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Tag: Fashion

  • Finnish lifestyle brand Marimekko to enter Singapore this year

    Finnish lifestyle brand Marimekko to enter Singapore this year

    Finnish fashion and lifestyle brand Marimekko is set to make its Singapore debut with the first store and a cafe concept to open in the Ion Orchard shopping mall at the end of September.

    The Singapore launch, which will also include the opening of a local online store, is part of the brand’s global expansion plan for the next four years. The country marks Marimekko’s seventh market in the continent after Japan, Mainland China, Thailand, Hong Kong, South Korea and Taiwan.

    “Asia is the most important geographical area for Marimekko’s international growth,” the company said. “Singapore is a key city in Southeast Asia, having a wider impact for building brand awareness and positioning in Asia.”

    Marimekko will expand into Singapore in partnership with its Thai partner Tanachira, which has built the Marimekko brand in Thailand over the past eight years. Natacha Defrance, Marimekko’s senior VP of sales, region East, said Thailand is one of the fastest-growing markets for the brand in Asia.

    The company expects its net sales this year to surge in Asia Pacific, Marimekko’s second-largest market region.

    “The growing market, strong brand fit and proven track record with the loose franchise partnership model provide a good foundation for Marimekko for accelerating omnichannel growth in Asia,” the company said.

  • Indonesian Based Apparel Startup Claude sewn the Seed in Funding

    Indonesian Based Apparel Startup Claude sewn the Seed in Funding

    The fast growing direct-to-consumer apparel company, Claude, that aims to be everyone’s go to brand for going shopping has just announced the closing of its seed round.

    This independent brand that introduces relevant elevated looks has been busy stealing the hearts of the global market, stepping out from the comfort zone of domestic base and successfully penetrate international waters, from Southeast Asia, to Europe, to the United States. Suspected to be one of the first brands from Indonesia that are daring to be global and succeeded. “In this globalized world where technology enables us to cross-border real-time, becoming global immediately enhances your total addressable market hundred times over while simultaneously strengthening the strong brand equity we carefully preserve”, Co-Founder and CEO Tommy Budihardjo says.

    Revolutionary in its business model, Claude uses micro-batches system for new designs and produces more only after the demand is proven, hence minimizing waste while enhancing the speed in offering of new designs. Combined with its own real-time analysis, Claude understand the customers’ behaviour and taste real time and therefore can adapt instantly. “Apparel industry is one of the biggest contributor of waste – especially due to unsold stock – the industry is overdue for a change, and we are happy to lead the charge with our business model that successfully cut finished goods waste by 90% and maximize the revenue and profitability at the same time”, the CEO stated.

    Claude’s latest round will be used to enhance current product offerings and strengthen the market it has already penetrated. The fund was led by one of the early-backers of Tokopedia and Kakao Corp, CyberAgent Capital and supported by the family office Prima Fund I. “Indonesia is one of the largest consumer retail markets in the world. With Claude’s strong brand value along with the experiences brought by the management team, we believe that the company could bring its unique value propositions and be well-accepted by the huge Indonesian and SEA apparel markets.”, says Nobuaki Kitagawa, Managing Director of CyberAgent Capital, Inc.

  • H&M to close its Beijing flagship store in Sanlitun

    H&M to close its Beijing flagship store in Sanlitun

    Swedish fashion brand H&M announced on Sunday it would close its flagship store in Beijing’s Sanlitun area on June 11 as the lease contract is set to expire.

    Its public relations department said that the brand would later pick new locations in Beijing and other Chinese cities.

    Covering an area of over 1,200 square meters, the store is one of the largest in China. As the 200th store in China, it means a lot to the brand.

    As fashion trends and customer tastes alter constantly, changes are happening in the fast fashion industry. In addition to H&M, many fast fashion brands have adjusted their marketing strategies in China in recent years.

    For example, Zara has closed its stores in several cities in China last year, including Beijing, Shanghai, Guangzhou in Guangdong Province, and Yantai in Shandong Province. Gap, a clothing brand from the U.S., sold its business in the Chinese market to Chinese brand Baozun, which provides all e-commerce value chain services, while its sub-brand Old Navy has officially withdrawn from China in 2020.

