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Tag: Fashion

  • Gap Inc sales slip

    Gap Inc sales slip

    Gap Inc has reported a two per cent fall in global sales in the second quarter – but says its turnaround is on track.

    “I remain confident in our strategies to improve business performance and drive loyalty going forward,” said CEO Art Peck. “Our evolving product operating model is laying the foundation to more consistently deliver on-trend product collections across our portfolio.”

    Gap Inc’s comparable sales by global brand fell six per cent for its primary Gap brand, (compared with a five per cent drop in the same period last year), Banana Republic fell four per cent, (flat last year) and Old Navy grew three per cent (up four per cent last year).

    But the company says it delivered earnings per share growth of 12 per cent in the first half year. While Old Navy is clearly gaining momentum, the Gap brand continues to make progress against its strategic actions, including “right-sizing its North America store count to create a smaller, more vibrant fleet of stores”, the company said.

    “The brand’s leadership team remains focused on an aggressive agenda designed to improve business performance, including the implementation of a clear, on-brand product aesthetic framework and a new product operating model to increase speed, predictability and responsiveness.”

    Gap’s global store count continued to rise outside North America, as the chart below shows.

    Gap chart

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  • China Fordoo boosts store network

    China Fordoo boosts store network

    China Fordoo Holdings opened 42 new stores in the first half of this year, helping it boost sales in a soft Mainland retail market.

    Fordoo, a specialist menswear designer, manufacturer and retailer, now has 1494 stores across the Mainland, including two self-managed. Trousers account for 58 per cent of its revenue.

    For the six months to June 30, group profit was about RMB136.9 million (US$21.4 million), up 6.4 per cent on the same period last year. Sales increased by 8.1 per cent to RMB828.4 million ($129.56 million).

    “The increase was mainly due to the expansion of the group’s distribution network and the enhancement of its brand recognition,” the company said in its statement.

    Fordoo said in the first half, China’s economy had entered into a “New Normal” phase.

    “The economy has shifted from high growth to medium-to-high growth, and the economic structure has improved and been upgraded. Under the “New Normal” phase, the economy is increasingly driven by innovation rather than input and investment.”

    Apparel retail growth slowed. Total retail sales of garments, hats, footwear and knitwear in China recorded a 8.3 per cent year on year increase which was 0.4 percentage points lower than that of the corresponding period in 2014.

    “The overall retail market in China remained weak and consumer sentiment showed no sign of notable recovery. However, we are glad that China Fordoo Holdings was able to continue to grow at a stable and moderate pace during the period in terms of number of retail outlets, distributors and revenue.”

  • Wing Tai shrugs off negative sentiment

    Wing Tai shrugs off negative sentiment

    Malaysian apparel retailer and property investor Wing Tai says it remains confident that the nation’s retail sector will bounce back in the wake of the GST-driven retail sales downturn.

    The company has reported a 41.8 per cent slump in profit in the three months immediately following the April 1 introduction of Malaysia’s modest six per cent goods and services tax on considerably sales revenue which more than halved – from RM146.6 million to 66.5 million.

    While the fall in revenue was more attributable to the property division rather than its retail interests, the company noted its retail profit margins were affected by higher import costs due to the weakening ringgit and subdued consumer spending.

    “While the retail (division) outlook is expected to be challenging in 2015 with weak ringgit and soft consumer spending, the retail division will continue to streamline its operations to enhance its performance,” Wing Tai said in its earnings statement.

    “In consideration of the prevailing market conditions and barring any unforeseen circumstances, the group expects to remain profitable for the next financial year,” it said.

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  • China lingerie boom pays off for Cosmo

    China lingerie boom pays off for Cosmo

    Chinese women are splurging more on their underwear, producing rich results for Cosmo Group.

    Cosmo, China’s largest branded intimate wear business in total retail sales and store numbers, says sales revenue soared 27.2 per cent in the six months to June 30. Profit rose 40.7 per cent.

