recycled.

    “Fast fashion has had an impact on this because so much of the clothing is not well constructed or made with synthetic materials that can’t be easily recycled,” said Jackie King, executive director of the Secondary Materials and Recycled Textiles Association, a trade group for the textile recycling industry.

    H&M and other fast fashion sellers like Zara have taken some steps to curtail textile waste.

    In 2013, H&M launched a global garment collecting program in all of its stores and has set a goal of having all clothing sold in its stores be made from recycled or sustainably sourced materials by 2030. That figure currently stands at 57%, according to the company.

    Similarly, customers can drop off used clothing, footwear and accessories in more than 1,300 Zara stores. Last year, Zara announced that all of the cotton, linen and polyester used by the company will be organic, sustainably sourced or recycled by 2025.

    “One of the biggest drivers of clothing overconsumption are fast-fashion sellers,” said Deborah Drew, analyst and social impact lead with the global research non-profit World Resources Institute. “Large companies like H&M and Zara can have a really big, transformational impact on the industry and on consumers if they lead the way in facilitating change.”

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  • Carmaker Hyundai launches fashion collection from up-cycled waste

    Carmaker Hyundai launches fashion collection from up-cycled waste

    Hyundai Motor has announced the launch of its sustainable fashion collection – Re:Style 2020 – created by upcycling discarded automotive waste materials from manufacturing and scrapping processes.

    The company says it has taken a creative approach to sustainable fashion by converting auto waste into marketable products in collaboration with artists – Alighieri, E.L.V. DENIM, Public School, pushBUTTON, Richard Quinn, and Rosie Assoulin.

    The eco-friendly fashion collection features a variety of products such as jewelry, jumpsuits, working vests, bags, and various other clothing. For example, Alighieri created a collection of necklaces, chokers, and bracelets with repurposed car seatbelts, car glass, and foam materials. A work vest with pockets has been made using airbag materials by pushBUTTON. The collection also includes a tote bag made of seatbelt webbings, carpet fabrics, and foam, designed by Rosie Assoulin.

    The idea behind Hyundai’s ‘Re:Style 2020’ has been to make use of waste materials from the auto scrapping process that ultimately ends up in landfills. Though materials such as iron and nonferrous metals are currently recycled as part of the scrapping process, some other materials such as leather, glass, and airbags cannot be. It was these leftovers that were sent to the collaborative partners of the fashion collection.

    The sales of sustainable fashion products will begin on October 13 at London’s Selfridges pop-up store and Selfridges online store. Proceeds from the sales will go towards the British Fashion Council’s Institute of Positive Fashion.

    Hyundai says that by demonstrating that discarded resources can be reimagined into valuable products, the company aims to encourage other industries to see waste as a recreative opportunity. “(And) work collaboratively toward an environmentally accountable and economically efficient future,” says Wonhong Cho, Executive Vice President and Global Chief Marketing Officer of Hyundai Motor Company.

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  • Hong Kong jewellery veterans receive top JNA honours

    Hong Kong jewellery veterans receive top JNA honours

    Lawrence Ma and Kent Wong, longstanding pillars of the global jewelry industry, are the Recipients of JNA Awards 2020’s highest accolade – the Lifetime Achievement Award.

    Recognized for helping shape and transform not only Hong Kong’s jewelry industry but that of the global jewelry community, Ma and Wong dedicated their lives to finding new ways to create a richer, more sustainable, and forward-thinking jewelry sector. Their bold ambitions and vision went beyond simple profit-making; they endeavored to affect positive change within their organizations and the communities they serve through leadership and action.

    The JNA Awards’ spotlight will shine on Ma, Chief Executive Officer of Lee Heng Diamond Group, and Wong, Managing Director of Chow Tai Fook Jewellery Group, during the much-anticipated virtual awards ceremony, which will be broadcast live at 8pm (Hong Kong time) on 27 October — the first day of the first edition of the three-day B2B virtual event, Jewellery & Gem Digital World (J&G Digital World).

