Tag: Fashion

  • Victoria’s Secret owner raises profit target again on stimulus boost

    Victoria’s Secret owner raises profit target again on stimulus boost

    VICTORIA’S Secret owner L Brands raised its current-quarter profit forecast for the second time this month as customers use stimulus checks to buy everything from scented candles to lingerie, sending its shares to a three-year high.

    The company on Friday also cited the unusual shifts in spending patterns and relaxation of COVID-19 restrictions for the upbeat first-quarter forecast.

    Analysts have said that retailers are set to benefit from the $1.9 trillion aid bill passed earlier this month that included $1,400 checks for eligible families.

    The company’s Bath & Body Works business has boomed in recent quarters as a sharper focus on hygiene standards and increased interest in skin-care by home-bound customers during the pandemic lifted demand for soaps, lotions, and sanitizers.

    This prompted L Brands to raise its profit target for the current quarter earlier this month.

    The Ohio-based company’s shares, which have gained about 60% since the start of the year, rose as much as 8% to a near three-year high of $64.08 on Friday.

    L Brands, which is separating its Victoria’s Secret business later this year, has managed its inventory well to avoid heavy discounting that has plagued some U.S. retailers.

    The company said on Friday it expects an adjusted profit of 85 cents to $1 per share in the first quarter, up from its previous raised forecast of 55 cents to 65 cents per share.

    Analysts were expecting 62 cents per share, according to IBES data from Refinitiv.

    Still, L Brands cautioned that it was not sure whether these improved trends would extend into the future.

    The company is scheduled to report its first-quarter results after markets close on May 19.

  • China says H&M should look into Xinjiang issue seriously amid boycott

    China says H&M should look into Xinjiang issue seriously amid boycott

    H&M, Burberry, Nike and Adidas and other western brands have been hit by consumer boycotts in China since last week over comments about their sourcing of cotton in Xinjiang. The growing rift comes as the United States and other Western governments increase pressure on China over suspected human rights abuses in the western region.

    Chinese social media users last week began circulating a 2020 statement by H&M announcing it would no longer source cotton from Xinjiang.

    H&M said at the time the decision was due to difficulties conducting credible due diligence in the region and after media and human rights groups reported the use of forced labor in Xinjiang – a charge that Beijing has repeatedly denied.

    Xu Guixiang, a spokesman for the regional government of Xinjiang, told reporters that a company should not politicize its economic behavior and said H&M won’t be able to make money anymore in the Chinese market because of its statement.

    Elijan Anayat, another Xinjiang government spokesman, said during the briefing that Chinese people do not want the products of companies such as H&M and Nike that have boycotted Xinjiang’s cotton. He invited companies to take trips to the region’s cotton fields to see for themselves what is happening.

    Washington on Friday condemned what it called a “state-led” social media campaign in China against U.S. and other international companies for committing not to use cotton from Xinjiang.

    The wave of consumer boycotts in China has coincided with a coordinated set of sanctions imposed by Britain, Canada, the European Union and the United States last week over what they say are human rights abuses taking place in Xinjiang. The U.S. government has publicly accused Beijing of genocide against the Uighur Muslim ethnic minorities in the region.

    Xu repeatedly rejected accusations of genocide and human rights abuses in the region and accused the Western powers of engaging in political manipulation to destabilise China with the sanctions.

    The United States in January announced an import ban on all cotton and tomato products from the area due to allegations of forced labour from detained Uighur Muslims.

    Western governments and rights groups have previously accused authorities in the far-western region of detaining and torturing Uighurs in camps, where some former inmates have said they were subject to ideological indoctrination.

    China has repeatedly denied all such charges and say the camps are for vocational training and combating religious extremism.

  • Covid-19 Fashion impact may threaten Esprit’s future

    Covid-19 Fashion impact may threaten Esprit’s future

    As the world faces this pandemic in unified isolation, we at Fashion Revolution are focusing on how the unfolding situation is affecting the people who make our clothes. Retailers are shutting their doors around the world, encouraging their customers to shop online instead. Yet the reality is that as we are forced to stay in our homes many of us are financially burdened by layoffs or new childcare responsibilities, and the desire to buy new clothes feels like a distant dream.