    The company says while it continues to focus on the affordable end of the market, it is expanding its range and reach in the high end of the market, to capture the increasing discretionary spending of China’s rising middle class.

    “The increase in the national per capita disposable income of China… and the increase in retail sales of China’s intimate wear industry in the past three years, according to Frost & Sullivan, entails enormous business potential for the group,” the company said in its earnings statement on Monday.

    “It is believed the group’s strategy of offering consumers with products of high quality standards at affordable prices has effectively rendered it one of the most popular intimate wear brands among the Chinese consumers.”

    For the six months to June 30, Cosmo recorded revenue of RMB2.207 billion and profit attributable to shareholders of RMB 270.35 million.

    In March of this year, Cosmo bought the lingerie brands Ordifen, Rubii and Ilsee, which aided its expansion into high-end intimate wear distribution channels in China, including department stores and shopping malls in tiers one and two cities.

    As at June 30, there were 578 retail outlets of the acquired brands – 344 franchised and 234 self-managed. The majority of these  are located in the shopping malls and department stores in tiers one and two cities in China.

    Immediately after the acquisition, the group launched several initiatives to realise the synergies of the integration and consolidation of the new brands into the group’s operation, including improving its retail capability, strengthening marketing, enhancing logistics, research and development and re-negotiation with suppliers for more favorable terms.

    “The group will improve the performance of the retail outlets on an on-going basis and will also consider establishing new retail outlets in places with high growth potential.”

    At the time of acquisition the new brand portfolio was trading at a loss. Cosmo says the business is already profitable.

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  • Ever-Glory sales slide

    Ever-Glory sales slide

    Chinese fashion retailer Ever-Glory International says its sales fell 11.6 per cent in the three months to June 30.

    Total sales for the quarter were US$75.7 million, the slide primarily due to a 6.8 per cent decrease in its retail business to $45.9 million and an 18.1 per cent decrease in its wholesale operation to 29.8 million.

    Ever-Glory had 1204 retail stores as at June 30, 49 more than at the same time last year.

    Total gross profit for the quarter increased 2.4 per cent to $30 million.

    Based in Nanjing, China, Ever-Glory retails branded womens fashion apparel through its own store network under the brands La Go Go, Velwin, Sea To Sky and Idole in China.

    Ever-Glory is also a leading global apparel supply chain solution provider with a focus on middle-to-high end casual wear, outerwear, and sportswear brands. Ever-Glory services well-known international brands and retail stores by providing supply chain management, fabric development and design, sampling, sourcing, quality control, manufacturing, logistics, customs clearance and distribution etc.

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  • Hugo Boss shareholder says group will boost presence in China

    Hugo Boss shareholder says group will boost presence in China

    German fashion house Hugo Boss will expand its presence in China, key shareholder Gaetano Marzotto said in an interview in newspaper Welt am Sonntag.

    Despite slowing growth in the world’s second-largest economy, Marzotto told the paper that he saw the potential for higher sales in China.

    “Up until now China accounts for less than 10 percent of group sales, this could be ramped up,” Marzotto said in an advance extract of an interview to be published on Sunday.

    His family clan holds a 7.95 percent stake in Hugo Boss, making it the company’s biggest shareholder.

    The Chinese are the world’s biggest buyers of luxury goods and have been increasingly shopping abroad as big shifts in exchange rates make luxury items much cheaper for them in Europe than at home.

    Hugo Boss’s currency adjusted sales in the country increased 1 percent in the six months through June versus a decline of 2 percent in the prior year period.

    Finance chief Mark Langer said earlier this month he did not expect an improvement soon in China, which contributes about 8 percent of group sales.

    Hugo Boss recently took over 21 stores in China, previously operated by a partner, to strengthen its brand in the market.

    The group has been spending heavily on expanding its own store network, where sales are more profitable than through other retailers’ shops.

