Italian fashion retailer Benetton will pay into a fund set up to compensate victims of the 2013 Rana Plaza factory collapse in Bangladesh that killed more than 1,100 people.
BoF compiles the most important professional moves of the week.
In the wake of Rana Plaza, it’s clear that voluntary self-inspection of garment factories by brands and retailers is not enough to avoid terrible human tragedy. Workplace health and safety standards must be set and enforced by the workers themselves, argues Tansy E Hoskins.
U.S. retailers play catch-up in fashion speed race (Reuters) “After years of losing customers to Europe-based retailers that give young shoppers fresh fashions more quickly, U.S. clothes retailers are fighting back.” A Magic Formula: Recession-proof collections from Asos (Independent) “Few brands are posting a rise in sales right now, let alone an increase of almost 50 per cent. But the online fashion and beauty
Benetton to make decision on delisting (FT) “The Benetton family will decide at a board meeting on Wednesday whether to delist the Italian knitwear group known for its brightly coloured jumpers after the company posted another plunge in profits as it struggles to compete with Inditex and H&M.” Luxury Companies That Can Bring You Closer to the Good Life (Money Morning) “A lot of consumers are hurting right now,
A Marriage of Economic Convenience (NY Times) “More than a decade since Target first popularized collaborations between high-end designers and mass retailers, and seven years since H&M introduced a collection with Karl Lagerfeld, there is still allure in the concept of cheap and chic… Such collaborations are proving to be both a reliable business model for retailers and a business in themselves.” Marc Jacobs’s
MILAN, Italy — It’s not always easy running the family business, especially when that business is an Italian fashion powerhouse, operating in 120 countries around the world and earning more than 2 billion euros in annual revenue from its more than 4,000 directly-operated and franchised store locations. That’s exactly what Alessandro Benetton, 47 year-old scion of the Benetton fashion dynasty has been doing for the past few years.
Is Print in Vogue Again? (WWD) “Maybe the Web’s ascent and print’s decline is happening a bit more slowly than originally thought. Maybe the only money to be made these days is in print or some tablet-Web-print hybrid. Whatever it is, it appears the old-fashioned print world has a little left in the tank.” What luxury brands are doing to help Japan victims (Luxury Daily) “Brands such as Bergdorf Goodman, Gilt
Inside a Jet-Set Designer’s Atelier (WSJ) “Mr. Valli has become a go-to designer for the rich and royal. Producing confections of silk satin, cashmere and tulle that have been compared to Rolls-Royce sedans and have prices to match, he has dressed clients from Queen Rania of Jordan to Sarah Jessica Parker.” Benetton CEO Leaving In April After Sales Drop (WSJ) “Italian clothing retailer Benetton Group said
Benetton’s Faded Colors (Time) “Benetton, which had sales last year of about $3 billion, hasn’t gone away. The ads for its United Colors of Benetton stores are tamer and its growth less stellar, but even in middle age — the brand turned 43 this year — Benetton is proving itself to be a case study in business management.” Luxe Market Faces Wealth of Challenges (Adweek) “With economic conditions