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Tag: Clothing

  • Hollister teams with social media stars to launch new brand Social Tourist

    Hollister teams with social media stars to launch new brand Social Tourist

    Hollister Co., a division of Abercrombie and Fitch is building upon its successful relationship with leading social media personalities Charli and Dixie D’Amelio to launch Social Tourist, a new trend-forward apparel brand within the Abercrombie & Fitch Co. portfolio. For its initial May 20 launch, Social Tourist will be available exclusively in Hollister stores and online.

    The launch of Social Tourist marks the beginning of an exclusive, multi-year apparel agreement between Abercrombie & Fitch Co. and the D’Amelio sisters. The new brand has been imagined and inspired by Charli and Dixie’s experiences at the epicenter of social media, and also reflects Gen Z’s unique lens of living in a digitally native environment. Hollister has leveraged its pool of talent, resources, and global reach, as well as its connection to the global teen customer, to authentically bring Charli and Dixie’s vision to life.

    Working together with Hollister, Charli and Dixie have been involved in every aspect of Social Tourist, including product selection, design, branding, positioning and marketing. The family has a strong background in the apparel industry with their father, Marc D’Amelio, having over 30 years of experience in sales and design. Marc will serve as a consultant for Social Tourist.

    Social Tourist will have four distinct apparel lines: gender-inclusive items, trend pieces such as dresses and skirts, everyday essentials featuring premium basics, and swim. Each collection will include limited-edition items, with new products dropping approximately every month.

    “We’ve always loved fashion, and it’s been amazing to be so involved in this process. We feel like Social Tourist really represents both of us and explores how our generation is balancing who they are on social media with real life,” said Dixie D’Amelio. “The first product drop is all about introducing the brand to our fans, and the second drop in June reflects our individual personalities – designs that reflect Dixie’s personality are a bit edgier, with dark color palettes and patterns, where my vibe is shown through super feminine and cute styles. We can’t wait to put our vision out into the world!” added Charli D’Amelio.

    “Charli and Dixie are the quintessential example of what it’s like to grow up in the digital world, and we’ve always believed they authentically represent our teen customers’ mindset both online and in real life. We’re thrilled to unlock new opportunities for all of us beyond our co-created products, which strongly resonated with our global customers. Given the high demand, we knew we could take our relationship further,” said Kristin Scott, Global Brand President at Abercrombie & Fitch Co. “Creating a new brand virtually was no small feat, but the excitement and energy of the D’Amelio family, combined with the talent and experience of the Hollister family, has allowed us to push boundaries and make this a reality.”

    In working with Hollister since 2020, the social media stars have served as “Chief Jeanealogists,” where they tested and approved every aspect of Hollister’s denim; launched the #MoreHappyDenimDance TikTok challenge, which garnered over 5.4 billion views worldwide; and dropped a series of limited-edition, co-created collections. The sisters currently have a combined 250 million followers across their social media handles and in November 2020, Charli became the first TikTok user to surpass 100 million followers on the platform.

    Abercrombie & Fitch Co. is represented by Philip Daniels of Ginsburg Daniels Kallis and Bruce Paige of Vorys, Sater, Seymour and Pease. The D’Amelios are represented by UTA and Gary Stiffelman, Robert Kahan, and Kevin Yorn.

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

    A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained herein or made by management or spokespeople of A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the Company’s control. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” and similar expressions may identify forward-looking statements. Except as may be required by applicable law, we assume no obligation to publicly update or revise our forward-looking statements.

    Risks and uncertainties related to the duration and impact of the COVID-19 pandemic on the Company and the factors disclosed in “ITEM 1A. RISK FACTORS” of A&F’s Annual Report on Form 10-K for the fiscal year ended January 30, 2021, in some cases have affected, and in the future could affect, the company’s financial performance and could cause actual results for fiscal 2021 and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this press release or otherwise made by management.

  • 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).

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  • Fashion giant H&M’s sales recover in March as stores reopen after lockdowns

    Fashion giant H&M’s sales recover in March as stores reopen after lockdowns

    Sales at fashion group H&M fell slightly less than expected in the three months through February and rose in the first half of March as pandemic restrictions were eased in some markets, allowing hundreds of stores to reopen.

