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Tag: Fashion

  • LVMH takes control of Off-White label

    LVMH takes control of Off-White label

    French luxury group LVMH is acquiring a 60% stake in Off-White, the label of designer Virgil Abloh who has been responsible for Louis Vuitton’s men’s collections since 2018.

    LVMH reports that it has taken a majority stake in Off-White, the brand launched in Milan in 2013 by American designer Virgil Abloh. This will give the world’s largest luxury goods company a firm foothold in streetwear, a highly profitable segment that has risen to prominence within haute couture in recent years.

    LVMH will own 60% of the brand while the founder will retain a 40% stake. Further details of the transaction were not disclosed, writes Les Echos.

    Until now, Off-White was controlled by New Guards, an Italian group that also owns Palm Angels and Heron Preston. New Guards was bought by Farfetch in August 2019 for around 600 million euros. As a licensee, Farfetch will continue to operate the brand.

    Within its segment, Off-White is a major player. The label already has 56 stores worldwide and counts more than 10 million followers on Instagram. In February, Andrea Grilli, the big boss of New Guards, announced that he is aiming for sales of one billion dollars within five to ten years.

    The deal highlights the ever-closer partnership between Abloh and the French luxury house. The story began in 2007, when the designer of Ghanaian-American descent, who at the time was still artistic director for Kanye West, collaborated on the creation of a Fendi collection. In 2015, Abloh was then a finalist for the LVMH Young Designer Award. Three years ago, he was appointed head of Louis Vuitton’s men’s collections.

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  • Uniqlo takes over Superdry’s London flagship

    Uniqlo takes over Superdry’s London flagship

    The parent company of Uniqlo, Fast Retailing Group has signed a letting for the former Superdry store on Regent Street.

    The store is expected to sell a mixture of both Theory and Uniqlo clothing.

    The contemporary fashion brand Theory launched in New York in 1997 and at the end of February 2021, it holds 436 stores worldwide.

    The Japanese fashion retailer’s other brands, including US-based denim brand J Brand, could also be sold in the store, property sources said.

    The store is expected to open later this year although the exact date is not yet known.

    Last month Superdry closed the doors to its Regent Street flagship store, which first opened in 2011.

    The retailer is currently considering several locations in the capital, including Forever 21’s former flagship store on Oxford Street, which was forced to closed last year after the retailer filed for administration in the UK.

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  • Cos launches its first Philippine store

    Cos launches its first Philippine store

    London-based fashion favorite COS opened its first Philippine store on Friday, June 25, at SM Aura Premier in Taguig City.

    The store, located close to the main entrance of the Bonifacio Global City mall, houses both womenswear and menswear and features the brand’s Spring-Summer 2021 collection.

    At its core, COS cares about sustainability. Its collections are dominated by wardrobe essentials that are designed to last beyond a season.

    Part of its commitments includes shifting to 100% sustainably sourced or recycled materials in its pieces and even its packaging. As of 2021, nearly 86% of its collection are sustainably sourced, according to the brand.

    Most clothing pieces start at P2,000, with accessories costing upwards of P2,000 as well. The store also has in-house consultants to help you shop and plan your outfits.

    COS is located on the first floor of SM Aura Premiere in Taguig City. Customers must follow COVID-19 safety protocols, including the wearing of masks and face shields, as well as social distancing.

  • Paul Frank parent Futurity Brands names China CEO

    Paul Frank parent Futurity Brands names China CEO

    Futurity Brands Limited announced today the appointment of Mr. Zhu Jianshi, as Chief Executive Officer of Futurity Brands China. Stan Wan, Futurity Brands Chairman and Group CEO, said: “After a rigorous search, the Board concluded that Mr. Zhu’s expertise and considerable experience in the licensing, fashion and retail sector, along with his exemplary track record of achievements as a CEO and COO made him the outstanding candidate for the role.

    Mr. Zhu is an accomplished leader and has consistently demonstrated throughout his career the ability to innovate and introduce high-performance strategies in challenging environments yielding impressive growth and significant value creation. I look forward to his partnership in China to create a new chapter of success for the Futurity Brands Group.”

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  • Gap to close all 81 stores across the UK, Ireland

    Gap to close all 81 stores across the UK, Ireland

    The firm said it would close all its stores “in a phased manner” between the end of August and the end of September.

    This includes 19 stores that were already scheduled to close in July as their leases were expiring.

    The company has not disclosed how many employees the closures will affect, but will shortly start a consultation process with the staff.

    The firm said it was “not exiting the UK market” and would continue to offer a web-based store when all the shops had closed.

    A Gap spokesperson said the decision followed a strategic review of its European business.