    “Lawrence and Kent are both legendary figures who have thrived through the many ups and downs of the jewelry industry in the last four decades. They have undoubtedly achieved commercial success for their respective organizations, but what makes them truly stand out are their tremendous contributions to the growth and prosperity of Hong Kong’s jewelry industry, all of which have had a massive impact and influence on jewelry hubs around the world. It is indeed a great honor and privilege to celebrate their lifetime achievements by conferring them the highest accolade of the JNA Awards,” said Letitia Chow, Chairperson & Founder of JNA Awards at Informa Markets – Jewellery.

    Lawrence Ma

    Starting his career in the jewelry industry four decades ago, Ma founded MaBelle Jewelry in the early 1990s, a diamond jewelry brand that speaks to a broader market comprising largely of aspirational consumers. This initiative also marked a turning point in the long-term vibrancy of Hong Kong’s diamond jewelry retailing industry.

    A founding president and current chairman of the Diamond Federation of Hong Kong (DFHK), Ma was instrumental in the promotion and implementation of ground-breaking initiatives that fortified Hong Kong’s unique position as a global diamond and jewellery trading centre. He also led the charge in creating a culture of integrity and excellence in the city’s jewelry market, which to this day, remains the operational guidepost for every jewelry retailer in Hong Kong.

    Commenting on the award, Ma said, “I am overwhelmed and excited to receive the Lifetime Achievement Award from the JNA Awards this year. I have been very blessed and privileged to be surrounded by loving family members, brilliant mentors, capable and loyal colleagues, and partners, as well as genuine and caring friends. I appreciate the great contributions and achievements of all previous recipients of this honor and I am delighted to be one of them. I promise to keep on doing what I believe is vital in my life journey: To bring the best out of myself and of all the incredible people around me.”

    Kent Wong

    Wong has devoted himself to the industry and company for over four decades, joined Chow Tai Fook in 1977 as an apprentice, and promoted to Managing Director in 2011. As the key advocator, he drives the evolution into an exciting, innovative, diversified, and trend-setting Group. Under his leadership, Chow Tai Fook being the first Hong Kong -based Jewellery group to open the first store in Mainland China in 1998 and further expanded its global presence, he successfully turned the business from a homegrown brand to a modern and progressive enterprise, now, with over 4,000 points of sale around the world.

    Indeed, his bold leadership style and open-minded tone not only made the Group’s transformation possible, also broke new and innovative grounds that benefited the industry and customer as a whole. In the 2000s, as an industry first, the Group is spearheading the digital revolution of the industry by enlisting patented Smart Tray with RFID, blockchain technology diamond grading report that serves as brilliant examples to win the customers’ trust.

    Wong is a courageous trailblazer who dedicated most of his life to the advancement of the jewelry industry. He serves as chairman of the Hong Kong Jewellers’ & Goldsmiths’ Association, chairman of the supervising committee of the Hong Kong & Kowloon Jewellers’ & Goldsmiths’ Employees’ Association Ltd, a permanent honorable president of the Kowloon Gold Silver and Jewel Merchants’ Staff Association and a board member of the World Diamond Council.

    “I am very honored and grateful to be the recipient of this year’s Lifetime Achievement Award. Thank you JNA Awards for this prestigious tribute. Having spent 43 years in an industry that I love, I am immensely proud and humbled to have not only witnessed the incredible developments within our industry but also to have worked alongside so many inspiring individuals in our community. Let us all continue to shine on and share the exquisite beauty and joy of jewelry to the world,” Wong said.

    The prestigious JNA Awards was launched by Informa Markets Jewellery in 2012. Serving as a benchmark of excellence, innovation, and best business practices in the jewelry industry, the Awards celebrates the achievements of exceptional individuals and companies whose actions have a far-reaching and positive impact on the global jewelry trade and society, regardless of their scale of operations, areas they serve and fields of expertise.

    JNA Awards 2020 is supported by Headline Partners Chow Tai Fook Jewellery Group, Shanghai Diamond Exchange, and DANAT, alongside Honoured Partners KGK Group and Guangdong Land (Shenzhen) Limited.

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  • Lancome opens smart store at Lotte Duty Free

    Lancome opens smart store at Lotte Duty Free

    Lancome has introduced a smart store in partnership with Lotte Duty-Free, occupying a 520sqm space and featuring contactless digital experiences with AR and AI.