    For Fashion Revolutionaries, this unique set of circumstances can hopefully bring about the #LovedClothesLast movement that we have been pushing for many years. Given the level of clothing overproduction that preceded this crisis, we hope that our days indoors can bring about revolutions in caring for our clothes better, mending and making clothing, and adopting a mindset of longevity when it comes to our wardrobes.

    While we have been encouraging an end to overconsumption for many years, we also know that in the face of this unexpected halt in manufacturing, it is the most vulnerable, lowest paid people in the fashion supply chain that feel the worst effects. IndustriALL, the global trade union which works to give workers around the world a voice, says that millions of garment makers have already lost their jobs as a result of the virus and have no access to social or financial safety nets to help them weather this storm. Bangladeshi garment manufacturer Mostafiz Uddin reminds us, “Poverty is a killer too, and many more people die from poverty than from COVID-19”.

    In the global fashion industry, brands typically pay their suppliers weeks or even months after delivery, rather than upon order. This means that suppliers usually pay upfront for the materials or fibres used to make the brand of the product buy from them. In response to the pandemic, many major fashion brands and retailers are canceling orders and stopping payments for orders already placed, even when the work has already been done, taking no responsibility for the impact this has on the people working in their supply chains. Factories are left with little choice but to destroy or keep hold of unwanted goods already made and lay off their workers in droves.

    About 1,089 garment factories in Bangladesh have had orders canceled worth roughly $1.5 billion due to the coronavirus outbreak. The AWAJ Foundation says that many factories in Bangladesh have been shut down indefinitely. Some workers were given less than a month’s salary as severance and many others have received nothing at all. Nazma Akter the executive director of AWAJ explains, “These workers now don’t know how they will take care of their families in the coming days – how they will manage costs for food, rent and other necessities. They can’t even imagine what they’ll do if they or a family member needs medical treatment for COVID-19. The meager income these workers earned was barely enough to cover their living costs, and as a result, they have little to no savings set aside to deal with a crisis such as this.” Meanwhile, Labour Behind the Label estimates that 10% of factories in Yangon, Myanmar are now closed.

    On the other side of the world a similar situation is unfolding. The Garment Worker Center describes how garment makers in Los Angeles are often not eligible for unemployment benefits. This is partly because the underground nature of the industry, such as “off the books” work, makes applying for paid family leave or disability insurance uniquely challenging in the face of the pandemic.IndustriALL reports that while many fashion brands are offering compensation packages for retail and office workers who face layoffs due to this crisis, they are failing to protect the workers in their supply chains who are also suffering from the loss of income. Furthermore, the Solidarity Center believes that the inability to meet together in-person will inhibit workers’ abilities to unionise and collectively bargain for their rights.

    Of course, fashion isn’t just created in factories. Fashion is craft, artisanship and things that are often made by hand in informal environments. According to the Artisan Alliance, artisanal craft is the second largest source of employment across the so-called developing world. WIEGO estimates there are around two billion informal workers around the world that lack basic labour, social and health protections. As a result of COVID-19 threatening global trade flows, workers cooperatives, artisan groups, local crafts-based communities, home-based workers, agricultural workers and farmers face desperate economic circumstances.
    At Fashion Revolution, we have always tried to be honest with our community about the  problems that persist within the global fashion industry. Having formed in response to major human catastrophe – the Rana Plaza collapse in 2013 – we are no strangers to exploitation or disparity within the industry. But we have been, and will continue to be, focussed on solutions and dedicated to finding ways for citizens around the world to make a positive difference. We’ve already seen several visionaries within the fashion industry pose the question: what kind of world do we want to see emerge after this crisis is over? For us, the answer lies in our Manifesto for a Fashion Revolution, and we’ll be spending the next months (and years) mobilising our community to take action to build this future of fashion.