    Gap was a big hit when it first opened in the UK back in 1987, famous for its hoodies and sweatshirts. But in recent years, it has struggled to stay relevant, resorting to prolific discounting to pull shoppers in. That left Gap in a weak position to withstand the turmoil of a global pandemic.

    It launched a strategic review of its entire European operations last autumn, warning that it was considering closing all its UK stores. Just a few weeks ago, 19 store closures were announced – now the rest of them will close as well.

    Gap blamed what it described as market dynamics – in other words, the huge shift to internet shopping. It’s going online-only, just like Debenhams and Sir Philip Green’s Arcadia group. It’s yet another famous name bidding a retreat from our High Streets, adding to the challenge of what to do with empty shops.

    The closure is because Gap failed to keep up with the competition by not offering enough variety or being as cheap as competitors such as Primark.

    “The brands you want to shop within physical retail have to have so much more than just products on offer, they have to have a purpose,” she says.

    The company said it was in negotiations with another firm to take over all of its French stores.

    In Italy, Gap said it was in discussions with a partner for the potential acquisition of the stores there.

    “We believe in Gap’s global brand power. We are executing against Gap’s Power Plan and partnering to amplify our global reach,” the spokesperson said.

    “We are not exiting the UK market. We will continue to run and operate our Gap e-commerce business in the United Kingdom and Republic of Ireland.”

    A source close to the company said that it had seen rapid uptake of internet shopping for its clothes in the UK since the pandemic-enforced lockdowns.

  • Hugo Boss showcasts its first Japanese flagship store

    Hugo Boss showcasts its first Japanese flagship store

    German luxury fashion house Hugo Boss has launched its first Boss flagship store on Tokyo’s famous shopping street the Ginza.

    Spanning two stories, the Hugo Boss Japan flagship occupies 480sqm of the Tokyu Plaza Ginza shopping centre. The store features a giant glass facade where a digital wall is installed to showcase campaign videos and content.

    Meanwhile, the store interior design follows a white, black, and beige colour palette, using materials such as marble, wood and chrome. While the first floor houses men’s and women’s apparel, accessories, and fragrances, the second floor features a personalization space called ‘Made to Measure’, where customers can enjoy tailoring services.

    Marking the launch, the Hugo Boss Japan flagship store also houses a limited-edition capsule collection and a corner offering limited items with HB-Moji graphics, including hoodies, T-shirts, shorts, and caps.

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  • H&M back to profit again, China sales hit by boycott

    H&M back to profit again, China sales hit by boycott

    Fashion retailer H&M’s global sales growth slowed in the second half of June and the Swedish company took a sales hit in China after its concerns over alleged human rights abuses in Xinjiang led to a social media-inspired boycott by shoppers.`
    The world’s second-largest fashion retailer aon Thursday reported a stronger-than-expected profit for its March-May quarter, after a loss in the same quarter last year.

    In China, sales were down 23% in local currencies when H&M was wiped off Tmall and domestic phone makers app stores in March after the retailer expressed concerns about the alleged Xinjiang human rights abuses.

    “With regards to China the situation remains complex. Beyond that we refer to what we have said before,” Chief Executive Helena Helmersson said, as H&M quantified for the first time the impact of the China boycott, which started on social media.

    H&M in late March said in a statement it was dedicated to regaining the trust of customers and partners China and that its commitment to the country remained strong.

    Helmersson said H&M was closely following the situation in Bangladesh – another main supplier – after a spike in coronavirus cases prompted the country to enforce a strict lockdown, although garment factories remain open.

    Group sales for June 1-28 were up a quarter year-on-year but 4% lower than in pre-pandemic 2019 as growth slowed from mid-June, highlighting a patchy recovery from the pandemic.

    Helmersson, speaking to analysts and reporters, attributed the easing in the second half of June to a combination of factors, including tough year-ago and 2019 comparisons, cold weather last week in some European markets, and how coronavirus restrictions were being eased.

    “We see signals of a strong recovery also in June, and that customers appreciate our collections,” she said.

    Analysts said the figures implied sales were down 9% on 2019 in the latter two weeks of June, and noted that rival Primark has also said trading was currently very volatile from week to week.

    “Recent weeks of trading highlight a mixed demand rebuild,” said Jefferies analyst James Grzinic.

    Quarterly pretax profit was 3.59 billion crowns ($419 million) against a year-earlier loss of 6.48 billion.

    “As more and more people are vaccinated and restrictions are eased, the world is gradually opening up and customers can once again visit our stores,” Helmersson said. “Online sales have continued to develop very well even as the stores have opened.”

    H&M said 95 of its 5,000 stores globally remained temporarily closed, against 1,300 at the start of March.