    The world’s second-biggest apparel retailer said on Monday net sales fell 27% from a year earlier, or 21% when measured in local currencies, to 40.1 billion crowns ($4.72 billion).

    Analysts had on average forecast a 30% decline in net sales for the period – the Swedish group’s fiscal first-quarter – according to Refinitiv SmartEstimate.

    “Sales development was significantly affected by the COVID-19 situation, with extensive restrictions and at most over 1,800 stores temporarily closed,” H&M said in a statement.

    “Since the beginning of February, a number of markets have gradually allowed stores to reopen and at the end of the quarter around 1,300 stores remained temporarily closed,” it said, adding that online sales had continued to develop very well.

    RBC analyst Richard Chamberlain, who has a “sector perform” rating on H&M’s shares, said the figures implied that online sales had provided a stronger-than-expected boost in February.

    H&M said sales in the March 1–13 period were up 10% in local currencies as many countries, including single-biggest market Germany, began allowing some stores to reopen. However, about 900 of H&M’s approximately 5,000 stores remained closed due to pandemic lockdowns as of March 13.

    Chamberlain said most stores should be open by mid-April bar new lockdowns in Europe, H&M’s main market.

    “As such, we see the potential for a strong sales recovery in the remainder of the year, with potential for gross margin to surprise on the upside, due to the weaker U.S. dollar,” he said.

    Market leader Inditex, the owner of Zara, last week forecast a return to healthy sales as soon as lockdown are lifted, as it reported a 70% fall in profit for its fiscal year through January. It predicted all its shops would be open by mid-April.

    H&M, whose full December-February earnings report is due on March 31, is bracing for a loss in the quarter after the pandemic slashed 2020 profits by 88%.

    Shares in H&M were up 3% in early trading, taking a year-to-date rise to 32%

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  • Fashion giant H&M pauses placing new orders in Myanmar

    Fashion giant H&M pauses placing new orders in Myanmar

    Sweden’s H&M, the world’s second-biggest fashion retailer, said on Monday it was shocked by the use of deadly force against protesters in Myanmar and that it had paused placing orders in the country.

    Police and military have killed more than 50 people to quell daily demonstrations and strikes against a Feb. 1 military coup, according to the United Nations last week.

    H&M has around 45 direct suppliers in Myanmar, it said on its website, and has sourced in the country for seven years.

    “Although we refrain from taking any immediate action regarding our long-term presence in the country, we have at this point paused placing new orders with our suppliers,” Serkan Tanka, Country Manager Myanmar, said in an email.

    “This is due to practical difficulties and an unpredictable situation limiting our ability to operate in the country, including challenges related to manufacturing and infrastructure, raw material imports, and transport of finished goods.”

    Two protesters were killed by gunshot wounds to the head in Myanmar on Monday, witnesses said, while shops, factories and banks were closed in the main city Yangon as part of the uprising against the country’s military rulers.

    Tanka said H&M was extremely concerned about the situation in the country and that it was in dialogue with UN agencies, diplomatic representatives, human rights experts, trade unions, and other multinational companies.

    “These consultations will guide us in any future decision in relation to how we as a company can best contribute to positive developments in accordance with the will of the people in Myanmar,” he said.

    Myanmar’s garment industry is smaller than that of neighboring countries Bangladesh, China and Thailand. However, its around 600 factories are significant employers, providing jobs for around 450,000 workers in 2020, according to the Myanmar Garment Manufacturers Association.

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  • Apparel retailers cut orders while Asian factories fight to survive

    Apparel retailers cut orders while Asian factories fight to survive

    Clothes retailers in Europe and America sit on excess inventory and cut back on spring orders. Sourcing agents face late payments. Garment factories in Bangladesh are on the rack.

    The global apparel industry, reeling from a punishing 2020, is seeing its hopes of recovery punctured by a new wave of COVID-19 lockdowns and patchy national vaccine rollouts.

    Some major retailers are still nursing last year’s clothes, which would have been sold off in clearance sales in normal times. British chain Primark, for example, said it was housing around 150 million pounds ($205 million) worth of 2020 spring/summer stock and 200 million pounds from autumn/winter.