    Meanwhile, in this current crisis, we believe that our capacity for empathy is strengthened by our shared global experience. While we may be stuck indoors, using social media our voices can still be amplified, especially when we speak up together. That’s why we’re asking our global community to be louder than ever. To ask #WhoMadeMyClothes? and demand that fashion brands protect the workers in their supply chain just as they would their own employees, especially during this unprecedented global health and economic crisis.

    If we do nothing, the fashion industry will simply return to business as usual when this is all over. Instead, let’s come together as a revolution and build a new system that values the wellbeing of people and planet over profit. This means that right now we should stand together to protect and support the people who make our clothes.

    As Wangari Maathai said in her famous 2004 Nobel Peace Prize acceptance speech,

  • Pre-owned Store Hula opens its first permanent boutique in Hong Kong’s Central

    Pre-owned Store Hula opens its first permanent boutique in Hong Kong’s Central

    Pre-loved designer brand, HULA will be opening its first boutique on Hollywood Road this Friday. The location will feature a curated selection of over 500 unique designer womenswear pieces. There is also a dedicated Chanel rail for fans of the iconic brand.

    The boutique is open daily and offers a range of new and vintage designer items including bags, clothing, shoes, and accessories. Each week new products will be added to the boutique, including pieces not available at its Wong Chuk Hang warehouse.

    For those looking for a tailored shopping experience, the boutique also offers a personalized styling session with its in-house stylists.

    Founded by Sarah Fung in 2016, HULA is an online marketplace that sells second-hand designer womenswear and handbags. The consignment store only sells items from invited sellers to guarantee their authenticity and quality. “If we aren’t sure, we don’t sell it,” says Fung.

    HULA previously hosted a pop-up on Hollywood road last year which encouraged Fung to think about a more permanent store. “After the success of our three-week pop-up on Hollywood Road last year, opening a permanent store space in Hong Kong Central was a no-brainer and we were lucky to have found the perfect location,” she says.

    The new shop will open on March 19 and is located at 56-58 Hollywood Road, Central. For more information visit HULA’s website and Instagram.

  • Nike sales crimped by pandemic and shipping issues

    Nike sales crimped by pandemic and shipping issues

    Nike’s quarterly sales missed estimates due to shipping issues and a pandemic-related slump at brick-and-mortar stores, and investors were disappointed by the world’s biggest athletic shoe maker’s full-year revenue forecast.

    Nike forecast “low-to-mid-teens” full-year revenue growth, falling just short of the 15.9% increase in sales that analysts were expecting, according to IBES data from Refinitiv.

    Nike shares were down about 3% in post-market trade.

    “I think the expectations for Nike into the call were very high with many analysts upping revenue and earnings expectations into the quarter,” said Ivan Feinseth, head of investment at Nike shareholder Tigress Financial Partners.

    Revenue rose to $10.36 billion from $10.1 billion, while analysts on average had expected $11.02 billion. The company said revenue from North America fell 11% on a currency-neutral basis because container shortages and U.S. port congestion held up inventory by more than three weeks.

    “We expect to capture this delayed revenue in the fourth quarter,” Nike Chief Financial Officer Matthew Friend said.

    U.S. container-freight traffic has slowed significantly in recent months due to COVID-19 outbreaks among dockworkers and safety restrictions aimed at stemming the spread of the virus. At the same time, ports are dealing with a cargo surge due to pandemic-led demand for bulk products.

    Nike’s net income nonetheless climbed to $1.45 billion, or 90 cents per share, in the third quarter ended Feb. 28, from $847 million, or 53 cents per share, a year earlier. Analysts were expecting earnings per share of 76 cents.

    In Europe, the Middle East and the Africa region, 45% of Nike-owned stores were closed for the last two months of the quarter. Currently, 65 percent of stores in EMEA are open or operating on reduced hours, Nike said.

