The China Edit is a weekly curation of the most important fashion business news and analysis from and about the world’s largest luxury market.
Esprit Holdings Ltd., the clothing retailer rebuilding its brand, forecast a return to profit in the six months ended December after cutting costs.
HONG KONG, China — Esprit Holdings' chief is doubling down on a bet to fix the struggling clothing retailer he took charge of a year ago by revamping its existing business model and recreating it in the image of his former employer-now-rival, Zara.
HONG KONG, China — Esprit Holdings Ltd., the Hong Kong apparel seller which lost two executives in 48 hours in June last year, has appointed Rafael Pastor Espuch as new chief product officer amid slumping European sales.
Anna Piaggi, Fashion Editor With a Keen Eye for Trends, Dies at 81 (NY Times) “Anna Piaggi, an oracular Italian fashion editor known for an endless array of eye-popping, wildly colorful outfits of the most peculiar combinations, ranging from vintage Patou to thermal mountain rescue coats to a uniform vest from late-period McDonald’s, died Tuesday at her home in Milan.” Tumi shares soar on strong profit forecast
Kors Crushes Earnings: Will the Growth Continue? (Daily Finance) “Shares of design house Michael Kors popped on the open today, with the stock climbing more than 5%. The luxury-goods retailer reported fiscal fourth-quarter earnings that beat on both the top and bottom lines.” Clothing retailer Esprit’s shares slide 23 percent as CEO quits (Reuters) “Shares of Esprit Holdings Ltd fell by nearly a quarter on
Copyrighting Fashion: Who Gains? (NY Times) “Paradoxically, the payoff from free copying has been enormous. The fashion cycle turns faster, and the industry gets richer – and creates new designs more frequently. So why on earth would anyone want to change that?” Luxury brands wrest back China market, eye smaller cities (Reuters) “Many piled into China over the last decade, pairing with re-sellers and joint
Kate Moss: Bags of Style (IHT) “‘I am not doing it for different personalities — it’s what I like,’ says Ms. Moss — or Kate, as she is known. At age 36, she has taken another step in her second life, as a designer rather than as a supermodel using her pretty face and sensual lips to promote other brands.” Esprit 1st-Half Net Profit Down 5.2 percent; Beats Forecasts (WSJ) “Fashion retailer Esprit
HK’s Esprit buys $500M JV stake in China push (Reuters) “Hong Kong fashion retailer Esprit Holdings is buying out its partner in a Chinese retail joint venture for HK$3.88 billion ($500 million) as part of a drive to expand in the world’s third largest economy. The deal will see Esprit take full control of the 10-year-old venture, while China Resources Enterprise, which is selling the stake, will focus on its core
Runway-ready rooms (Globe & Mail) “Fashion houses have found a new creative outlet: Hotels. In Europe and the Mideast, designers from Armani to Missoni are delivering chic interiors, stylish experiences and nice bedspreads.” Plus-size fashion market squeezed in recession (AP) “The American waistline may be expanding, but plus-size shoppers are tightening their belts. People just aren’t buying plus-size
H&M’s 8% April Comparable Sales Gain Breaks Trend (WSJ) “Fashion retailer Hennes & Mauritz AB Friday said April sales in comparable stores rose for the first time since July, indicating that it may be recovering from the global trend of consumers reining in spending amid the economic slowdown.” Dior Jumps on the Viral-Video Bandwagon (NYMag.com) “The House of Dior will release a short film on May 20,
Designer Raf Simons Forges Ahead (WWD) Raf Simons reveals plans for his eponymous label as well as a number of other design based ventures. (Subscription required) Clothing prices fall 4.9% in March (Drapers) “Prices fell 4.9% in the clothing and footwear sector during March, according to the British Retail Consortium Nielsen Shop Price Index.” Esprit in free fall after CEO replaced (Forbes) “Esprit sank more than
Just Cavalli Extends License With Ittierre SpA (WWD) “Roberto Cavalli has signed a new five-year license with Ittierre.” (Subscription required) Esprit Appoints Ronald Van der Vis To Replace Krogner As CEO (WSJ) Esprit Holdings Ltd. will name Ronald Van der Vis as their new CEO, replacing Heinz Krogner as the brand’s top man. Big Retailers Revamp for ’09 (WWD) “After a tumultuous fall – defined