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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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  • 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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  • 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.

  • 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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  • Zara launching beauty range

    Zara launching beauty range

    Soon, you’ll be able to wear Zara from head to toe and from face to toenails. Yesterday, the retailer unveiled Zara Beauty, the company’s first-ever comprehensive beauty collection. It will be launching online and in select stores on May 12.

    To help create a line of cosmetics that felt playful, innovative, and fresh, the brand tapped world-renowned makeup artist Diane Kendal, who regularly dreams up editorial and international runway looks we inevitably end up thinking about a lot.

    “When Zara approached me to lead the creative direction of Zara Beauty, I saw an opportunity to make something that everyone would want to use. Zara has always reached such a diverse audience, and I wanted to bring that same big vision to beauty with a collection that is clean, refillable, and accessible to all,” Kendal said in a release. “I am really proud of what we have created: an expansive array of consciously unique formulas for eyes, lips, face, and nails.”

    When Kendal says “an expansive array,” she isn’t exaggerating in the slightest. The collection is launching with over 130 colors, six lip products (matte lipstick, satin lipstick, demi-matte lipstick, tinted balm, lip oil, lip gloss), six-shade eye-shadow palettes, smaller shadow duos, a matte-black eyeliner, loose metallic pigment, bronzer, blush palettes, highlighter, 39 nail polishes, and six makeup brushes — and that’s just to start.

    To showcase the endless possibilities and combinations you can make within the world of Zara Beauty, Kendal created a series of different looks that were captured by nine different talents —Steven Meisel, David Sims, Marilyn Minter, Oliver Hadlee Pearch, Zoë Ghertner, Craig McDean, Nadine Ijewere, Mario Sorrenti, and Fabien Baron — who each shot and shared their own personal vision of beauty for the campaign.

    Scroll through to get a taste of what will be in store next week and start plotting what you’re going to add to your cart — prices will range from $8 to $26, with refills starting at $5, so you should be able to cram in a good amount.

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  • Gucci opens Namiki flagship design

    Gucci opens Namiki flagship design

    The first store selling Gucci products in Japan, operated by Sun Motoyama, opened in Ginza in 1964 and the brand’s first boutique was unveiled in Tokyo in 1972. It was Gucci’s first store to open in Asia. Japan remains a stronghold, according to Gucci president and chief executive officer Marco Bizzarri. “We have never stopped believing in the Japanese market and continue to invest in it,” he observed. The most recent signal of this commitment is the opening of the Gucci Namiki unit in Ginza, the brand’s second flagship in Tokyo’s upscale district.

    The store also points to the “fundamental importance” of brick-and-mortar, said Bizzarri, despite the growing relevance of online transactions, which clearly accelerated during the pandemic and the lockdowns. “The narrative to connect with the customers, the moment in which you meet the brand, the one-to-one relations will continue to be very important, increasingly combined with the brand’s different distribution channels, and it’s all happening very quickly. The goal is to offer the best possible experience.”

    The concept conceived by creative director Alessandro Michele for the Namiki store is new and will not be replicated elsewhere, explained Bizzarri. The opening of the store, which covers three floors in a building on Namiki-dori Street — the same where Gucci started its business in Japan in 1964 — will unfold in three parts.

    The first two floors will be unveiled on April 29. Over a total space of more than 7,776 square feet, they will carry a full range of men’s and women’s ready-to-wear, handbags, luggage, accessories, shoes, jewelry, silks, belts, watches, eyewear, fragrances, and the Gucci Décor collection. The brand will also offer exclusive pieces, such as handbags in precious leathers and distinctive jewelry.

    Walls on the first and second levels use materials inspired by Japanese traditional bamboo work and are exclusively developed for #GucciNamiki.

    The third floor, scheduled to open in the fall, will house the Gucci Apartment, which, by appointment, will allow privacy and be dedicated to made-to-order, personalization and other special services. It will also showcase the Gucci Décor collection.

    Photos from François Pinault’s private collection will be on display. “This is the first Apartment in a Gucci store,” observed Bizzarri.