    Rival Adidas ADSGn.DE said last week that it had reopened 95% of its stores after coronavirus lockdowns.

  • Tiffany & Co designer Elsa Peretti dies at 80

    Tiffany & Co designer Elsa Peretti dies at 80

    Elsa Peretti, the famed jewelry designer for Tiffany & Co., has died, according to a statement from the company. She was 80 years old.
    Peretti died in Spain on Thursday, March 18, according to a statement from her foundation.
    “Elsa was not only a designer but a way of life,” the statement from Tiffany & Co. said, describing her as a “larger-than-life” person who “touched everyone at Tiffany & Co.”
    “A masterful artisan, Elsa was responsible for a revolution in the world of jewelry design. Her collections of organic, sensual forms have inspired generations,” the statement said. “Elsa’s relationship with style and the natural world was profoundly personal and strongly reflected in her creations. Over the past nearly 50 years Elsa has created some of the most innovative jewelry and object designs in the world.”
    Peretti was born in Florence, Italy. By 1964 she’d begun modeling in Spain and later moved to New York and met the fashion designer Halston, whom she collaborated with and who introduced her to Tiffany & Co. leadership. She joined the company in 1974. Vogue reported that Peretti’s designs eventually accounted for about 10% of Tiffany & Co.’s sales.
    Peretti was also the president and founder of the Nando and Elsa Peretti Foundation, the company said, which supported projects related to human rights, environmental conservation, and arts and cultural preservation. She believed, Tiffany & Co. said, that protecting the planet was “a duty of all of humanity.”
    “We could do so much better,” she said. “I’m trying to do something good.”
  • Burberry Japan opening a virtual showroom in partnership with Elle

    Burberry Japan opening a virtual showroom in partnership with Elle

    The virtual and interactive experience will replicate the brand’s flapship Ginza store and will serve as a space to present its Spring/Summer 2021 collection. Customers will be able to purchase items from the collection by selecting the digital items in store for one month, beginning from March 19. The experience will live exclusively on Elle Japan and Ellegirl Digital Japan’s websites.

    Burberry is among the leading luxury players to have invested in digital innovation to merge digital and physical store spaces, with Louis Vuitton and Gucci also joining the market. As part of the new experience, Burberry has also collaborated with actress Elaiza Ikeda to create five styling videos that will appear throughout the virtual store and assist customer’s shopping experience.

  • New Levi’s store in Indonesia is its largest in SEA

    New Levi’s store in Indonesia is its largest in SEA

    The store represents the brand’s largest store yet in Southeast Asia, and features the brand’s new ‘Next Gen’ design concept.

    The new store is located in Grand Indonesia East Mall and features a range of technology features including Levi’s first associate ordering system, which is part of a broader omni-channel shopping experience. The new store also features a Tailor Shop where customers are able to customize their own items; options available include embroidery, hemming and alterations. Customers can also create their own t-shirt at the store’s print bar.

    Sameer Koul, Country Manager at Levi Strauss Indonesia, commented: “We are focused on bringing a highly personalized shopping experience to consumers and in a large format. This store can embody a bold brand image and vision for Indonesia. Levi’s Next Gen Store offers the most diverse products and brings our brand story to life with the feeling of being in a theatre.”

  • 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%

  • Hermes opens giant store in Tokyo’s ritzy Omotesando

    Hermes opens giant store in Tokyo’s ritzy Omotesando

    Hermès is delighted to announce the opening of a new address in Tokyo’s Omotesando district on 28th February 2021. This new 488 square-meter home will be the house’s first free-standing store in Tokyo since the opening of Maison Hermès Ginza in 2001. A beautiful boulevard leading to Meiji Shrine, Omotesando Avenue is today lined on both sides with high-end boutiques and zelkova trees.

    Its intricate back streets are home to Tokyo’s vibrant street culture, attracting designers and artists from all around the world. It is here, on one of the city’s unique streets, adjacent to Shibuya and Harajuku, that the new Hermès store comes to life. The store’s distinctive façade opens directly onto Omotesando Avenue and incorporates the historic stone wall of one of the area’s most notable buildings, which has been preserved by the Parisian architecture agency RDAI.