    “The competition in the Chinese market is fierce. China’s economic development level is constantly improving, and the consumption power of its residents is also improving. In this context, the positioning of some fast fashion brands is suitable for the Chinese market,” said Wang Peng, a researcher at the Beijing Academy of Social Sciences.

    “They don’t belong to high-end brands and are less competitive in cost performance than some online brands, so their positioning is rather embarrassing,” Wang added.

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  • Japanese brand Uniqlo has decided to leave Russia after suspending its operation there last year.

    Japanese brand Uniqlo has decided to leave Russia after suspending its operation there last year.

    Japanese brand Uniqlo has decided to leave Russia after suspending its operation there last year, paving the way for a sale of the business, the Izvestia newspaper cited Russia’s deputy trade minister as saying.

    Uniqlo owner Fast Retailing suspended the clothing brand’s operations in Russia in March, 2022, joining scores of international companies, after Moscow sent troops into Ukraine in what it dubbed a “special military operation”.

    Deputy Minister of Industry and Trade Viktor Yevtukhov said the company has decided to completely leave Russia but has not yet submitted an application to the government, which means the chain has no buyer yet, Izvestia reported on Tuesday.

    “I think they can offer potential buyers their business model,” Izvestia cited Yevtukhov as saying. “The Japanese retailer will be able to offer … lease agreements, popular points of sale with the good buyers traffic and equipment.”

    Fast Retailing said in a statement its operation in Russia remains suspended, adding some stores were closed with “no foreseeable prospects to resume operations.”

    The statement said the company will continue to monitor the situation closely and make decisions accordingly.

    Tadashi Yanai, the founder of Fast Retailing, told Japanese media earlier that Uniqlo was operating 50 stores in Russia.

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  • Estee Lauder sinks after dour 2023 outlook due to slow recovery in Asia

    Estee Lauder sinks after dour 2023 outlook due to slow recovery in Asia

    Estee Lauder Cos’s shares plunged on Wednesday after the cosmetics maker forecast weaker sales and profit for the year than previously estimated, blaming slow recovery at duty-free and travel destinations, especially in Asia.

    Global retailers have banked on improved demand out of Asia after China eased Covid restrictions last year, but Estee’s travel retail division, one of its highest-growth sectors, did not rebound as expected.

    Shares of the company hit a six-month low of US$190.30 during trading hours after Estee Lauder slashed its fiscal-year forecasts for a third time. They closed down 17 percent at $202.70.

    Estee expects full-year 2023 net sales to fall between 10 percent and 12 percent, compared with its prior forecast of a 5 percent to 7 percent decrease.

    It said while major shopping districts such as Hainan, an island in the southernmost province of China, and Korea saw more traffic, the conversion of travelers to consumers in luxury beauty lagged.

    Even though China relaxed pandemic-related restrictions, the company saw January 2023 pressured by retailers destocking due to an increase in Covid-19 cases.

    Meanwhile, European luxury companies LVMH and L’Oreal saw a rise in first-quarter sales, boosted by a rebound in Asia as China eased Covid restrictions last year.

    Barclays analyst Lauren Lieberman said in a note that Estee’s forecast was the “last thing” expected even by the Street and the company’s comments on its travel retail division in Asia raise doubt on how much “control or visibility” Estee has in sales through this channel.

    CFO Tracey Travis said in a post-earnings call Estee has seen improvement in travel retail, which includes duty-free sales at airports and shopping districts in China and Korea, through the third quarter, and the company also expects sales from the segment to rise in double digits.

    However, Travis said it’s “difficult to know” when travel in China and Korea will normalize.

    Estee’s sales also remain challenged in the US, another major market. The company’s organic sales in the Americas grew in double digits last fiscal year, but began to decline in the first quarter of 2023.

    Bernstein analyst Callum Elliott said the company’s brands skew toward older customers even as millennials and Gen-Z increase their share of beauty spending.

    According to Travis, Estee has also been challenged by the growth of smaller competitors in the beauty space.

    “We’re seeing an awful lot of indie activity in the US that has taken share gains away from the largest companies,” she said.

    Estee reported mid-single-digit growth in North America in the third quarter, while prestige beauty as a category grew more than 16 percent, according to data from Circana.

    LVMH said its US spending declined in the April earnings call, though the company noted its performance there was strengthened by brisk business at its Sephora beauty chain.