    In an indication of the scale of the backlog, consultancy McKinsey says the value of unsold clothing worldwide, in stores and warehouses, ranges from 140-160 billion euros ($168-192 billion) – more than double normal levels.

    Britain’s Marks & Spencer and Germany’s Hugo Boss  said they had placed smaller orders than usual for this year’s spring collection.

    Retailers are keeping volumes small and lead times tight, according to Ron Frasch, former president at Saks Fifth Avenue who is now operating partner at private equity firm Castanea Partners, which works with a number of apparel brands.

    “Most of the brands now are pretty tight on shipping and the factors are very tight. I think everyone was very conservative with their purchasing,” he said. “I know many have been slow-paying. That is for sure.”

    Indeed, Hong Kong-based sourcing agent Li & Fung, which manages more than 10,000 factories in 50 countries for retailers including global players, said that some retailers had requested later payment terms, but declined to provide specifics.

    The pain is consequently flowing to  major garment manufacturing centres like Bangladesh, whose economies rely on textile exports. Factories are struggling to stay open.

    Fifty factories surveyed by the Bangladesh Garment Manufacturers and Exporters  Association said they had received 30% fewer orders than usual this season, as pre-Christmas lockdowns in much of Europe followed by another clampdown in January hit their businesses hard.

    “Orders usually arrive three months in advance. But there are no orders for March,” said Dhaka-based factory owner Shahidullah Azim, whose clients include North American and European retailers.

    “We are operating at 25% of capacity. I have some orders to run the factory till February. After that, I don’t know what future holds for us. It’s difficult to say how we will survive.”

    Miran Ali, who represents the Star Network, an alliance of manufacturers in six Asian countries, and himself owns four factories in Bangladesh, faces similar problems.

    “At this point in time, I should have been entirely full until March at least, and looking at a healthy quantity for autumn/winter coming in already. Across the board, that is coming slow,” he told Reuters from the capital Dhaka.

    “Brands are buying less from fewer people.”

    Asif Ashraf, another factory owner in Dhaka who makes clothes for global retailers, said it was tough to adjust. “We’ve produced the fabric and we’re ready to stitch the garments, but then they say the order is on hold.”

    With store closures threatening to carry into summer, some retailers are attempting to sell off as much of their excess stock as possible before placing new orders, textile recycling firm Parker Lane Group told Reuters.

    CEO Raffy Kassardjian said his business went from processing an average of 1.5 million items of excess apparel per month to over 4 million in January, its busiest month ever.

    Last year was dire for the clothing industry, which saw sales slide by about 17% versus 2019, according to Euromonitor. And the future is uncertain.

    Estimates for 2021 range from pessimistic forecasts of a 15% sales drop from McKinsey, to an 11% recovery from Euromonitor.

    So are there bright spots? Well, a lockdown pyjama boom is offering some minor relief.

    “If you want to know what the Great British public is doing – it’s wearing pyjamas again,” Marks & Spencer CEO Steve Rowe said last month, while Hugo Boss alluded to the same phenomenon, saying it had “streamlined our range of classic business clothing and expanded the range of casual wear”.

    But that’s cold comfort for some factory owners.

    “Demand for pyjamas is at a life-time high,” Ali in Dhaka acknowledged. “But not everyone can make pyjamas!”

  • The evolution of fashion week with see now and buy direct approach

    The evolution of fashion week with see now and buy direct approach

    The fashion industry loves a bandwagon, and the see-now-buy-now one keeps rolling along. A murderer’s row of major brands, from Burberry and Ralph Lauren to Tommy Hilfiger and Moschino, has incorporated at least some element of instant gratification into their recent collections. Burberry and Lauren presented immediately shoppable runway shows, with the latter inviting attendees straight into the store after his spring 2017 show.

    Hilfiger made his Tommy x Gigi collaboration available to buy fresh off the runway, and Moschino’s Jeremy Scott has been offering capsules of his most poppy, instantly recognizable pieces — like this season’s slogan sweatshirts and trash-can bag. But it’s been tough, from an outside perspective, to see how they stack up — when a collection is trumpeted as “sold out,” it’s rarely revealed how many pieces were even available, or how long that process took.