    The smart store also houses a selection of skincare and makeup products, including the Advanced Genifique serum.

    The Lancome x Lotte Duty-Free Smart Store in Seoul is a co-creation of a fully integrated physical and digital experience, and a re-imagination of the brand’s relationship with travelers through dynamic, beauty tech innovations, according to Emmanuel Goulin, MD at L’Oreal Travel Retail Asia Pacific.

    Lancome has introduced its first augmented-reality makeup service Modiface, allowing customers to try on beauty products via a virtual mirror from an iPad or by scanning QR codes. The store also houses a giant Advanced Genifique serum LED bottle, featuring personalized engraving service.

    “Lotte’s partnership with Lancome Travel Retail Asia Pacific was a natural one,” said Kap Lee, CEO at Lotte Duty Free. “Both organisations saw technology’s potential to offer the travel retail industry a solution for recovery and growth –– all while offering consumers exciting digital innovations as part of a reinvented travel retail experience.”

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  • H&M India sales face first profit decline ever

    H&M India sales face first profit decline ever

    Though H&M reported lower sales during the nine-month from December 2019-August 2020 loss, it returned to profitability in September as sales recovered in many of its markets. The brand’s sales decline narrowed to 5 percent year-on-year in September. Currently, 166 of its stores are closed, although a large number of stores have opened with local restrictions and limited opening hours.

    From June-August, net sales of the Swedish fashion retail giant fell by 16 percent in local currencies to SEK50.87 billion. Its gross profit for the quarter dropped to SEK24.85 billion from SEK31.81 billion in the prior year’s Q3it. This corresponds to a gross margin of 48.9 percent.

    Profit after financial items was SEK 2.36 billion. Excluding IFRS 16, profit after financial items plunged to SEK2.26 billion from SEK5 billion. The brand’s sales during the nine-month period were significantly affected by the COVID-19 situation. Its net sales fell to SEK134.48 billion from SEK171 billion a year ago as Q2 included the height of the pandemic.

    The company made a loss of SEK1.613 billion during the nine months and a net loss of SEK1.24 billion. Excluding IFRS 16, its loss was SEK1.847 billion, much worse that the profit of SEK11.98 billion a year earlier.

    The firm is on a recovery trajectory even though it’s far from business-as-usual as fashion sales remain challenged globally.

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  • Tse Sui Luen warns of loss due to Covid-19 outbreak

    Tse Sui Luen warns of loss due to Covid-19 outbreak

    Tse Sui Luen (TSL) has warned it will report a loss for the fiscal year, with sales hampered by a sluggish retail environment in greater China.

    The Hong Kong-based jeweler expects a loss of at least HKD 80 million ($10.3 million) for the year ending March 31, it said last week. That compares with a profit of HKD 54 million ($7 million) the previous year. The company based the projection on its performance during the first 11 months of the fiscal year.

    The slowdown, which began in July, is the result of a number of factors including the US-China trade war and prolonged social unrest in Hong Kong, TSL said. The COVID-19 outbreak has also impacted sales.

    “The coronavirus outbreak in January 2020 has taken a heavy toll on the retail industry, dealing a severe blow to the Hong Kong and mainland China economies,” the company noted. “The group’s turnover was [affected] further by the weakest overall sales in February 2020, the traditional peak season of the retail industry…which is expected to drop by approximately 88% year on year.”

    In an effort to cut costs, TSL has negotiated rent reductions with landlords, and plans to close some of its stores, it added.

    The company will publish its full-year results by the end of June.

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  • Uniqlo joins Zara, H&M in tackling waste problem

    Uniqlo joins Zara, H&M in tackling waste problem

    In an effort to help the homeless restart their lives, UNIQLO Malaysia recently launched a clothing corner at Kuala Lumpur’s Homeless Transit Centre (Pusat Transit Gelandangan KL), a government initiative to help those on the streets get back on their feet. With the help of the centre, those who seek jobs can access proper attire as they embark on their new lives

    The clothes include casual wear, sports attire, and workwear – all of which are donated by UNIQLO’s customers.