    A stronger dollar has also hurt Estee, which has sprawling global operations and convert foreign currencies into the greenback.

    Estee forecast adjusted per-share profit to fall by 50 percent to 51 percent, compared with a 27 percent to 29 percent decrease it expected earlier.

    The company beat third-quarter sales expectations, but missed profit estimates.

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  • L’Occitane’s sales soar as multi-brand strategy pays off

    L’Occitane’s sales soar as multi-brand strategy pays off

    Soaring sales in the Americas and a growing brand portfolio helped drive beauty retailer L’Occitane International’s global sales up by 17.9 percent in the year to March 31, to US$2.356 billion.

    Sales surged 80.4 percent in the region – or 62.8 percent at constant exchange rates – mainly thanks to the US performance of the group’s Sol de Janeiro brand acquired 18 months ago, and Elemis.

    In contrast, the group’s core L’Occitane en Provence brand saw sales decline 0.5 percent over the full year, despite a 0.8 percent improvement in the fourth quarter as Chinese sales rebounded after the Covid impact. The brand was hit by the closure of the Russian business and China’s retail trading restrictions.

    Elemis recorded 18.1 percent growth in the fourth quarter, to end the full year at 8.9 percent, driven by a 34 percent improvement in the US and what L’Occitane described as “outstanding e-commerce and cruise ship businesses” and a 29.2 percent boost in Asia Pacific, where the brand has been a development focus during the past year.

    Sol de Janeiro became the group’s second-largest brand during the March year, accounting for $295 million in sales after surging 267.5 percent in the fourth quarter and 135.2 percent over the 12 months. “[This was] fuelled by the highly anticipated launches of the Bum Bum Firmeza body oil, in tandem with its bestselling Brazilian Bum Bum Cream, and the Rio Radiance fragrance mist,” the company said.

    Andre Hoffmann, vice-chairman & CEO at L’Occitane, said the company is well-positioned to sustain growth during the coming year as it introduces its newer brands into new markets and channels, underlying the success of the group’s strategy to develop multiple brands.

    “We also continued to make solid progress in the ESG space having recently announced a roadmap for achieving a science-based net-zero target across all of our brands, with a focus on reaching 100 percent renewable electricity by 2025, reducing our greenhouse gas emissions by 2031 and achieving net-zero emissions by 2050.”

    The next results from L’Occitane will include the performance of Australian brand Grown Alchemist which L’Occitane announced in March it had bought to add to its growing brand line-up.

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  • Fast Retailing’s Uniqlo to add stores in North America

    Fast Retailing’s Uniqlo to add stores in North America

    According to one of its executives, fast Retailing’s Uniqlo plans to expand its existing stores in North America by 10 percent.

    Uniqlo is opening six stores — four in the US and two in Canada — this summer as part of its expansion plan to reach more than 200 locations in North America by 2027. The company hopes to open 20 to 30 stores each year as a part of the goal.

    The US stores, which will be located in malls in two California locations, Maryland and New Jersey, are in areas where the chain already has a presence.

    The two Canadian stores opening in Ottawa and Calgary — the first Uniqlo locations in those cities — each total 15,000 square feet (1,393.55 square meters).

    Each of the new stores will be equipped with self-checkout kiosks, in-store pickup and free clothing alterations.

    Fast Retailing reported a 16.4 percent rise to US$1.65 billion in first-half operating profit earlier this month. The company also raised its full-year profit forecast to $2.7 billion from$2.63 billion.

    Daisuke Tsukagoshi, Uniqlo North America chief executive, said in an email to Reuters that the chain chose to launch the Ottawa and Calgary stores after seeing a “strong online presence” there.

    The Tokyo-based retailer currently has 47 stores in the US and 16 locations in Canada.

    “We’re looking to locations where we have already seen high customer demand, as well as new markets that we see opportunity in,” Tsukagoshi added.

    Tsukagoshi said that localizing product offerings in the US’s various regions has been “challenging” as shoppers deal with different climates and experiences.

    He said Uniqlo is in a “unique position” to open stores in the current economic environment as shoppers trade down and turn to accessible pricing for essential styles.

    Uniqlo has gained popularity in the US for its relatively low pricing including women’s t-shirts for $14.90 and men’s zip-up jackets for $39.90.

    According to its website, Uniqlo currently has 1,028 stores in Greater China and 79 in Europe.