    In recent weeks, see-now-buy-now’s image as the silver-bullet savior of fashion has taken a hit. Designer Thakoon Panichgul, who had completely overhauled his business to focus on seasonless dressing and e-commerce, announced he was putting his brand on “pause” to rethink the concept. And Tom Ford, who tried out see-now-buy-now for one season, decided it wasn’t for him, telling Women’s Wear Daily, “The store shipping schedule doesn’t align with the fashion show schedule … you can’t have a show with clothes that have been on the selling floor for a month.”

    Fashion has been bullish on instant shopping for several years now, with the conventional wisdom claiming that our immediate-gratification culture has spurred a Veruca Salt customer. (“Don’t care how, I want it now.”) And for people who follow fashion religiously, that is definitely the case. When I interviewed Jeremy Scott several years ago, he told me that his young customer was impatient for fashion: “I live in a world of Instagram fans who ‘like’ things,” he said, “and don’t understand when they’re ‘liking’ it, why it’s basically not coming out of that phone right there for them.”

    But as Cathy Horyn pointed out after Lauren’s show, the strategy may work better for mid-price labels than it does for luxury ones. Contemporary brands like Rebecca Minkoff have been demonstrably successful at leveraging the possibilities of instant shopping — CEO Uri Minkoff tells the Cut that the brand’s sales were up 64 percent year after year, after adopting see-now-buy-now. “When we create an experience, the format is not as relevant as ‘What is the experience, who is involved?’” he says.

    For example, their show last month at the Grove in L.A. was open to consumers and was stocked with influencers whose combined following totals over 20 million on Instagram alone, including Chiara Ferragni and Aimee Song. Some pieces were available to buy right after the show, while others dropped 30-45 days later, and Minkoff said that both sold “way better than normal,” with even the dress the designer wore for her bow selling out briskly online. Still, says Minkoff, “That’s what works for us. I’m not saying that everyone should do it. In a luxury sense, having a longer-term relationship and a romanticizing of something over a period of time, that’s great.” Minkoff’s brand operates at what he calls “a more spontaneous purchase level.”

    To bridge that gap between romance and spontaneity, some high-end designers have waded into instant shopping by offering small see-now-buy-now capsules and continuing to show the rest of their collection as before. But according to Ken Downing of Neiman Marcus, “I don’t feel like doing just a capsule is the only way to attack this, because I actually think it confuses the consumer even more.” Downing is a strong advocate of see-now-buy-now as an overall approach – he mentions customers who come with photos of a runway model or a celebrity in something they just wore. “If they can’t find what they’re looking for that’s all about that moment, I’m sure they’re finding it in fast-fashion stores,” he says.

    Elizabeth von der Goltz of Bergdorf Goodman echoes this line of thinking. “When people have these see-now-buy-now capsules that they put enough marketing and social media behind, they work extremely well,” she says. “But you need to come up with a full strategy that’s not about this one shot. How do you continue driving your business through the season, versus this one time?”

    One surprising discovery that emerges is that this new world of immediate shopping has some old-school aspects to it. (Maybe not that surprising — if you think about it, the old-school couture fitting and trunk show was the original see-now-buy-now.) Stores are putting their muscle into experiences. Von der Goltz points to recent events Bergdorf has done with Kith, Nike, and Fenty, as well as what she calls its “right off the runway” events, where customers can meet designers, see and touch the clothes, and place preorders. Downing, who was on his way to a customer event in Houston when we spoke, says, “they’re actually very successful events because it’s an experience. You’re interacting with a fashion authority who can give them ideas on how to put clothes together. It’s making the clothes that they’ve seen for some time look new by the way that we’re styling it.”

    While its roll may have slowed slightly, everyone I spoke to agreed that see-now-buy-now is not going anywhere, even if a few brands have soured on it. Fashion consultant Julie Gilhart said she thought it would just become more commonplace, predicting that “many of the up-and-coming brands will just build this see-now-buy-now concept into their initial business start-up.” Minkoff even imagines consumer fashion shows becoming a draw in themselves. “Wouldn’t it be fun for consumers to be able to come to New York,” he muses, “and see three or four fashion shows rather than saying, ‘I’m going to see a Broadway show?’ He thinks that a few seasons from now, that could be the reality. “I don’t think the world is slowing down,” he says. “We are betting the ranch on this model.”