    Many praised the company for its initiative in restoring hope for those in need

    UNIQLO’s All-Product Recycling Initiative encourages customers to donate old clothing, which is then recycled into new products

    If the clothes are wearable, they will be donated to refugees, disaster victims, and the underprivileged.

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  • Berluti opens first Malaysian store in KL

    Berluti opens first Malaysian store in KL

    French men’s fashion house Berluti has opened Malaysia’s first store in Kuala Lumpur in partnership with Indonesian retail firm Time International.

    Located at Suria KLCC, the Berluti store occupies a 105sqm space, offering a selection of men’s shoes, leather goods, ready-to-wear and accessories.

    The store’s facade features a wooden-patterned wall and a display box showing the latest Berluti collection. The interior design uses a warm brown beige palette to highlight the masculinity elements.

    “The ‘full-grain’ club ambiance flawlessly complements the speakeasy reference of the Patina Wall, a genuine ode to Berluti’s savoir-faire,” the company said in a statement.

    “This store shows our commitment to build and expand the brand’s presence in Malaysia and celebrate the iconic French brand with our clients,” said Irwan Danny Mussry, president and CEO of Time International.

    The store also houses the Fall/Winter 2020 ready-to-wear and accessories collection and the Maison’s first patterned canvas collection designed by Artistic Director Kris Van Assche.

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  • Kenzo founder Kenzo Takada dies from virus

    Kenzo founder Kenzo Takada dies from virus

    Paris-based Japanese designer Kenzo Takada, famous for creating the international luxury fashion house Kenzo, died in Paris on Sunday due to Covid-19 related complications, a spokesperson for Takada’s luxury K-3 brand said in a statement sent to CNN. His death came in the midst of Paris Fashion Week, which, through a hybrid of physical and digital shows, has forged ahead despite rising Covid-19 cases in France.

    It is with immense sadness that the brand K-3 announces the loss of its celebrated artistic director, Kenzo Takada. The world-renowned designer passed away on October 4th, 2020 due to Covid-19 related complications at the age of 81 at the American Hospital, in Neuilly-sur-Seine, France,” the statement read.

    In 1970, Takada rocked Paris with the debut of his namesake fashion line. Sold out of his first boutique, called Jungle Jap, his designs were a chaotic mix of loud colors and mismatched prints inspired by his travels.

    The world’s varied cultures would be a constant source of creativity — and everything from folk dresses to kimonos would be boldly reinterpreted for his runways. “There was much more of a cultural gap when you were traveling from one country to the next,” he said in a 2019 interview, reminiscing about trips taken in the 1970s. “So that really drove me and gave me a lot of influence and inspiration to work on different things around my trips.”

    On Paris, Takada would speak of its lasting influence. “A French way of working with fashion definitely influenced me and much later I started to blend other cultures into that specific fashion,” he said.

    “Of course now, fashion is everywhere; in New York, Paris, Milan, London, Tokyo, everywhere. But I think Paris stays very important.”

    The designer inaugurated his flagship store in the city’s Place des Victoires by 1976, and over the next three decades, he racked up numerous accolades and accomplishments — including a slew of magazine covers, the launch of a perfume empire and, in 1993, his brand’s purchase by luxury conglomerate LVMH — before retiring to pursue other creative projects in 1999.

    “Kenzo Takada was incredibly creative; with a stroke of genius, he imagined a new artistic and colorful story combining East and West — his native Japan and his life in Paris,” Jonathan Bouchet Manheim, CEO of Takada’s K-3 brand, launched in January of this year, said in a statement.

    “I had the chance to work alongside him for many years, always in awe, admiring his curiosity and his open-mindedness. He seemed quiet and shy at first, but he was full of humor. He was generous and always knew how to look after the people close to his heart. He had a zest for life… Kenzo Takada was the epitome of the art of living,” he added.

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  • Cartier opens Sanya flagship

    Cartier opens Sanya flagship

    Cartier has teamed up with China Duty Free Group to unveil its new-look boutique at Sanya International Duty-Free Shopping Complex.

    The Cartier Sanya boutique features an activation pad, which plays a “central” role in the concept, bringing the boutique “to life” for new launches and gatherings.