    For comparison, Gap Inc boasts more than 2,100 stores, including Old Navy and the Gap brand, in the US alone. However, the company plans to close approximately 350 Gap and Banana Republic locations by the end of 2023.

    According to the retailer’s website, Sweden’s fast fashion giant H&M has more than 738 stores in North and South America as of February 2023.

  • Dior to open its largest store in South Korea

    Dior to open its largest store in South Korea

    Following the launch of its concept store in Seoul’s Seongsu-dong district last year, LVMH-owned luxury house Dior will open its largest brick-and-mortar store in South Korea in the second half of this year.

    Located inside one of the country’s largest department stores Hyundai Department Store Pangyo, Dior’s new flagship store will mark the largest among women’s boutiques, except for the men’s/women’s boutiques ‘House of Dior,’ ‘Dior Sung Soo,’ and The Hyundai Seoul Dior Boutique.

    Christian Dior Couture Korea’s net income swelled 54.8 percent on-year to $184 million last year, while its operating profit and sales in South Korea both rose over 50 percent on-year, according to its regulatory filing.

    Hyundai Department Store said last year it planned to invest approximately 200 billion won in upgrading its six branches: Apgujeong, The Hyundai Seoul, the Trade Centre branch, the Mok-dong branch, the Pangyo branch, and the Daegu branch.

    Dior has also just named Haerin, a member of the Kpop group NewJeans, as its new brand ambassador for Jewellery and House Ambassador for Fashion and Beauty at Dior.

    International luxury brands are paying close attention to the South Korean market as they employ various strategies to gain more customers, particularly those in Gen Z. According to Morgan Stanley, South Koreans were the world’s biggest spenders on personal luxury goods with the nation’s per capita spending amounting to US$325.

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  • French jeweler Tiffany opens store in HCMC

    French jeweler Tiffany opens store in HCMC

    Luxury jewelry brand Tiffany & Co. has opened a store in Ho Chi Minh City, two years after opening its first in Vietnam in Hanoi.

    The store in District 1, which had a soft opening last week, is part of a strategy by the 186-year-old jeweler to increase its presence in Asia after being acquired by France’s LVMH in 2021.

    The store is run directly by the company as against the Hanoi one, which a distributor operates.

    According to residence and citizenship advisory firm Henley and Partners, HCMC had the ninth fastest growth rate globally in the number of millionaires last year.

    Vietnam’s biggest city saw their numbers rise by 84% to 7,700 individuals, it said in its 2023 World’s Wealthiest Cities Report.

    As of last year HCMC had 15 people with a net worth of $100 million and three billionaires.

    It is ranked the 67th wealthiest city in the world.

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  • Nike launches Jordan World of Flight in Shibuya, Tokyo

    Nike launches Jordan World of Flight in Shibuya, Tokyo

    Located in the capital’s Shibuya district, close to the Harajuku trade zone and along Meiji Dori Street, the 9,200-square-foot space is a designed “as a tribute to basketball culture and Jordan Brand’s identity and heritage,” according to a press release.

    Inside, visitors will find Jordan brand footwear and apparel products across men’s, women’s and kids, as well as customizable products in the store’s ‘The Workshop’, including the AJ1 and the Renegade jacket.

    The Shibuya store will have a dedicated ‘Snkrs’ area for shoppers to pick up products from the app; ‘The Flight Lounge’, which offers an in-store space for members to immerse themselves in Jordan Brand history and basketball culture, as well as a ‘ Nike Member’ innovation center, providing an opportunity for visitors to test new offerings and experiences.

    The ‘Content Studio’ allows shoppers to film unboxings and reviews and create content to share through their social handles.

    Connecting to the region’s local culture, Jordan also commissioned local artists to present their work throughout the store. The Japan opening comes on the back of the Jordan World of Flight opening in Milan in December 2022.

    “Following the launch of Milan, Jordan World of Flight Shibuya provides another unique expression of basketball culture. Tokyo serves as the perfect backdrop, a city that is constantly pushing the edges of innovation, fashion, music and art,” said Craig Williams, president, Jordan brand.

    “Alongside a best-in-class retail assortment, World of Flight is a manifestation of the full potential of the brand. By connecting with people around the world through the values the Jumpman represents, we hope to create even deeper ties to our consumer and underline the culture that unites us all.”