    Chief Financial Officer Adam Karlsson said the company was not unaffected by rising freight rates due to a global shipping backlog but it expected to mitigate them.

    H&M said prospects of paying a dividend for 2020 in the autumn were now very good after it failed to propose one at its annual general meeting in May.

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  • Sweaty Betty opens first Singapore store

    Sweaty Betty opens first Singapore store

    British activewear retailer Sweaty Betty has made its Singapore debut, more than two years after entering Asia.

    Located in the city’s Ion Orchard mall, Sweaty Betty Singapore offers a full range of its lifestyle and activewear, including Pride Collection and Halle Berry x Sweaty Betty Collection.

    The Singapore launch is part of Sweaty Betty’s plan to expand and strengthen its presence in the Asian market. The brand, often referred to as a rival to Canada’s Lululemon, first entered Asia in 2019 opening a store in Hong Kong’s IFC mall.

    Founded in Notting Hill, London in 1998 by Simon and Tamara Hill-Norton, Sweaty Betty is renowned for its bum-sculpting leggings, innovative prints, and technical high-performance fabrics.

    The retailer now operates more than 60 outlets, mostly across the UK and the US.

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  • Online marketplace YesAsia launching Hong Kong IPO

    Online marketplace YesAsia launching Hong Kong IPO

    Online marketplace YesAsia is set to raise US$17 million in an IPO launch in Hong Kong.

    The company aims to offer 39,540,00 new shares, 90 percent of which will be available for placing with institutional and professional investors while 10 percent will be available for subscription by the public in Hong Kong.

    Founded in 1988, YesAsia offers Asian fashion & lifestyle, beauty, and entertainment products to global customers. The company launched its key opinion leader initiative in 2018, and subsequently its YesStyle Influencer Program in 2019.

    Revenues generated from its influencer marketing initiatives accounted for 1.2 percent, 7.9 percent, and 17.4 percent of the total revenue of YesStyle for the three years ended last December, respectively.

    “We had been able to achieve above-industry revenue growth during the Track Record Period even in the midst of the Covid-19 pandemic, mainly due to our continuous effort in strengthening our marketing strategy to support customer retention and acquisition as well as long-term ecosystem development,” said Lau Kwok Chu, founder and executive director and CEO at YesAsia.

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  • Bauhaus ekes profit out of store closures, refocuses on profitability

    Bauhaus ekes profit out of store closures, refocuses on profitability

    Fashion group Bauhaus saw turnover fall 58.1 percent to $47.9 million during the year to 31 March 2021, pushing gross profit down 55 percent to $31 million.

    The group was able to deliver a net profit result of $12.8 million – a vast improvement on last year’s $18 million loss – though this was primarily attributable to government subsidies and the cash gained in selling off over half of its retail stores.

    “The novel coronavirus outbreak in 2020 has severely hit not only local retail sectors but also depressed many economic activities worldwide,” the business wrote in an update to its investors.

    “The same-store-sales growth rate fell to about -40 percent for the year under review. In addition, to confront with ongoing challenges brought on by Covid-19, the group made essential strategic moves to refocus resources on its familiar markets.”

    In December, Bauhaus said it would close all stores in all markets outside of Hong Kong and Macau by the end of March 2021 in order to focus on profitability. This has led the brand’s store count of 102 in 2020 to plummet to 49 in 2021.

    During FY21, its Hong Kong and Macau segment saw sales fall 45.6 percent, compared to its other regions which fell by 89 percent. Hong Kong and Macau accounted for approximately 92 percent of the group’s total turnover.

    Given that the threat of Covid-19 still resonates in many parts of the world, the business expects strong headwinds for the year ahead, and is anticipating a “prolonged path to thorough recovery”.

    “The group will maintain a manageable scale of operations at a reasonable profitability level and does not intend to aggressively do fast and quantitative expansion in the near future until seeing strong signs of sustainable economic activity,” the business said.

    Instead, Bauhaus will focus on making its now-lean business profitable.

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  • Zara joint venture records loss in India

    Zara joint venture records loss in India

    Inditex, the Spanish owner of fashion brand Zara posted its first-ever loss in India as sales dipped by 28% due to Covid lockdowns and related staggered reopening during the financial year 2021 (FY21). The fashion house consistently posted profits in India since entering the country in 2010.

    Zara’s joint venture partner with Tata, Inditex Trent, which runs 21 stores in India saw its revenue decline to Rs 1,126 crore in FY21. The company posted a net loss of Rs 41 crore as per Trent’s annual report released Thursday. It posted a profit of Rs 104 crore in the previous year. It is one of the most profitable apparel retailers in the country.

