Macy’s announces closures, Prada not for sale, Armani’s first hotel, Thank you Merci, Great Venetia Scott

| Daily Digest

Macy’s to shut five underperforming stores (Reuters) “Macy’s Inc. said on Tuesday it was closing five of its namesake department stores, affecting about 307 employees, as it pares underperforming locations. Macy’s said it would offer jobs at nearby stores to displaced employees when possible.” Prada: Not for Sale (Business Week) “Prada SpA, the luxury company which has called off four attempts at

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Rue La La sold for $350m, Armani’s succession planning, Hilfiger retail up, TPG’s cool Debenhams profit, Tisci talks

| Daily Digest

Hilfiger Denim Advert | Source: Muse Amsterdam

Software Maker Buying Web Fashion Discounter (NY Times) “GSI Commerce, which manages the Web sites for major retailers like ToysRUs.com and Zales, announced on Tuesday that it was buying Rue La La, a Boston start-up, in a deal valued at $350 million.” Giorgio Armani organizing staff as successors (Reuters) “Italian fashion designer Giorgio Armani, still frail after a bout of hepatitis, hinted on Tuesday of

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Burberry beats forecast, Chinese bling, Beauty holds strong, Armani’s smart phone, HK gets creative

| Daily Digest

Handbags, leather goods help Burberry top forecasts (Reuters) “British luxury goods group Burberry beat second-quarter revenue forecasts, helped by demand for handbags and leather goods, and signalled an improvement in some second-half revenue trends.” Chinese Are the New Kings of Bling (WSJ) “The latest to pop the champagne corks of conspicuous consumption is China. The government stimulus, rising consumer

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Armani loosens grip, Sheikh eyes Lacroix, Black to Boss, China’s widening wage gap, Saks offers stock

| Daily Digest

Armani Names Group of Lieutenants But Succession Questions Linger (WSJ) "Giorgio Armani, after recovering from a months-long bout of hepatitis, slightly loosened his grip on his fashion empire Wednesday, naming one of his most-loyal executives as deputy chairman, as part of a management reorganization." View the Armani S/S 10 runway video here. Sheikh's position strengthens in Lacroix auction (FT) "The sheikh of Ajman yesterday emerged as the frontrunner to buy Christian Lacroix, the loss-making French fashion house, after Italy's Borletti Group dropped out of the auction." Hugo Boss signs Graeme Black to drive womenswear (Drapers) "Hugo Boss has named London-based designer Graeme Black as creative consultant for the Boss Black women’s collection." Gucci Snake Bag Draws Ire in China as…

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Armani profits drop, PPR focuses, Puma restructures, Uniqlo thrives, Fashion embraces activism

| Daily Digest

Armani's 5th Ave. store, courtesy of Armani

Armani profits drop 14% in ‘difficult’ year (FT) “Giorgio Armani, the trend-setting Italian fashion group, reported a 14.6 per cent fall in profits in 2008 in spite of a slight rise in revenues and the opening of 50 new stores, as its owner reflected on a ‘difficult’ year for the industry.” PPR says to focus on cash and cost-cutting (Reuters) “French retail and luxury group PPR on Thursday

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