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  • Superdry sells Asia Pacific IP assets to Cowell Fashion Company

    Superdry sells Asia Pacific IP assets to Cowell Fashion Company

    UK-based clothing company Superdry has agreed to sell its intellectual property (IP) assets in certain Asia-Pacific (APAC) countries to the South Korea-based Cowell Fashion Company.

    The $50 deal will enable Cowell to own and use the Superdry brand in South Korea with plans to extend it to other countries in the region, including China.

    The agreement excludes Bangladesh, India, Pakistan, Australia, Sri Lanka and New Zealand.

    Superdry will retain its IP rights both in these countries and outside the APAC region.

    As part of the agreement, Superdry and Cowell will jointly develop relevant products that are consistent with the Superdry brand.

    In the first two years after the sale, Superdry will offer support and knowledge relating to the brand to Cowell.

    Cowell will pay an additional management fee of $1m, in two payments of $500,000, for the service it receives from Superdry.

    Superdry will receive the first instalment once the deal has closed, while the second instalment will be paid a year after its completion.

    Superdry CEO and founder Julian Dunkerton said: “This agreement offers the Superdry brand a fantastic opportunity to expand its global reach, while providing additional funding to help deliver our turnaround programme in the face of the challenging consumer landscape.

    “I’m absolutely thrilled by the opportunity to work together with Cowell to create inspiring products consistent with our brand heritage and build out across the APAC market.”

    The IP assets to be sold accounted for around 1.2% of total Superdry’s sales and contributed revenue of £7.4m ($9.1m) in the 12 months to 30 April last year.

    They also generated a profit before tax of around £2.5m.

    Cowell Fashion chairman Lee Sun-seop said: “With the two companies aligned together through explosive synergy, the plan to grow Superdry into a Superbrand across Asia is an exciting proposition as long-term partners.”

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  • Spain’s Mango plans U.S. expansion after China retreat

    Spain’s Mango plans U.S. expansion after China retreat

    Chief Executive Officer Toni Ruiz said that Spanish fashion retailer Mango is focusing on U.S. expansion after turning its back on China.

    After two previous attempts failed, mango is returning to the United States to offer higher-priced clothes meant for special occasions and parties. It will target states where online sales are already strong.

    The brand is already gaining more recognition in the U.S., dressed actress Amber Valletta for the Oscars after-party on Sunday, Ruiz told Reuters.

    “Something has changed,” he said in an interview at the company’s headquarters near Barcelona. “They now have a different and better perception of European brands.”

    Mango’s U.S. relaunch began with opening a flagship store on New York’s Fifth Avenue in May 2022. That was followed by expansion in Florida. This year, it will open stores in Texas, Georgia and California.

    The company hopes to have 40 stores in the U.S. by 2024, compared with 10 at present. That would place the U.S. in its top five global markets.

    Growth will be supported by the extension of a logistics centre in Catalonia, allowing it to shift 160 million items a year to serve shops and online customers globally, the company said.

    In contrast, Mango closed its remaining two stores in China last year. It maintains four franchise outlets and online sales through Alibaba’s Tmall e-commerce platform.

    “We are divesting in China,” said Ruiz. “We find it unattractive and have decided that it is not the priority for the next three years.”

    Mango reported record sales last year, helped by selling more items at higher prices. Its biggest rival, Inditex-owned label Zara, is expected to report record sales on Wednesday, partly due to its aggressive U.S. expansion.

    The recent aggressive entry of Chinese fast-fashion brands Shein and Temu into the same market is not a concern for Mango, said Ruiz.

    “It’s not our war,” he said. “If you were fighting with these brands you would be constantly lowering prices.”

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  • Fashion brand Unhidden brings clothes made for all bodies to LFW

    Fashion brand Unhidden brings clothes made for all bodies to LFW

    Fashion designer Victoria Jenkins unveiled stylish and practical clothes made for people with disabilities on the runway at London Fashion Week on Friday, in a collection intended to address a gap in the market.

    The ‘Unhidden: A New Era in Fashion’ event saw around 30 models who all live with a disability, chronic condition or visible difference model floaty dresses with easy access around the waist as well as colorful chiffon tie shirts with adjustable sleeves at footwear brand Kurt Geiger’s showroom.