    Additionally, later in the year, a Gucci Osteria da Massimo Bottura will open on the fourth level of the building, curated by the three-Michelin-star chef Massimo Bottura, a childhood friend of Bizzarri’s.

    One way to differentiate the stores is through food, said Bizzarri, paying close attention to the territory and giving a local flavor to each. The restaurant will be the third in the world following the first at the Gucci Garden in Florence in 2018, followed by one in Los Angeles on the rooftop of the Beverly Hills flagship.

    Further linking with the country, artwork by Japanese artist and longtime friend of the house Yuko Higuchi will embellish the Osteria’s façade on Namiki-dori Street. Celebrating the opening, illustrations by Higuchi will also adorn limited-edition items, available in the store. Gucci has been collaborating with the Tokyo-based artist on several projects, including a special spring 2018 and fall 2020 kids capsule collection. One of her works also decorates one of the Galleria walls of the Gucci Garden in Florence.

    The store may attract some additional interest in light of the Tokyo Summer Olympics, expected to kick off on July 23, but Bizzarri said this was purely a coincidence and never meant to coincide with the event. “Gucci has been working on the store for a long time, and it was conceived for local customers,” he said.

    Japan accounts for 7 percent of Gucci’s revenues, which in 2020 amounted to 7.44 billion euros. There are a total of 67 Gucci stores in Japan.

    Kering chief financial officer Jean-Marc Duplaix, presenting the group’s annual results last month, said “Japan improved in the fourth quarter on a somewhat easier comp base, containing its decline to 10 percent, supported by nice growth with local customers,” in the wake of the pandemic and the lack of tourist flows.

    Courting local clientele and Asia are clearly a focus in 2021, as Bizzarri revealed Gucci will also open “a very important store in Seoul” by the end of the year. A fourth Osteria — and “last,” said Bizzarri — will also find a home in that venue. In that case, Gucci will work with a Korean artist for the facade.

    Gucci has recently launched several dedicated initiatives in Japan. Last June, debuting its first circular collection Gucci Off the Grid, an entire range of products were created in a special blue color exclusively for the Japanese market in a selection of genderless bags, wallets, sneakers, rtw and hats. Japanese musician Miyavi, another friend of the house, was featured in the ad campaign.

    In July 2020, for the opening of the Gucci Miyashita Park store, graphic designer Tadanori Yokoo and illustrator Shohei Otomo were invited to develop new artworks dedicated to the brand, inspired by Gucci key visual codes, displayed at the store and at the Shibuya station.

    Last October, Gucci released the second issue of the Chime Zine, including a special section focused on Japan, with essays, interviews and artwork related to feminism, gender and self-expression in Japanese society. Contributors include Yuki Chizui, a sushi chef and owner of a sushi restaurant with an all-female staff; Yume Morimoto, a queer feminist writer and founder of a bilingual zine, and members of WAIFU, a resistance nightlife party founded on the principles of intersectional feminism and inclusion. The cover of the Japan spotlight featured women of Bluestocking, Japan’s first feminist literary journal credited with helping to launch the feminist movement in Japan.

    Bizzarri said the Gucci 9 live video call experience, offered by the Gucci Live service that debuted last May in the Europe, Middle East and Africa region, which helped discover the collection remotely, is being expanded to Japan.

    Gucci, which marks its centenary this year, has been receiving additional attention from the Ridley Scott “House of Gucci” film that is currently being filmed in Italy. The film offers a dramatized version of the real-life events in the late 1980s and early ’90s that led to the murder of Maurizio Gucci — the grandson of Guccio Gucci, the founder of the Italian fashion house. In the film, Lady Gaga plays the role of Patrizia Reggiani, who commissioned the murder of her ex-husband Maurizio Gucci, played by Adam Driver.

    Asked to comment on the film, Bizzarri underscored that the Gucci family is no longer involved in the brand today, and that the movie will not extend to the post-Investcorp developments and thus not be related to the current owner, Kering, owned by the Pinault family. He added that the company is allowing “total creative freedom” to the production.