    In the brand’s first-ever rollout of a new waiting lounge concept, guests at the shop are welcomed in a décor featuring subtle shades of champagne and wood details, accompanied by curled walls in a rectangular space.

    To mark the boutique’s opening Cartier has curated pieces including the Panthère de Cartier Jewellery Collection – as modelled by actress and singer Victoria Song at the opening event – as well as a number of other highly sought-after signature Panthère de Cartier pieces.

    They include the Révélation d’une Panthère Watch, La Panthère Watch, Panthère de Cartier Necklace, Panthère de Cartier Ring, and Pasha de Cartier skeleton steel watch.

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  • H&M launches E-commerce initiative on Zalora Philippines

    H&M launches E-commerce initiative on Zalora Philippines

    Global Fashion Group (GFG), the leading online fashion & lifestyle destination in growth markets announces the launch of a two-month partnership between H&M and ZALORA Philippines.  ZALORA is the first e-commerce platform H&M has worked within the region.

    The two-month partnership with global fashion brand, H&M will be available from 1 October to 30 November 2020 on the ZALORA Philippines website where customers can shop a diverse range of H&M apparel, shoes, bags, and accessories ranging from Ladies, Young Ladies, Men and Kids.

    “We are delighted to collaborate with ZALORA on this new journey that we are exploring in the Philippines. For us to meet new and existing customers where they are and when they want is something we have been looking forward to. They will be happy to find stylish and basic essentials that are affordable and friendly to our planet, true to our business idea of offering all our customers fashion and quality at the best price in a sustainable way. ZALORA’s values and culture align well with ours and we admire their commitment to providing good and trustworthy customer experience, something that we deeply commit to at H&M,” shares Sylvain Crouzat, Country Sales Manager for H&M Philippines.

    This partnership is not only ZALORA’s biggest brand launch in 2020 to date but also broadens access to innovative options for the conscious shopper. H&M’s Ladies Fall Collection will feature sustainable pieces built around recycled materials—giving new life to old PET bottles, old garments, or textile off-cuts. All the pieces from the Kids Category are also made with 100% sustainably sourced cotton and zero harmful chemicals. Shoppers may easily search for these sustainable finds by using ZALORA’s Earth Edit filter on the website and app.

    “In true ZALORA style, we are kicking off the final quarter of the year with a bang through this very exciting partnership with H&M. Since we launched ZALORA, H&M has been among the most sought-after brands by our customers so we’re excited to allow them to conveniently shop their favorite brand from the safety of their homes, especially during this time,” shares ZALORA Co-Founder and CEO, Paulo Campos III. “As advancements in technology continue to push fashion to more progressive heights, H&M and ZALORA are at the forefront of this endeavor. The collaboration reflects how both brands are committed to expand opportunities and options for shoppers in the digital age,” he adds.

    H&M is now available on ZALORA at  zalora.com.ph/hm with prices starting at PHP 299.

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  • New investment venture UCG to buy hip brands and scale them for China

    New investment venture UCG to buy hip brands and scale them for China

    Unified Commerce Group, an exciting new retail acquisition and advisory group designed to drive innovation in the retail industry, and Frank And Oak, Canada’s award-winning sustainable fashion brand, today announced UCG’s strategic investment in Frank And Oak. Through access to its multi-disciplinary retail experts and vast industry network, UCG will provide Frank And Oak with the necessary resources to continue to nurture the brand’s strong following within Canada as well as fuel its expansion into the United States and its growth into new markets, including Asia.

    UCG was founded in 2020 by Omnichannel & New Retail pioneer Dustin Jones and Wall Street veteran Greg Freihofner to build a portfolio of purpose-driven brands that connect with consumers on a global scale and in the world’s most dynamic markets. Frank And Oak is UCG’s first strategic investment and sets the stage for future global brand investments and acquisitions. UCG’s tech-enabled platform drives scale for its brands through unified services; harmonizing strategy and execution to design, operate, and push boundaries in retail.

    “We are delighted to welcome Frank And Oak to UCG,” said Dustin Jones, co-Founder and Chief Executive Officer of Unified Commerce Group. “Frank And Oak is exactly the type of brand we set out to work with and we are excited to embark on its next chapter. In collaboration with the brand’s skilled CEO Jeremy Brown and the talented team in Montreal, we look forward to furthering the brand’s success in Canada and abroad.”