    Designer Victoria Jenkins poses following her catwalk show “Unhidden: A New Era in Fashion”, with designs presented by models who all live with a disability, chronic condition or visible difference, during London Fashion Week in London, Britain, 17 February, 2023.

    “Unhidden is an adaptive fashion brand… primarily targeted at inclusion within the fashion of people with disabilities,” Jenkins told Reuters.

    During a hospital stay when another patient raised it, Jenkins, who has reduced mobility, first discovered a gap in the market for clothes designed with all bodies in mind in 2016.

    Surprised that only a few brands, including Tommy Hilfiger, offer such fashion for all, she decided to use her previous experience as a garment technologist to set up her own brand.

    A model presents a creation during the “Unhidden: A New Era in Fashion” catwalk show, with designs presented by models who all live with a disability, chronic condition or visible difference, during London Fashion Week in London, Britain, 17 February, 2023.

    “When I had this idea, it was like a light bulb and just everything changed,” she said.

    “It helps me personally… but also I see the impact around me of people being able to dress how they need to.”

    Jenkins demonstrated a royal blue shirt with pop snaps that open and close easily, as people who have had strokes can struggle with buttons.

    “It also has openings all down the arm,” she said, so that anyone going through treatment “can access their arm without taking any clothes off. It’s about dignity.”A model presents a creation during the “Unhidden: A New Era in Fashion” catwalk show, with designs presented by models who all live with a disability, chronic condition or visible difference, during London Fashion Week in London, Britain, 17 February, 2023. Model and content creator Jessica Ping-Wild, who uses a prosthetic leg and struggles to find suitable trousers, said a brand like Unhidden makes all the difference.

    “A designer taking into consideration the fact that bodies are different… it’s almost breaking that mould of beauty that has been so ingrained in society for centuries,” she said.

    Jenkins’ collection also includes shirts with longer backs for wheelchair users as well as tailor made suits. She hopes her clothes become even more readily available in the future.

    “Diversity without disability isn’t diversity. It feels like it’s the last taboo. People are still scared of the D word. You know, disabled is not a bad word,” she said.

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  • Fendi opens first flagship boutique in South Korea

    Fendi opens first flagship boutique in South Korea

    Fendi has opened the doors to its first flagship boutique in Seoul, South Korea. Dubbed “Palazzo Fendi Seoul,” the 715 square meter (approximately 7,696 square feet) store is located in the Cheongdam-dong neighborhood of the city and houses the brand’s women’s and men’s ready-to-wear and fur collections, shoes, accessories, leather goods, and home accessories across four levels.

    The impressive façade combines geometric diagonals in stainless steel finishing and central glass windows that converge towards the corner of the building, through a modern and urban reinterpretation of classic Roman patterns.

    The façade is emphasized by LED arches, Fendi signature element recalling those of Palazzo della Civiltà Italiana – Fendi’s Rome headquarters.

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  • Diesel partners with Jaspal Group to expand in Southeast Asia

    Diesel partners with Jaspal Group to expand in Southeast Asia

    s to distribute and market the Italian fashion brand Diesel in Thailand and Vietnam, according to the Bangkok Post.

    Jaspal Group has opened Diesel’s first flagship store in Thailand inside Bangkok’s giant shopping mall CentralWorld, taking Diesel’s store count in the country to four.

    The new store was designed under the ‘Sunshine’ concept, featuring the brand’s signature red and white colour scheme. Located on the mall’s first floor, Diesel CentralWorld is home to the brand’s full range of ready-to-wear collections and accessories.

    Jaspal Group has also opened Vietnam’s first Diesel store inside the Takashimaya department store in Ho Chi Minh City. The company has a presence in three countries with 70 stores across different brands, including Lyn, Mango, Champion, CC Double O, and Superdry.

    LVMH-owned luxury fragrance house Maison Francis Kurkdjian has also opened a flagship store in Thailand at the luxury shopping complex IconSiam after five years of operation in the country in partnership with Prestige Products Thailand.

    The luxury fashion market in Vietnam and Thailand has experienced significant growth as demand for high-end products soars, especially now China’s border reopening has bolstered tourism there.

    Vietnam’s luxury fashion operator Imex Pacific Group Fashion, whose portfolio of brands includes Cartier and Christian Louboutin, has rece