  • Fashion designer Alber Elbaz has died

    Fashion designer Alber Elbaz has died

    Alber Elbaz, the fashion designer whose audacious designs transformed the storied French house Lanvin into an industry darling before his shock ouster in 2015, has died aged 59, the Richemont luxury group said Sunday.

    “It was with shock and enormous sadness that I heard of Alber’s sudden passing,” Richemont chairman Johann Rupert said in a statement. No cause of death was given.

    The veteran fashion journalist Suzy Menkes, citing Rupert in an Instagram post, said Elbaz “has left this world after a three-week struggle with Covid”.

    A company spokeswoman confirmed Elbaz had died from Covid on Saturday, but would not confirm reports he was being treated at the American Hospital in the Paris suburb of Neuilly-sur-Seine.

    Elbaz, an Israeli born in Morocco (as Albert), restored the luster to Lanvin during his 14 years at the helm of France’s oldest couture brand, giving classic tailoring a more playful edge.

    Hollywood stars including Cate Blanchett and Sienna Miller were devotees, in particular of his svelt black cocktail dresses, and the house flourished financially during his tenure.

    “Women are more independent, more daring,” he told L’Express magazine in 2008.

    “A dress has to accompany them. They want to move with it, live with it. Movement is essential for me — it’s life.”

    ‘True pioneer’

    Instantly recognizable with his oversize round glasses and his penchant for bow ties, Elbaz also earned fans an affable and ebullient demeanor that set him apart in an industry known for prickly personalities.

    After beginning his career with the American designer Geoffrey Beene in New York, he took over at Guy Laroche in 1996 before joining Yves Saint Laurent in 1998 to design ready-to-wear collections for the French master.

    In 2001 he was hired by Lanvin shortly after its acquisition by a group of investors led by the Chinese billionaire Shaw-Lan Wang.

    Under his guidance, the storied brand refound its lost glamour and Elbaz himself became one of the fashion world’s most respected figures.

    He was also attuned to the lower ends of the market, collaborating with the Swedish fast-fashion giant H&M in 2010 for a hugely popular capsule collection.

    “I always told myself I’d never do a collection for a mass retailer, but what finally intrigued me was the idea that H&M was embracing luxury, rather than having Lanvin adapt itself to mass retailing… and without losing its soul,” Elbaz said at the time.

    “He was one of the most creative, funniest men in fashion, and a true pioneer in the industry,” Edward Enninful, editor-in-chief of British Vogue, said on Instagram.

    “He was also one of the most talented designers I’ve ever worked with — even though he always preferred to call himself ‘a dressmaker’.”

    So it was all the more shocking when Elbaz was unceremoniously fired as Lanvin’s creative director in October 2015, reportedly after a clash with Wang.

    Elbaz never joined another fashion house afterward but formed a series of partnerships, including with the Swiss-based conglomerate Richemont in 2019.

    Lanvin, for its part, reported its first annual loss in a decade following his departure and has since cycled through a series of creative directors.

    “Alber had a richly deserved reputation as one of the industry’s brightest and most beloved figures,” Richemont’s Rupert said.

    “His inclusive vision of fashion made women feel beautiful and comfortable by blending traditional craftsmanship with technology — highly innovative projects which sought to redefine the industry.”

    French President Emmanuel Macron said the designer had “made French elegance shine around the world”.

    “He extended and enriched the line of designers who forged the legend of French elegance,” Macron said in a statement.

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  • Dolce & Gabbana opens first DG Beauty boutique in Southeast Asia

    Dolce & Gabbana opens first DG Beauty boutique in Southeast Asia

    Italian luxury brand Dolce & Gabbana has opened its first DG Beauty boutique in Southeast Asia at Ion Orchard, in Singapore.

    The 92sqm store will host a selection of fragrances, and for the first time will exclusively sell its makeup line in-store.

    Each corner of the boutique is adorned with details reflecting the brand’s “La Casa” DNA,  allowing customers to immerse themselves in Dolce & Gabbana’s aesthetic.