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  • H&M’s full year profit slides despite positive growth in online sales

    H&M’s full year profit slides despite positive growth in online sales

    Hennes & Mauritz released stronger-than-expected fourth-quarter results on Friday but flagged ongoing challenges in trading conditions, with more than 1,000 stores temporarily closed.

    “The ongoing restrictions along with the many temporary store closures will have a substantial negative impact on the first quarter,” said chief executive officer Helena Helmersson, speaking on a phone call with analysts to discuss the company’s full-year performance.

    The company said 36 percent of its sprawling retail network is temporarily closed, or 1,800 stores. Sales in the Dec. 1 to Jan. 27 period were down 23 percent in local currencies compared with the same period last year.

    The company posted a profit of 2.48 billion Swedish kronor, or $300 million, in the fourth quarter, from Sept. 1 to Nov. 30, and executives touted a strong financial position at the end of the year.

    “With strong, profitable online growth and good cost control we succeeded in ending the year in profit and with a strong financial position,” Helmersson said.

    Analysts said fourth-quarter results were better than expected thanks to lower operational expenditure than forecast but noted the sales update was weaker than expected.

    “Recent trading is in line with our fairly cautious estimate,” said Richard Chamberlain of RBC, noting the outlook was “tough.”

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  • Uniqlo Singapore set to open ‘Hub of the East’ store

    Uniqlo Singapore set to open ‘Hub of the East’ store

    UNIQLO today announces that it will open UNIQLO Orchard Central, its first Global Flagship Store for Southeast Asia and Singapore, on Friday, 2 September 2016. Under the concept of “U+S and The World”, the new store will showcase the brand’s full assortment of LifeWear – innovative, high-quality clothing that is universal in design and comfort, and made for anyone, anywhere – and will offer Singaporeans an exciting space to share their culture with the world. UNIQLO Orchard Central will be located in Orchard Central mall, along Orchard Road.

    “UNIQLO Orchard Central will be a unique store for the region, providing a new shopping experience for customers. With its vibrant creative scene, Singapore is the ideal location for us to showcase our LifeWear concept through the eyes of the local community. We hope that through our work with highly dedicated Singaporean individuals and groups, we will be able to turn this space into a platform where creative ideas can be expressed and shared with others,“ said Taku Morikawa, UNIQLO Southeast Asia CEO.

    UNIQLO Orchard Central spans three levels and covers 2,700 square meters in sales floor space. Fans of the brand can expect a new shopping experience, thanks to the combination of the in-store design, full product line-up and visually stunning displays. Even the elegant dark wood floors that evoke the mood of Singapore and Southeast Asia are intended to help create the proper setting for the largest product line-up anywhere in the region.

    Iconic rotating mannequins will be an integral part of UNIQLO Orchard Central, as well as close to 300 digital displays, the largest number anywhere in the UNIQLO world, and a total of 350 in-store mannequins, the latter matching the UNIQLO Ginza Global Flagship Store in Tokyo.

    “Singapore’s strategic location in Southeast Asia makes it the choice destination for UNIQLO’s first Global Flagship Store in the region. The opening of this new store marks a milestone in our highly successful eight-year joint venture collaboration.

    The Global Flagship Store will have exciting outreach programmes to engage the community. We look forward to serving our customers in this landmark store, and to inspire many creative talents to express themselves in this distinctive space with artistic works and concepts that are authentically Singaporean,” said Mrs Helen Khoo, Executive Director, Wing Tai Retail.

    A dedicated UT (UNIQLO T-shirt) corner on Level 1 will showcase exclusive UT designs drawn from the most popular collaborations such as Olympia Le-Tan and Bruno Munari. “i am OTHER”, the collection designed together with musician and style icon Pharrell Williams will also find a home on the shelves of UNIQLO Orchard Central. The new Disney Collection City Logo UTs includes a unique Singapore design featuring Mickey Mouse with the iconic Merlion, will be launched on the opening day of UNIQLO Orchard Central.