    The façade is given a contemporary look with a copper-toned stainless-steel grid, adding depth and light to the exterior, just as light and shadows intermingle in a bamboo grove. Upon entering, visitors are greeted by the Ex-Libris in mosaic, inspired by the Hermès Faubourg SaintHonoré store in Paris. On the right side, they can peruse the colorful women’s silk collections, including the new carré Duo Cosmique designed by Kohei Kyomori, and presented exclusively here.

    The window display is also specially designed by this young Japanese artist to celebrate the opening. Further on, fashion jewellery, beauty, and perfume, including the latest men’s fragrance H24 are elegantly displayed. In the beauty corner, the Rouge Hermès lipstick collection will wait to encounter new customers from mid-April. On the left side of the entrance, home collections including tableware and men’s silk are introduced. A leather section at the back of the store welcomes bags, small leather goods, and equestrian collections.

    Walls are covered in wood paneling and bamboo marquetry, accented by fluid curves, and a selection of women’s shoes is displayed on wooden shelves extending from one of the large pillars. The floor is covered with two shades of greenstone, sourced in Asia and laid in a pattern resembling Japanese tatami mats. Custom rugs with a hue reminiscent of forest moss lend a softness to space. Behind the staircase is a refined area for watches and jewelry.

    Finally, customers can pause at a wide table, and enjoy books and a Leporello of unique drawings by French artist François Houtin, displayed in a specially made curved frame. As customers ascend the stairs, they will discover another piece of art, created by Japanese contemporary bamboo artist Shoryu Honda. Inspired by the shape of clouds and infinite Moebius strips, the bamboo sculpture is an example of the sophistication of Japan’s world-class modern bamboo artistry. The sweeping staircase is one of the most striking architectural elements of the store.

    The organic shapes of its vertical columns resemble tree branches, while the stairs call to mind pale green stepping stones. Light filters down from the upper level to the ground floor, just as sunlight glistens between the branches of a forest and invites customers upstairs to dive into the women’s and men’s universes. On the second floor, mobile partitions create an intimate space for each métier while giving the illusion of transparency. There are large fitting rooms for both men and women, with the former designed in order to incorporate made-to-measure orders in the future.

    Among the selection of special objects created for this opening are a skateboard and a surfboard, both revisited in a special edition with Jan Bajtlik’s design Cheval de Fête, and uniquely numbered Mega Chariot carrés and ties by Daiske Nomura. A newly unveiled Hermès bike made of ash wood will also be presented for the occasion. Paying tribute to local artists, materials, and know-how, this new store is a testimony to Hermès’ strong relationship with Japan and invites local customers and new visitors into a discovery of the house’s creativity and fine craftsmanship in a harmonious and warm environment.

  • Ted Baker appoints new Indonesian distributor

    Ted Baker appoints new Indonesian distributor

    The MENA deal is actually an extension to the current retail agreement Ted Baker has with Al-Futtaim Group but adds in new e-commerce and wholesale rights for the region. The all-new 10-year Indonesia dealx has been signed with PT Mitra Adiperkasa (MAP) for the retail license.

    The fellow-10-year Al-Futtaim agreement now means MENA will be Ted Baker’s first full omnichannel territory operated by a license partner. The complete integrated package across retail, digital and wholesale channels “is a key pillar of the group’s three-year transformation plan… which is designed to deliver a more profitable, more cash generative and higher return on capital employed business”, Ted Baker said.

    Al-Futtaim currently operates 24 Ted Baker stores and concessions across Bahrain, Egypt, Qatar, Saudi Arabia, and UAE. The addition of e-commerce and wholesale rights will aim to further strengthen the customer experience of the brand in the region, they said. Specific benefits to customers will include alignment of pricing and promotions across channels, and an improved e-commerce proposition with shorter delivery times, and ship-from-store and click-and-collect services.