    According to the brand, its makeup collection will be luxurious, high-impact, and sensorial, inspired by its Italian heritage. Fragrances such as Light Blue, The One, and K by Dolce & Gabbana, will also appear alongside the brand’s latest novelties like the Fruit Collection, Dolce Rose, and Deva Cassel as the face of the fragrance collection.

    The DG Beauty boutique in Singapore will also offer the exclusive Velvet fragrance line, a collection of perfumes inspired by its designers’ vision of Sicily and the Mediterranean.

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  • H&M caught in a catch 22 as Vietnam boycott begins

    H&M caught in a catch 22 as Vietnam boycott begins

    H&M’s attempt to mend fences in China after angering consumers there with its stance against forced labor appears to have triggered another boycott next door in Vietnam.

    The Swedish fashion retailer drew Vietnam’s ire after it posted a map on its website that depicts islands in the South China Sea as Chinese territory. Vietnam has a competing claim on the islands. H&M changed the map at the request of authorities in China, according to Vietnamese media.

    Authorities in Shanghai said they summoned H&M’s local unit last week to address an issue with a map on its website, though it is unclear if this is the same map as the one angering Vietnamese citizens.

    In Vietnam, Twitter and Facebook users have been circulating images of a crossed-out map of China next to a map of Vietnam reflecting Hanoi’s claims to the islands and demanding the company apologize or have its 11 stores in the Southeast Asian country shuttered.

    The company has been attempting to win back consumers in China, where it became a lightning rod for public anger after multiple foreign brands stopped carrying items made using cotton from Xinjiang because of reports of human rights and labor abuses in the Muslim-majority region. It has been the subject of boycotts, and a number of its physical stores have been forced to close by landlords since the controversy flared up. H&M stores even disappeared from leading mapping service Baidu Maps and ride-hailing platform Didi Chuxing.

    The territorial dispute in the South China Sea is a hot-button topic in Vietnam. Hanoi has been one of, if not the most, vocal governments pushing back against Beijing’s claim to govern most of the sea, though the U.S. often calls for freedom of navigation in the region, calls which European powers have recently echoed.

    The dispute is not just a matter of government interest, either. When maps of the region are published, the Vietnamese public looks closely to see how the islands are portrayed. Backlash has followed perceived slights from an array of institutions, from the Hollywood film “Abominable” to the maps in passports issued by Beijing. Even the U.S. Embassy in Hanoi was accused of misrepresenting the territorial issue in September, when it posted on Facebook a Vietnam map with the islands, only to later delete the archipelagos.

    While the uproar in Vietnam adds to H&M’s recent headaches in Asia, the company is just one of several multinationals caught up in the Xinjiang controversy. Nike, Adidas, Burberry and others are also struggling with the balance between retaining Chinese shoppers and complying with Western laws against forced labor and other human rights violations. The U.S., Canada, the European Union and the U.K. all slapped sanctions on China in March, citing the country’s human rights violations against Uyghur Muslims.

  • 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.

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  • 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.”
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  • 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.

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  • 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.

  • 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.

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  • Bulgari enters Vietnam with a comeback

    Bulgari enters Vietnam with a comeback

    Italian luxury house Bulgari has opened its first brick-and-mortar store in Ho Chi Minh City, marking its comeback in the country.

    Spanning 194sqm, the Bulgari Vietnam store is located at Union Square shopping centre, featuring the brand’s full range of jewelry, including its famous Serpenti rings, bracelets and necklaces.

    Bulgari first entered Vietnam in 2014 via local distributor Imex Pan Pacific Group and operated until March 2019. In this comeback, the brand set up a member company named Bulgari Vietnam in the country for direct import and distribution.

    According to the brand’s spokesperson, Vietnam is considered as a potential market for the luxury sector due to stable economy and rapid growth. According to data company Statista, Vietnam’s luxury goods market is estimated to reach US$1.14 billion this year and achieve 7.17 per cent growth annually until 2025.

    “We believe this is a good time to bring the brand back to Vietnam,” said the spokesperson. “Overcoming current obstacles will help us to reach a potential customer base that in normal circumstances, they would shop our products overseas.”

    Due to the on-going Covid-19 situation in the country, the brand operated without any launching event.

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