  • After 165 years, Lane Crawford looks forwards

    After 165 years, Lane Crawford looks forwards

    To mark its 165th birthday, luxury department store Lane Crawford invited its community of leading and emerging brands and creative talents to share their vision of the future.

    Their perspectives are transformed into a series of exclusive designs, capsule collections, artistic installations and uniquely curated product showcases that engage customers to imagine what the future may bring.

    With more than 600,000 square feet of retail space, Lane Crawford has 11 points of sale across Hong Kong, Beijing, Shanghai and Chengdu. With an online store, purpose built for China while also shipping globally, Lane Crawford is China’s first luxury omni-channel fashion retailer. Featuring the largest designer portfolio across Womenswear, Menswear, Cosmetics, Home and Lifestyle, and Fine Jewellery in the region, Lane Crawford showcases more than 1000 international brands.

    Innovative Beijing-based architecture and design firm People’s Architecture Office presents its vision of the future of modern living through giant twisting metal tubular structures that customers can climb inside to explore a whole other landscape. Hong Kong-based architectural design studio Sky Yutaka has created a mesmerising kinetic installation where the future is a haunting rendition of machine-made beauty, featuring robotic rain flowers that gently furl and unfurl their petals in response to a flowing stream of water. Musical wunderkinds Mimi Xu and Rosey Chan continue to inspire the future of sound with their distinctive take on classical electronica music accompanied by a stunning multisensory visual narrative. Other creative luminaries such as Li Lihong, Angel Chen and Alan Chan have also contributed their visions of what the world will look like in 165 years.

    Limited Editions

    The store has also collaborated with an array of brands to offer a selection of exclusive editions as part of the 165 celebrations. Womenswear designer and Chairman of the Council of Fashion Designers of America, Diane Von Furstenberg has redesigned her signature wrap dress with a Chinese twist. There are also capsule collections from T by Alexander Wang, MSGM, Ms Min and Chictopia Fine Jewellery exclusives come from Nathalie Melville and Tasaki, and there is an exclusive watch design from Mad.

    Menswear designers including Haider Ackermann, Neil Barrett, Paul Smith, Rick Owens, Uma Wang and Ziggy Chen have been invited to develop the Silk Capsule collection, incorporating the traditional Chinese fabric in refreshing styles.

    In addition, there are limited editions from a number of cosmetic and lifestyle brands. Shanghai Tang presents an exclusive lacquer box set with its signature women’s fragrance collection, including a personalised engraving service. Valmont offers the Elixir Tribute to Lalique in a sublime red lacquer box topped with Lalique crystal.

    On the local front, Tom Dixon brings another global exclusive to the party with the launch of his new coffee range, “Brew”, and the maverick British product designer also curates the “Living Room of the Future” installation, which offers a vision of home entertainment in years to come. Another iconic British brand, Fortnum & Mason has created the exclusive Lane Crawford 165 tea blend special edition. Other home products include a limited-edition “165” scented candle from L’Objet; a specially made game table by Chinese architect and designer Naihan Li; a digital printed rug from Dutch brand Moooi; neon light décor with Chinese characters meaning ‘prosperity’, ‘fortune’ and ‘home’ from Italy’s Seletti; and an Asia-exclusive launch of a new lamp in taupe and brass from Anglepoise.

    Lane Crawford will hold its 165th Anniversary Celebrations Party at the IFC Mall store on September 9. The festivities continue with a weekend of shopping privileges and anniversary-themed prizes across all Lane Crawford stores in Hong Kong from September 11 to 13.

    Who Is Nick Wooster

    Having worked with highly respected fashion brands and renowned retailers around the world, street style guru Nick Wooster demonstrates his flair for fashion and eye for detail by co-curating a dedicated space for modern men’s wardrobe essentials at Lane Crawford IFC Mall, where Wooster + Lardini, his eclectic collaboration with Italian brand Lardini, is also showcased.

