H&M launches Matthew Williamson collection (Drapers) “Hundreds of frenzied shoppers descended on H&M’s Oxford Circus store in London like locust this morning, eager to get their hands on a the Matthew Williamson collaboration.” LVMH 1Q Revs Slightly Up On Fashion, Leather Goods (WSJ) “French luxury conglomerate LVMH Moet Hennessy Louis Vuitton SA Wednesday posted a modest rise in first-quarter
Levi’s sees Q1 profits slashed (Drapers) “Net income at denim brand Levi’s sank by 50% to $48 million (£32m) in the first quarter ended March 1.” Istithmar provides ‘significant’ loan for Barneys (AP) “Istithmar World Capital says it has provided a “significant” level of additional capital to support upscale retailer Barney’s New York.” H&M March Same-Store Sales
Is Thom Browne Going Downe? (Blackbook) With lavish spending on tailors and elaborate shows, Thom Browne’s business may be amongst the first high-profile independent designers to face financial difficulties as demand for his high-priced shrunken suits wanes. Breaking into the West is hard to do (IHT) Due to Indian designers “lack of Western-style business structure and of financial support” their effort to break
Indian designers make their mark with craft (IHT) During Wills Lifestyle India Fashion Week, designers are making a mark through artisanship. Nike realigns global footprint (Just Style) Sporting goods giant Nike last week unveiled plans to reorganise its namesake brand into six regions with reduced management in a bid to make its operations more efficient and trim costs. Tiffany’s Reports Sales Declines (Seeking Alpha)
[caption id="attachment_2689" align="alignnone" width="500" caption="Olivier Theyskens and Lily Donaldson at the conclusion of Nina Ricci A/W 2009"][/caption] Theyskens, Ricci Part Ways (WWD) "Olivier Theyskens and Nina Ricci are officially divorced." Fashion Deflation (Forbes) In anticipation of consumers' budget cuts, expect lower prices from designers and retailers. H&M unveils full concept store in Moscow (Fibre2Fashion) Despite the global recession, H&M opens up shop in Moscow. London retail sales hold up (Drapers) "London retail sales rose 5.9% on a like-for-like basis in February outperforming the rest of the UK, which recorded a 1.8% fall in like-for-like sales over the month."
H&M launches home textiles bid (WSJ) As a way to buffer the lackluster fashion market, H&M has launched a textile business which was slated for a 2007 debut. Ittierre to Sue Cavalli (WWD) Ittierre SpA is suing Roberto Cavalli for his comments regarding their ability to turn the company’s bankruptcy around. (Subscription required) Chanel Closing Two Japan Stores (WWD) As the Japanese economy sinks further into
Nordstrom to Lower Prices (WSJ) Prices have gone up in recent years at Nordstrom, but this year, the retailer’s average prices will decline. Retail bosses to lobby government over rate rises (Drapers) “The UK’s largest store groups have united to urge the Government to reverse plans to push through significant rate rises that will add tens of millions of pounds to retailers’ annual costs.” Economic turmoil in
Japan’s economy shrinks 3.3% (IHT) The world’s second largest economy is experiencing its worst downturn in 35 years. H&M sales boosted by new openings (Drapers) Driven by new store openings, H&M’s sales rose 9% in January. Sombre start to NYFW (Drapers) “New York Fashion Week got off to a somewhat sombre start on Friday, according to reports from the US, with collection sizes reduced by up to
The Waning Relevance Of Department Stores (JC Report) “Plagued by layoffs, closures and plummeting sales, the American department store’s fortunes are fading fast.” H&M appoints New CEO (Drapers) H&M, the Swedish fast fashion retailer, has appointed Karl-Johan Persson as its new CEO. Rents Falling in New York’s Garment District (New York Times) Rents in New York’s Garment District are falling,
A Glimpse of the Future of Luxury (WSJ) After the deep discounting over the holiday season, consumers’ buying habits for luxury goods have changed. Boutiques’ Recession Cost Cutting Methods (JC Report) “Small, independent retailers, who count minimal staff and non-existent print advertising as the norm, more creative steps have been taken to rein in spending.” Economic pain to be ‘worst for 60 years’ (FT)
DNR RIP, men's fashion trade paper dead at 116 (LA Times) DNR, the Fairchild owned menswear trade publication has succumbed to the econommy and "parental neglect" is now dead. Dresner Checks Out: Park Ave. Retail Icon Succumbs to Economy (WWD) New York retail institution, Linda Dresner, is to shutter its doors at the end of December. H&M signs Matthew Williamson (Drapers) Matthew Williamson is the latest designer to link up with H&M. Sonia Rykiel: Designer for the independent woman (IHT) The International Herald Tribune profiles Sonia Rykiel, the legendary French designer who is a subject of an exhibition in Paris. Issues of DNR, photo courtesy of DNR.
Online fashion firm ASOS H1 profit up 68 pct (The Guardian) In another signal that affordable online retailers could fare better than bricks and mortar operations in the economic downturn, ASOS H1 profit rockets up 68%. H&M Still In Fashion (Forbes) "Swedish-fashion retailer Hennes & Mauritz posted a decent set of October sales." But "analysts warned the company would not be able to avoid the ripple effects of the global financial crisis." Has Abercrombie Lost Its Shirt? (Motley Fool) Abercrombie & Fitch's skimpy aesthetic is also reflected in the company's declining sales performance for Q3 2008. Profits flat at Burberry (Drapers) "Burberry saw sales rise 20% in the first half of the year with pre-tax profit flat during the period,…
Rei Kawakubo and H&M team up in Tokyo store (IHT) Die hard fans waited for 3 days outside of H&M in Tokyo to snap up goods from the Swedish fast fashion retailer's collaboration with Rei Kawakubo of Comme des Garçons, as reported in the Business of Fashion on Friday. The New Hosiery Index? Sales Crept Up as Economy Went Down (WSJ) Lipstick sales have risen in the previous downturns, but this time, hosiery is making retail moves. Mania for Markdowns: Consumers Get Benefit, But Vendors Squeezed (WWD) Due to "disastrous" sales in the month of October, retailers are cutting prices a month earlier compared with previous holiday shopping seasons. Women in Luxury (Time) Time magazine profiles 12 "women in luxury."…