PITTSBURGH, United States — American Eagle Outfitters saw earnings tumble 86 percent in the first quarter on huge mark downs intended to generate foot traffic. The teen retailer said that it would close 150 stores over the next three years.
HERZOGENAURACH, Germany — Puma SE, Europe’s second-largest sporting-goods maker, reported a decline in first-quarter profit, underscoring the scale of the challenge facing Chief Executive Officer Bjoern Gulden to achieve a turnaround.
HONG KONG, China — Li & Fung Ltd. is working with Citigroup Inc. to spin off its brands business, valued at about $2 billion, people with knowledge of the matter said.
TOKYO, Japan — Japanese e-commerce giant Rakuten Inc, controlled by billionaire Hiroshi Mikitani, will buy call and messaging app provider Viber Media Inc for $900 million in a deal that would more than double the number of users in its digital empire.
HONG KONG, China — Once a retailer catering to colonial elites in British-governed Hong Kong, Lane Crawford has grown into a market-leading department store group with additional stores in Beijing, Shanghai, Chengdu and online, known for setting global luxury industry standards with its bold product assortment, store concepts, visual merchandising and omni-channel “connected commerce” strategy. Often acting as a conduit
“What I’ve learned about working with a big company like Jil Sander is how important the structure is. You can have ideas and you can have money, but if the structure isn’t right, if everybody at design and management and marketing and sales isn’t in the same key, it’s not going to work.” Raf Simons speaking to Gert Jonkers, editor of Fantastic Man, for Issue No. 14, Autumn and Winter 2011
“Perfectionism is almost an illness with me, but sometimes I have moments where everything is absolutely clear and you can feel, rather than think.” Tom Ford, speaking in Visionaries, a new documentary which airs on the Oprah Winfrey Channel on 23 October, 2011
“Private equity is about financial engineering, and that model is very difficult to apply to fashion and luxury, when it can take 30 years to really build a brand. It’s very stressful on a company to keep going through” the break-ups and new make-ups that are involved with continual changes of ownership. Tamara Mellon, President and Chief Creative Officer of Jimmy Choo, speaking to Vanessa Friedman of the Financial Times, following
“With all the new media outlets out there, with all the noise, a voice of authority and calm like Vogue becomes more important than ever. The more eyes on fashion, the more opinions about fashion, the more exploration of fashion around the world, the better it is for Vogue. Vogue is like Nike or Coca-Cola—this huge global brand. I want to enhance it, I want to protect it, and I want it to be part of the conversation.” Anna
PARIS, France – The process of writing this season’s wrap-up left a somewhat bitter taste in my mouth. Looking back, several of the most salient themes from this round of fashion weeks involve unsavoury behaviour, gossip and highly unprofessional comments from some of the industry’s most important figures. Whether it was John Galliano’s inexcusable anti-Semitic rant captured on video for the whole world to watch, the scrum of
“The key to my success in Japan has been the sheer love and enthusiasm of going there…I was immediately willing to go two, three, four times a year. I had to understand how it was all working…immersing myself in the Japanese way.” Paul Smith, speaking to the UKTI about how to do good business in Japan, where Mr. Smith has built a retail network of more than 200 stores, now constituting the lion’s share of a
Today, BoF exclusively brings you Savigny Partners’ blow-by-blow analysis of the rapidly shifting luxury fashion business model which is undergoing transformation due to underlying shifts in consumer values, technology and globalisation LONDON, United Kingdom — Luxury fashion is a very exciting business which can generate substantial returns if you get the formula right. Not only is there the ability to charge up to ten times