    The dapper Wooster will also make a personal appearance at Lane Crawford ifc mall for an exclusive styling session and cocktail party on August 13.

  • Tuk tuk centre stage in Jimmy Choo Bangkok concept store

    Tuk tuk centre stage in Jimmy Choo Bangkok concept store

    Luxury shoe brand Jimmy Choo has marked the opening of its newest Bangkok store with the release of a ‘Candy bag’ featuring a tuk tuk.

    “Like the London Taxi, the tuk tuk is an icon of the city. It has a unique warmth and eccentric charm all of its own,” Jimmy Choo creative director Sandra Choi observed at the opening of the new store in the new EmQuartier upmarket shopping mall on Sukhumvit Rd.

    Jimmy Choo is releasing limited editions of the Candy bag to mark openings of a number of new stores around the globe – the Bangkok edition is the seventh, following Hawaii, Los Angeles, Dallas, Las Vegas, London and Toronto.

    Choi worked alongside David Collins Studio to design the new EmQuartier shop which features soft colour tones and contrasting shimmering surfaces.

    “I wanted our new space to be a luxurious environment that would combine the refined detail of a haute couture salon with the intimacy of a fantasy closet,” Choi said in an interview with The Nationnewspaper.

    The interior design includes satin gold, rose gold pink marble and mink velvets which blend with “oyster stone and mother of pearl chevron floor”.  Rounded glass pendants hanging from the ceiling add to the luxury feel.

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  • Burberry Beauty Box enters China

    Burberry Beauty Box enters China

    British luxury apparel brand Burberry has opened two more Beauty Box stores in greater China.

    It follows the opening of Beauty Box’s first Asian store in Korea last December in Seoul’s Coex Mall.

    Burberry Beauty Box concepts are now trading in Hong Kong and Shanghai.

    In Hong Kong, the store has opened in Times Square at Causeway Bay. The store closely follows the Burberry Beauty Box flagship in London’s Covent Garden.

    The new Beauty Box concept focuses on make-up, including Burberry Eyes, Lips, Face and Nails lines, fragrances for men and women, including My Burberry, and assorted luxury accessories.

    It includes a digital Lip & Nail Bar, a 95 degree screen broadcasting Burberry catwalk shows, and the My Burberry Digital Experience that lets customers digitally interact with the brand.

    Customers can order in-store monogrammed labels for 90ml bottles of My Burberry Eau de Parfum and My Burberry Eau de Toilette to create an exclusive, customised gift.

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  • Kitsune touches down in Hong Kong

    Kitsune touches down in Hong Kong

    French fashion label Maison Kitsune has opened its first permanent store in Hong Kong.

    Kitsuné is a French electronic music record label and fashion label created in 2002 by Gildas Loaëc, Masaya Kuroki and the London-based company Åbäke. Kitsune is the Japanese word for “fox” and the brand uses references to foxes in its marketing material.

    “Following the success of our Maison Kitsuné Gallery, the brand’s first ever pop-up shop in Hong Kong inaugurated last March 2015, we’re now settling down in the city for good with the opening of our very own Hong Kong pied-à-terre,” the company announced on its blog.

    Located in Causeway Bay, the 80 sqm store reveals a ‘post-modern chic space fusing the brand’s Parisian heritage with some subtle touches of traditional Asian decors’.

    Co-founders and creative directors Gildas Loaëc and Masaya Kuroki have created a unique retail experience that aligns fashion, music and design, featuring industrial-style floor, black and white tiles, oak shelf with white painted wood bracket, white walls and Asian antique furniture bargain-hunted in Hong Kong.

  • Zacks Rating on Guess?

    Zacks Rating on Guess?

    Guess?, Inc. is a hold, according to the latest average broker rating of 2.73. The number of analysts in this rating is 11. Zacks research analysts are highly optimistic on the shares and has given it a short term rating of 1, indicating that it is a Strong Buy.