    Trent’s annual report said FY21 started with significant uncertainty due to the pandemic. It added that operating profit was hit by a drop in sales and restaurants profits due to Covid-related lockdowns and trade restrictions.

    According to an Economic Times report, Trent has yet another association with Inditex group to operate Massimo Dutti stores in India. It saw revenues drop by 50% to Rs 34 crore in FY21 with a net loss of Rs 8 crore.

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  • H&M closes Shanghai flagship

    H&M closes Shanghai flagship

    H&M has closed one of its Shanghai flagship stores on the Nanjing West Road. The store, which was open for ten years, was considered a key part of the brand’s retail strategy as it was on a high-traffic shopping street.

    According to a statement made to Chinese media, H&M closed this store due to the lease ending. H&M says they will continue to review locations as business develops in China.

    Both Bloomberg and The New York Times have reported that landlords in China have forced the closure of H&M stores across the country after the controversy in late March regarding the company’s stance on using cotton sourced in China’s Xinjiang region. H&M products currently aren’t being sold on China’s top two e-commerce platforms, Tmall and JD.com.

    It’s been a tough year for H&M. In addition to taking a hit last year due to the global COVID-19 pandemic, H&M also saw a 21 percent fall in sales for Q1 2021. The company is projected to close 250 stores this year.

  • Abercrombie sales soar after online focus, store reopenings

    Abercrombie sales soar after online focus, store reopenings

    With social distancing becoming the new norm due to the coronavirus pandemic, consumers have taken to digital shopping, which in turn is boosting online sales. Catching up with the current trend, the majority of retailers are improving their websites and mobile apps, and omnichannel capabilities to serve customers better. One such retailer is Abercrombie & Fitch Co. ANF, which has witnessed robust digital growth over the past few months.

    Despite a sluggish top line in second-quarter fiscal 2020 owing to pandemic-induced store closures and consumers’ altered shopping habits, a solid online show provided Abercrombie with the much-needed shield. Even as stores reopened after almost seven long weeks following local health guidelines, the company continued to witness the solid online performance. Digital net sales surged 56% year over year to $386 million in second-quarter fiscal 2020, representing nearly 55% of the top line. The upside can be mainly attributed to improved traffic, higher conversion, and AUR.

    Encouraged by the spike in online demand, management has increased focus on the omnichannel shopping experience, including home delivery, buy online and pick-up in-store, buy online ship-to-store facility, same-day delivery as well as mobile app services. Notably, combined total visits to the company’s website and mobile app increased 25%. Also, app visits alone rose approximately 50% in the quarter.

    Other retailers benefiting from the sudden surge in online sales include Hibbett Sports HIBB, Gap GPS, and PVH Corp. PVH. Notably, Hibbett’s online sales advanced 212.2% year over year in the fiscal second quarter on rising in new customers. Also, Gap’s e-commerce channel recorded 95% growth during the fiscal second quarter. Moreover, PVH Corp’s e-commerce sales improved more than 50% year over year during second-quarter fiscal 2020 driven by strong online sales growth in all regions, even after the reopening of stores.

    Coming back to Abercrombie, the company reopened roughly 90% of its store base at the end of second-quarter fiscal 2020. In the United States, nearly 85% of the company’s store base opened at the end of the second quarter. The company’s entire store base opened in the EMEA region, while the APAC region had 96% of its stores open at the end of the quarter. Further, it has been making efforts to optimize store fleet to improve store productivity. So far through Aug 27, 2020, the company has closed 14 stores, while opening nine. This move will help reduce expenses by nearly $200 million this year.

    All said, we believe that strong digital growth and improved trend in reopened stores are likely to aid this Zacks Rank #3 (Hold) stock, which has lost 21.3% year to date compared with the industry’s fall of 15.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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  • BTS stores to pop up in four Asian cities

    BTS stores to pop up in four Asian cities

    Hybe, the entertainment company behind Kpop superstars BTS, is to launch three more BTS pop-up stores across four Asian cities after success in Bangkok.

    The company said it will roll out the album-themed stores in Manila, Taipei and Singapore this year, due to the increasing demand for BTS merchandise.

    Following the launch in Bangkok earlier this month, the BTS Map of the Soul stores will be launched in Manila this week and Taipei this September. The two stores will offer products themed to the Kpop group’s hit album ‘Map of the Soul:7’.

    Meanwhile, the Space of BTS store will open in Singapore this Friday (May 28), featuring everyday items and fashion products. The store will remain open until August 15.

    “The K-pop act’s stores have made visits to fans across the globe even amid the new coronavirus pandemic,” the company said in a statement.

    The launch of BTS-themed pop-up stores follows the release of the group’s latest hit ‘Butter’ last week.

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  • 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.