In the Spotlight’s Glare (NY Times)
"Much of what has been written about Mr. Elbaz on the occasion of his 10th anniversary as the designer of Lanvin, a milestone that normally might merit a mention somewhere near the classifieds, could illustrate what is a rare example in the catty fashion industry of the Buddhist concept of mudita, or taking pleasure in another person’s good fortune. These days, everyone seems to love him, and naturally, that makes him uncomfortable."
Yoox Surges In Milan On Talks To Set Up PPR E-Commerce Venture (Bloomberg)
Yoox an Italian online fashion retailer, rose the most in 2 1/2 years in Milan trading after confirming that it’s in discussions to set up an e-commerce joint venture with PPR. The venture will run the online sales of all of Paris-based PPR’s luxury brands, including Gucci, a person with knowledge of the talks told Bloomberg News yesterday."
Gap sales boost turnround strategy (FT)
"Gap produced further evidence that a turnround at the US retailer was under way as it reported a quarterly sales increase and raised its profit forecast for the year. For the three months to April 28, Gap reported net sales of $3.5bn, a 6 per cent rise compared with the same quarter a year ago. Comparable sales saw a 4 per cent increase."
Facebook set to make market splash with $100bn floatation (Independent)
"Facebook shares are being offered to the public for 38 US dollars (£24) in one of the biggest ever US stock flotations. The social media giant is now valued at more than 100 billion dollars (£66 billion) and stands to reap up to 18.4 billion dollars (£11.6 billion) from the sale of hundreds of millions of shares."
Pinterest Raises $100 Million (DealBook)
"Pinterest, the social bookmarking site that is popular among Mormons, brides-to-be and Barack Obama, just got richer. The site, which allows users to share photographs, recipes and other media on custom 'pinboards,' raised $100 million in a funding round led by the Japanese e-commerce company Rakuten, according to an announcement on Thursday."