    Guess?, Inc. stock has received a short term price target of $ 20.4 from 10 Analyst. The share price can be expected to fluctuate from the mean short term target, can be seen from the standard deviation reading of $2.8. The higher estimate of target price is $24 , while the lower price target estimate is $16

    Company has received recommendation from many analysts. In a research note released to the investors, Piper Jaffray maintains its rating on Guess?, Inc.. Investors must note that the brokerage house has a Neutral rating on the shares of the company. The Equity Firm raises its price target from $20 per share to $22 per share. The rating by the firm was issued on July 15, 2015.

    Guess Inc. has dropped 3.4% in the last five trading days, however, the shares have posted positive gains of 13.19% in the last 4 weeks. Guess Inc. is up 19.81% in the last 3-month period. Year-to-Date the stock performance stands at 6.26%.

    Guess?, Inc. witnessed a decline in the market cap on Wednesday as its shares dropped 0.68% or 0.15 points. After the session commenced at $21.98, the stock reached the higher end at $22.21 while it hit a low of $21.79. With the volume soaring to 989,900 shares, the last trade was called at $21.88. The company has a 52-week high of $26.829. The company has a market cap of $1,875 million and there are 85,693,000 shares in outstanding. The 52-week low of the share price is $16.61.

    Guess?, Inc. (GUESS?) designs, markets, distributes and licenses apparel and accessories for men, women and children. The Company operates in five: Europe, North American Retail, Asia, North American Wholesale and Licensing. Its products are sold through retail, wholesale, e-commerce and licensing distribution channels. The lines include full collections of clothing, including jeans, pants, skirts, dresses, shorts, blouses, shirts, jackets, knitwear and intimate apparel. It also grant licenses to manufactures and distributes a range of products, including eyewear, watches, handbags, footwear, kids and infants apparel, leather apparel, swimwear, fragrance, jewelry and other fashion accessories. In fiscal 2012, it, along with its distributors and licensees, opened 224 stores in all concepts combined outside of the United Sates and Canada, which consisted of 120 stores in Europe and the Middle East, 89 stores in Asia and 15 stores in the combined area of Central and South America.

  • As platinum gains popularity, more outlets set to come up

    As platinum gains popularity, more outlets set to come up

    As platinum gains popularity in India, the Platinum Guild India expects to see the number of outlets going up from 800 now to over 1200 by March 2016.

    Vaishali Banerjee, India Manager of Platinum Guild India, told that within a short span, India has become the fourth largest market for platinum jewellery in the world and this can only get bigger as more youth take to this precious metal.

    The growth in India has been particularly rapid in the past 5 years and has grown to over 5 tonnes last year as against about 400 kg in 2008. This speaks volumes of how young people are embracing Platinum jewellery, whose trade is getting extremely organised with big retail stores setting up exclusive zones for display of platinum jewellery, she said.

    What started with platinum couple bands has gradually gained with men’s jewellery spanning chains and bracelets and now has grown into the Evara range of bridal jewellery segment. Introduced about six months ago, it is gaining popularity as its charm is in co-existence with popular gold jewellery in India. Though gold jewellery is tops when it comes to bridal jewellery, a number of youngsters are taking to platinum jewellery, she said.

    Vaishali said, “We are pleased at the way Platinum Evara has been received by consumers and trade, as platinum symbolises love and resonates well with the new bride and groom. There is huge appeal for platinum amongst youngsters.”

    Varghese Alukka, Managing Director of Jos Alukkas Jewellery said, “From 34 stores in the southern market in the country, we are looking at growing this to 50 stores in the next two years.”

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  • Truly a Dark Horse

    Truly a Dark Horse

    Dark Horse the unique Singaporean vintage clothing retail concept, is holding a grand opening of its pop up store tomorrow, (August 1).

    Dark Horse Vintage offers a comprehensive range of “vintage treasures” hand-picked from abroad.