    Launched in 2012 by long-time friends Hicham Ratnani and Ethan Song, alongside a small group of passionate creatives, Frank And Oak design men’s and women’s apparel and accessories from its Montreal headquarters that are made to last with the highest standards to keep up with our demanding lifestyles, while ensuring minimal impact on the planet. A certified B Corporation, Frank And Oak is beloved in Canada and the US for its core values of sustainability, transparency, and functionality that are reflected in both its products and business practices. Like many retail brands worldwide, Frank And Oak has been significantly impacted by the Coronavirus pandemic and, as a result, filed a notice of intention to make a proposal in June 2020. The brand’s restructuring and its newly announced partnership with UCG are to be implemented through an asset sale transaction for which Modasuite Inc., the current Frank And Oak operator, is seeking the approval of the Superior Court of Quebec. Provided such approval is obtained, it is anticipated that the transaction will close shortly thereafter.

    Jeremy Brown, Chief Executive Officer of Frank And Oak said, “We are privileged to partner with Dustin, Greg, and the multi-faceted team at UCG who truly embody our values and share our optimism and vision for Frank And Oak. The support and guidance from UCG will allow us to drive sustainable long-term growth for Frank And Oak.”

    Hicham Ratnani, co-Founder and Chief Operating Officer of Frank And Oak said, “UCG provides an exciting path forward with a group that appreciates and will invest in our unique assets, vision, and team. I’m immensely proud of all that we have accomplished and overcome and the direction we are moving in as a brand.”

    As UCG and Frank And Oak embark on their partnership, together they will work to further Frank And Oak’s commitment to sustainability, and introduce the brand to new markets. Frank And Oak will proudly remain headquartered in Montreal – the city that inspired its creation and continues to fuel its evolution.

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  • H&M to close 250 stores globally as customers move online

    H&M to close 250 stores globally as customers move online

    The world’s second-biggest fashion retailer, Sweden’s H&M, says it plans to cut 250 of its stores globally. The closures will come next year after the firm said the Covid-19 pandemic had moved more shoppers online. Although it said sales had continued to recover in September, they were still 5% lower than the same month in 2019.

    The firm has 5,000 stores worldwide, but it is not yet clear how many closures will be in the UK.

    It said it was “too early for us to give any details on this, the numbers will differ from national market to market”.

    H&M has the contractual right to renegotiate or end leases on about a quarter of its stores every year. The retailer said that it planned a “net decrease of around 250 stores” next year.

    While its pre-tax profits fell to 2.37bn Swedish krona (£210m) for the nine months to 31 August, this was better than analysts had expected.

    However, it said 166 of its stores worldwide remained closed, and a large number still had local restrictions and limited opening hours

    Analyst Richard Lim of Retail Economics said: “What we have seen generally over the past few months of the pandemic has been a step-change in the number of sales going online.

    “That has affected all parts of the industry, but particularly clothing and footwear.”

    He also said that in terms of consumers physically visiting stores to do shopping, there had been a move from High Streets and shopping centers towards retail parks.

    “People can go in their cars instead of using public transport, and they are also able to buy in bigger bulk at retail parks,” Mr Lim said.

    H&M said it would now accelerate its plans to increase digital investment to cope with growing online demand.

    The Stockholm-based firm said it had taken “rapid and decisive action” to manage the impact of the coronavirus, including changes to purchasing, investments, rents, staffing and financing.

    Chief executive Helena Helmersson added: “Although the challenges are far from over, we believe that the worst is behind us and we are well placed to come out of the crisis stronger.”

    Sofie Willmott, from analytics firm GlobalData, pointed out that H&M’s sales in September “fell just 5% demonstrating the relevance of its product offer as shoppers start to feel more confident returning to stores”.

    But she said the firm “must enhance its online proposition given the importance of digital channels, to succeed in a very tough market”.

    In addition, Ms Willmot said H&M should consider “more significant changes” with regards to shop closures, or it will “continue to be hindered by its excessive store estate”.

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