    The new store concept for UNIQLO Orchard Central, “U+S and The World” is taken from the words UNIQLO + Singapore and the company’s intention to serve as a bridge between Singapore and the World. The store is envisioned as the definitive place where UNIQLO will share the creativity, style and culture of a new Singapore with the rest of the world.

    Later this month, UNIQLO will launch “Your Stage Now Live”, the opening campaign of UNIQLO Orchard Central, by turning the hoarding around the store’s construction site into an urban canvas designed collectively by the local community. In addition, the campaign will also invite everyone to express themselves and showcase their culture to the world through a special “Your Stage Now Live” site.

    The opening of the store on 2 September will serve to kick-off a long-term collaboration with members of the local community through a broad array of programs centred on the store’s specially designed creative space, a launch pad for creativity and self-expression. Elements such as original in-store music, video content on the digital displays and curated spaces within the shop floor, as well as exclusive canvas tote bags and shopping bags, will all be co-created with the local community.

    “We warmly welcome UNIQLO’s global flagship store to Orchard Central, with its new shopping experience, innovative visual merchandising and special collections. UNIQLO will anchor Orchard Central’s appeal as a vibrant lifestyle and social hub for design conscious shoppers looking for quality affordable merchandise and a unique experience. Our mall enhancement works are also nearing completion and along with the opening of UNIQLO Orchard Central, our shoppers can look forward to a new retail experience as well as improved visibility and accessibility,’ said Ms Mavis Seow, Chief Operating Officer, Retail Business Group, Far East Organization.

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  • Giordano International warns for a profit decrease

    Giordano International warns for a profit decrease

    Giordano International (0709) warned that it expects to record an annual net loss of between HK$110 million and HK$130 million in 2020, as compared with a profit of HK$230 million in 2019.

    As stated in the interim results announcement last year, a net loss of HK$175 million was recorded for the six months ended June 30, 2020. However, the group expects to record a net profit of between HK$45 million and HK$65 million in the second half of the year due to the positive trend in retail sales and improvement in consumer sentiment.

    The forecast net profit has not taken into account further potential asset impairment charges.

    As of end-December, 2020, the group’s merchandise inventory was worth about HK$435 million, below that of 2019 by about HK$113 million.

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  • Esprit appoints new leadership in latest attempt to resuscitate the brand

    Esprit appoints new leadership in latest attempt to resuscitate the brand

    Esprit has unveiled a new management team in its latest attempt to resuscitate the brand, with Mark David Daley now installed as chief executive officer.

    Daley, 56, is described by Esprit as a 30-year retail industry veteran and was most recently the ceo at the fashion brand, Billy Reid. He has held the ceo position at a number of premium companies including skin-care label Augustinus Bader, stationery goods maker Symthson of Bond Street, upscale grocer Dean & Deluca, and served as Asia Pacific president of Ralph Lauren.

    Daley cut his teeth at DFS Group where he worked for more than two decades, rising to global president of operations and business development. Daley holds bachelor’s degrees in economics and sociology from Stanford University. Daley’s installment is effective beginning Dec. 24 and he replaces Anders Kristiansen, who had been in the role since mid-2018.

    The brand also announced Wan Yung Ting as chief product development officer. Wan, 40, comes from academia, jumping from her former role as an assistant professor for the college of art and design at Beijing University of Technology. Wan previously worked at Taiwanese Far Eastern Textile Ltd., focusing on the application of functional fabrics and sports brands. Wan obtained a Ph.D. in art theory from Peking University, a master of arts in arts and cultural management from Peking University, and a Bachelor of Engineering in fiber and composite Materials from Feng Chia University. Wan’s official start date was also Dec. 24.

    Over the last decade, Esprit has quickly cycled through a number of ceo’s — including Ronald Van der Vis, Jose Manuel Gutierrez and Kristian Andersen — with each restructuring effort seeing only muted effect.

    For the year to June, the company recorded a loss of 3.9 billion Hong Kong dollars, or $515 million, widening from the 2.1 billion Hong Kong dollars the year before. Germany, its most important market, was put into bankruptcy protection this past summer, and its venture with Mulsanne Group to relaunch Mainland China was abruptly called off.