    Each piece has its own distinctive style, detailing and history, guaranteeing purchasers they won’t have to worry about seeing someone else adorned in the same threads.

    “Our gems are only one of a kind,” exclaim the founders.

    The pop up will be located on Arab St, at no 31.

    The store promises a wide range of collections from 1960s sun dresses to elegant silk scarves, retro high-waisted skirts and more.

    Besides its occasional pop up stores the retailer also provides personalised shopping and styling. “We handpick a customised collection from our range especially suited customers style preferences”.

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  • Goxip mixes fashion, celebrities and shopping

    Goxip mixes fashion, celebrities and shopping

    Star-gazers – those who focus on the celebrities, that is – now have an app they can use to find fashion matching what their idols are wearing.

    A Hong Kong startup has launched an app called Goxip which uses social media, photo recognition technology and news feeds to connect fashion lovers with online retailers.

    So when 25 year old Tina in a downtown Hong Kong cafe sees Fan Bingbing wearing a stunning new dress on a red carpet stroll she can copy the image on Goxip, crop the photo and wait while the app digitally searches online stores around the world for something similar.

    The app’s creators – Juliette Gimenez and YC Lau – hope Goxip will become “the commerce layer, in between the world of [celebrity news] content and the retailers,” according to an interview.

    It’s aimed at ‘ordinary people’ who cannot afford to splurge $5000 on designer rags worn by a Hollywood superstar – but want something as similar as they can. Meanwhile, fast fashion apparel brands are constantly studying catwalks and red carpets to spot new trends and cuts they can incorporate into their next weekly or fortnightly release.

    Goxip helps the two parties meet – hopefully resulting in online sales for the retailer.

    Behind the app is a system constantly searching for new trends and celebrity revelations.

    “When you read the news, you can go straight to the article. Or you can shop. We have a snap and crop function. I like this dress, so I crop. I like this red dress for my cocktail party. I crop, take a photo, type the style and a list of clothing that matches your desire is listed,”.

    Gimenez, Goxip’s CEO, worked with group-buying startup uBuyiBuy.com in 2010 which was later acquired by Groupon. Lau, Goxip’s head of product, is an investor and adviser for Chinese language web forum HKGolden.com, which boasts 6 million daily page views.

    Goxip already has relationships with over 40 retailers (including Amazon, Shopbop, Zalora, Bloomingdales and TopShelf) and estimates it already has about 1 million clothing items in its database.

  • Kering expects Hong Kong rent relief

    Kering expects Hong Kong rent relief

    Luxury international retail group Kering says it expects to be paying less rent in Hong Kong by the end of the year.

    Kering is the owner of a raft of luxury fashion brands, including Yves Saint Laurent, Bottega Veneta and Gucci, the latter of which comprises a third of its turnover.

    Kering says its global sales rose 22 per cent in the second quarter of this year, aided by a weakened euro and growing numbers of Asian shoppers in Europe. Sales reached €2.86 billion (US$3.18 billion). Excluding the impact of exchange rates, real organic growth was 7.7 per cent.

    CFO Jean-Marc Duplaix said a significant fall in sales in Hong Kong has given the company leverage in renegotiating rental terms with its landlords in the territory.

    He told an analysts’ call to discuss second half year sales that he “expects to pay less rent” by the end of the year.

    Duplaix described the retail climate in Mainland China and Hong Kong as “difficult” but said despite weakened sales it has no plans to close any of its 70 company owned stores there.

    The reality for Kering is that Chinese are still buying its luxury goods – they’re just shopping elsewhere instead of making short retail therapy sojourns to Hong Kong. The number of Chinese visitors to European stores rose nearly 30 per cent year on year and by a similar ratio in Japan.

    “All luxury brands, including Gucci, have benefited from the shift of Chinese tourists to Japan and Europe,” said Duplaix in the conference call.

    For the first six months of the current financial year, Kering’s profit fell 13 per cent to €489 million.

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