    Meanwhile, under the terms of its retail and selective digital rights agreement, MAP has “committed to an ambitious store and concession opening plan and will sell via selective online platforms in Indonesia”. This expanded distribution will build brand awareness in the Asian region alongside the five other license partners and the group’s China JV, Ted Baker noted.

    Following these new license agreements, Ted Baker will have 17 retail license partners and 20 product license partners across the globe.

    Helen Costello, Group Commercial and Business Development Director at Ted Baker, said: “Having worked with the Al-Futtaim team for many years, we know they have an excellent understanding of Ted Baker and our customers. Al-Futtaim’s experience also means that they are particularly well-placed to fully realize the significant growth potential from the accelerating consumer shift to online channels in the region”.

    She added: “MAP is the leading retail expert in Indonesia, and they have the right team and experience in place to build on the strong foundations that are already in place. It is a testament to the strength of our brand that we continue to partner with the leading experts in their relevant categories across the world”.

  • Gap mulls sale of China business

    Gap mulls sale of China business

    Apparel retailer Gap is weighing options including a potential sale of its China business, citing people with knowledge of the matter.

    The report said the Old Navy parent was working with an adviser to explore its options and has contacted prospective suitors. It added there was a possibility that Gap could also keep the business.

    The company, owner of Banana Republic and Athleta brands, said it does not comment on rumors when contacted by Reuters.

    Gap entered the Chinese market about a decade ago, betting on rising incomes in the world’s second-largest economy to boost its sales. However, it stopped selling Old Navy apparel in the country last year to sharpen its focus on North America.

    Gap’s Asian market accounts for about 5 percent of its overall net sales, according to its latest regulatory filing. The company does not break out country-specific sales.

    Shares of Gap, up 43 percent this year, rose about 1 percent in extended trading after the report.

  • 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.

  • Property deal set to save Le Saunda’s bottom line

    Property deal set to save Le Saunda’s bottom line

    Hong Kong-listed shoe retailer Le Saunda says same-store offline sales rose by 13.8 percent in the February quarter after it rationalized its store network.

    In a positive profit alert issued to the Hong Kong Stock Exchange, chairman James Ngai said group sales rose 5.2 percent year on year after a net 52 stores closed in Mainland China, Hong Kong, and Macau. As at February 28, the company had 389 outlets remaining, 347 of them self-owned across the three markets, and 42 franchised on the mainland.

    The company said a preliminary review of its full-year accounts shows the company “may” have recorded a profit, which would mark a significant turnaround from a US$4.7 million loss in the prior year.

    However, that was mainly attributable to the completion of the effective sale of its former factory in Shunde, Guangdong which it closed last May, and reached an agreement with the local government to hand back for $30 million. Le Saunda made a strategic decision to discontinue manufacturing and to contract production out to third parties.

    While in-store sales are on the rise after several years of decline, Le Saunda’s e-commerce business continues to underperform, with sales down 8.4 percent year on year in the fourth quarter.

  • UNIQLO to Launch Paul & Joe Collaboration Collection on March 29

    UNIQLO to Launch Paul & Joe Collaboration Collection on March 29

    “This collaboration with UNIQLO came about because their commitment to offering everyday clothing matches my desire to create apparel that finds favour with everyone. I also sympathised with the company’s approach to manufacturing, which pursues quality” commented Paul & Joe founder, Sophie Mechaly. “For this collection, I want people to coordinate items as they like, whether that’s by mixing plain and patterned pieces or matching patterns. I want to share the joys of spring.”

    The lineup features items in soft pastels with such motifs as chrysanthemums, characteristic of the Paul & Joe brand, and Lily of the Valley, a flower believed to bring happiness. It also presents bold designs of the brand’s iconic cats. Supplementing the UTs are such wardrobe essentials as dresses, blouses, scarves, and pochettes. There are also items for kids and babies for matching with mothers’ outfits.