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  • Bauhaus sales tumble as store network shrinks more and faster

    Bauhaus sales tumble as store network shrinks more and faster

    Bauhaus International (0483) said same-store sales growth of its self-managed offline shops fell by 38 percent year-on-year for the three months ended December last year.

    In Hong Kong and Macau, the same-store sales performance of its self-managed retail business fell by 36 percent year-on-year.

    In non-Hong Kong and Macau, same-store sales of self-managed retail businesses fell 68 percent year-on-year.

    For the nine months ended December 2020, Hong Kong and Macau same-store sales fell by 42 percent, and non-Hong Kong and Macau fell by 40 percent from a year ago.

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  • Moncler aqcuiring Stone Island

    Moncler aqcuiring Stone Island

    Italian designer clothing brand Stone Island has just been snapped up by Italian winter wear’s favorite Moncler SpA (BIT: MONC). While some retailers are winding up operations and slipping into administration, others are seeing an opportunity to expand. Designer goods are selling surprisingly well this year, and many analysts think 2021 will see a massive recovery in the sector.

    Last month we discussed how exclusive streetwear brand Supreme was acquired in a $2 billion deal by VF Corporation (NYSE: VFC). Now it’s the turn of Stone Island, which is being acquired by Luxury Italian group Moncler for $1.39 billion.

    Family-owned Stone Island was founded in 1982 by Massimo Osti. In the prior years, he’d created an unusual fabric that went onto become an integral part of Stone Island’s popularity. The Tella Stella fabric is a tarpaulin like weight, heavily stonewashed, and dyed in a variety of colors. In 1983 Carlo Rivetti, the current CEO and owner of Stone Island, bought his 50% stake in the company. In the ensuing years, the brand enjoyed increasing popularity. Inspired by both the military and traditional workwear, the pair created innovative new jacket designs with unusual features. For instance, a color-changing jacket that responds to temperature through its liquid crystal coating and a reflective jacket coated in a thin layer of glass.

    The brand’s popularity spiked in the nineties as English football hooligans embraced it. The founder left the company in 1994. In 2009 the brand began collaborating with others such as Adidas and then Supreme in 2014. The Supreme collab caught the eye of rapper Drake, who loved it and became a major fan and unofficial ambassador of the brand. This transitioned it away from the hardman image of football thugs to the trendy streetwear image popularised by sports brands. And Drake’s fan base was a boon to Stone Island, increasing its popularity stateside.

    Stone Islands’ growth has surged in recent years. In 2018, Stone Island’s revenue was approaching €200 million from around €56 million in 2012. It sold a 30% stake to Singapore’s sovereign wealth fund in 2017.

    CEO and owner Carlo Rivetti still owns just over 50% of Stone Island, and his family owners own an additional 19.9%. Skiwear-turned-fashion-brand Moncler is buying it from them in cash. It is buying the other 30% from Temasek, which also has a small stake in Moncler. All parties are being offered the same terms, but Temasek also has the option of taking newly issued Moncler shares for up to 50% of the cash consideration.

    Chairman and CEO of Moncler, Remo Ruffini said: “We are coming together at a challenging moment both for Italy and the world, when everything seems uncertain and unpredictable but I believe it is precisely in these moments that we need new energy and new inspiration to build our tomorrow,”

    What the Moncler and VF Corp. deals signify is the arrival of streetwear in a world of its own. No longer simply cheap and cheerful clothes for skaters, tradesmen or football fans. These brands cover all manner of outdoor pursuits, but in a trendy, designer way that makes even the laziest youngsters look cool. The streetwear market has an estimated value of $50 billion and is expected to enjoy double-digit sales growth by 2024.

    VF Corp now owns Supreme, along with The North Face, Dickies and Vans, but this isn’t stopping Supreme taking part in its exclusive collaborations with other popular brands. These surprise drops are what keeps it in demand. Customers love it, and they’re often oversubscribed in next to no time. Supreme just joined forces with Stone Island last month, when they dropped another sell-out collection. They’ve been partnering on occasion since 2014, and their limited-edition outerwear remains as popular as ever.

