HONG KONG, China — Armed with empty suitcases and same-day return tickets, an army of mainland Chinese is descending on suburban outlet shopping malls and international fashion chains in Hong Kong, turning cheap into the new chic as luxury falls out of favour.
NAIROBI, Kenya — In recent weeks, the media hype around Africa has been remarkable, with several articles in major publications proclaiming the continent “the next Asia.” In fashion, Franca Sozzani even dedicated the entire May issue of L’Uomo Vogue to “rebranding Africa,” while this year’s IHT Luxury conference will discuss “the potential of Africa, both as a producer and ultimately consumer of luxury goods.” But to what extent is
No Ifs or Buts: Jeans Ads Get Blunt (WSJ) “In what could be called a race to the bottom, some denim companies are breaking language taboos, not backing away from using crude language to describe the backside.” How to Bring in Luxury Shoppers (JCK) “For a while, it seemed the ‘new normal’ for the luxury market would resemble the old one. Upscale retailers… logged impressive sales jumps in the
The Fall of the House of Ungaro (NY Times) “Ungaro was losing roughly $15 million a year, and [the Ferragamos] signaled to their bankers to look for a buyer. Abdullah was the only serious buyer who turned up. That was in 2005, and as you probably guessed, he had no experience in fashion.” Barneys Appoints New CEO (Market Watch) “Barneys New York, the luxury retailer, with the support of its shareholder Istithmar
Levi’s Shoots for the High-End Hipster (WSJ) “The 157-year-old company is trying to reinvent itself as not just a purveyor of basics but as an edgier brand suitable for the fashion cognoscenti.” Polo Ralph Lauren: The Winning Streak Continues (Smart Trend) “Shares of Polo Ralph Lauren traded near a new 52-week high yesterday, touching a price of $90.89. Approximately 758,000 shares traded hands yesterday vs.
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