    This latest collab features both Supreme’s logo and Stone Island’s compass. Pieces include hand-painted shearling jackets, which have become one of Stone Island’s signature edits, as well as wind-resistant crinkle down jackets in camouflage print. There are also corduroy jackets, hoodies and some of Supreme’s quirky accessories, such as a glow-in-the-dark balaclava and swimming goggle inspired sunglasses.

    Dual branding opens up potential buyers to a much wider audience. It also gives a unique spin to a garment, but keeps it exclusive and therefore highly profitable. Despite the economic uncertainty facing the world, designer streetwear is on the up, with social media the perfect place to showcase and drop their latest offerings. Emerging markets are bringing youth and wealth, hungry to add the coolest fashion garb to their image streams. Both Stone Island and Supreme look to be headed for several years of continued growth ahead.

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  • Adidas in talks to lay off Reebok

    Adidas in talks to lay off Reebok

    For some sneakerheads who may be unaware, Reebok is owned by Adidas. Back in 2005, the brand was bought by the Three Stripes for a large sum of $3.8 billion and they have been sharing warehouses and website assets, ever since. Now, however, this business relationship could very well be coming to an end, based on a brand new report from Manager Magazin.

    This publication is based out of Germany and typically has the inside track when it comes to what’s happening over at Adidas Headquarters. Based on the report, it noted that the brand is putting together a team that will try to have Adidas sell-off Reebok by early 2021. This news comes in the midst of a disappointing Q2 sales report that showed Reebok’s revenues dip by 42 percent as a result of COVID-19.

    As for potential buyers, Manager Magazin claims Anta Sports in China or the VF Corporation are suitors. The VF Corporation is certainly an interesting candidate as it boasts properties such as Timberland, Vans, and The North Face.

    So far, Adidas nor Reebok has commented on this story. Keep it locked to HNHH as we will be sure to keep you updated on this story. Also, stay tuned as plenty of other sneaker content is coming down the pipeline.

  • Fast Retailing bullish about recovery as Asian expansion pays off

    Fast Retailing bullish about recovery as Asian expansion pays off

    Uniqlo father or mother Fast Retailing might have reported a 12-per-cent drop in gross sales in its full-year outcomes, however, that decline was far lower than predicted as not too long ago as July as a result of the Greater China and Japanese markets recovered at a sooner rate than anticipated.

    The firm reported full-year revenue of US$1.426 billion, down 42 percent, on gross sales of $19.185 billion worldwide.

    Same-store annual gross sales throughout Uniqlo shops declined by 6.8 percent in Japan, whereas fourth-quarter gross sales in Greater China have been up 20 percent yr on yr.

    In South Korea, the place the corporate has been impacted by a broad boycott of Japanese manufacturers by native customers for the final yr or so, gross sales fell sharply and Fast Retailing recorded a loss, regardless of closing its poorest-performing shops.

    Elsewhere, gross sales and revenue have been down throughout most of Southeast Asia and in Australia and India, however, Singapore, Malaysia, Thailand, and Australia recovered favorably within the fourth quarter. Losses have been reported in each North America and Europe.

    Sales by the GU model rose 3 percent for the yr, however working revenue was down by 22.5 percent.

    Looking ahead

    Given the quick recovery to this point for the reason that peak of the Covid-19 pandemic in Asia-Pacific, Fast Retailing is now projecting a 9.5-per-cent enhance in total income for the 2021 fiscal yr and revenue attributable to shareholders of $1.58 billion, which might characterize a rise of 82.6 percent on the yr simply ended.

    Revenue is predicted to say no within the first half as a result of persevering with the effect of Covid-19, “but we forecast large revenue and profit gains in the second half assuming the virus is brought under control,” the corporate stated in its outcomes announcement. “All business segments are forecast to generate full-year revenue and profit gains.”

    Quick revenue

    During the final monetary yr, Fast Retailing has continued its expansion into new markets, opening the primary Uniqlo in Milan in September final yr, the primary in New Delhi a month later, and making its Vietnam debut in Ho Chi Minh City in December.

    “While all those markets were impacted by Covid-19, Uniqlo Italy managed to post a full-year profit, and the Vietnam operation, which was only launched in December, turned a profit in the second half.”

  • 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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