LONDON, United Kingdom — Marks & Spencer Group Plc, the U.K.’s largest clothing retailer, said annual profit fell 5.8 percent as consumers spent less on its fashion goods, even as food sales increased.
LONDON, United Kingdom — Fashion media and analysts broadly welcomed Marks & Spencer's new clothing strategy and a preview of autumn/winter fashion ranges, giving the firm's boss some respite from pressure over falling sales.
LONDON, United Kingdom — Marks & Spencer Group Plc Chief Executive Officer Marc Bolland said its new autumn-winter fashion collection is a “step in the right direction” toward reigniting interest in the struggling fashion brand after seven quarters of sales declines.
MUMBAI, India — India is the next great frontier for global retailers, but a daunting array of permits force retailers to pay so-called "speed money" through middlemen or local partners to set up shop.
The China Edit is a weekly curation of the most important must-read fashion business news and analysis from and about the world’s largest luxury market.
Uniqlo-parent lifts forecast as Q1 profit jumps (Reuters) “Fast Retailing Co raised its annual profit forecast to a record after sales rose at home outlets of the Japanese retailer’s flagship Uniqlo casual clothing chain and price cuts and chilly autumn weather spurred a quarterly profit jump.” Marks & Spencer loses £270m stock market value (Guardian) “Almost £270m was wiped off the stock market value
What Next For Balenciaga? (Vogue UK) “CEO Isabelle Guichot has confirmed that she has ‘a shortlist’ of potential candidates to succeed creative director Nicolas Ghesquière, following yesterday’s confirmation that he would be parting ways with the brand. The designer has acted at the helm of Balenciaga for 15 years.” Ralph Lauren kicks its ‘preppy look’ Rugby label into touch (Independent)
Fashion’s New Establishment (AdWeek) “But since then, style blogs like The Man Repeller, Into the Gloss, Style Rookie and Bryanboy, aka Bryan Grey Yambao, have become assigned reading among the fashion set—and you’d be hard pressed to find them missing a single Fashion Week.” PPR Confirms It’s In Talks To Acquire Chinese Luxury Company (Bloomberg) “PPR, the French owner of Gucci, said it’s in discussions to
Hussein Chalayan: The surreal thing (Independent) “When a designer such as Hussein Chalayan bases his collection on Japan it’s safe to presume that his interpretation will be far from literal: no opulent silk obi sashes tying flat-cut voluminous garments here.” Marks and Spencer to return to France (Telegraph) “The British high street stalwart has today announced that it will be returning to the French
NEW YORK, United States — Large luxury goods makers have long emphasised the cultural heritage of their brands and the provenance of their products. But in search of business efficiencies, these same luxury companies — who must ultimately answer to shareholders — increasingly source materials and labour outside their home markets, especially for their more affordable lines, creating a disconnect between consumer perception and manufacturing reality. As consumers increasingly scrutinise luxury goods purchases, and craftsmanship, authenticity and heritage take centre stage in major advertising campaigns for brands like Gucci and Louis Vuitton, this disconnect has become more pronounced. Indeed, earlier this year, the UK’s Advertising Standards Agency banned two Louis Vuitton ads for misleading the public into thinking that the…
Ferragamo Chief Norsa Says Mexico Is Strongest Luxury Market (Bloomberg) “Salvatore Ferragamo SpA Chief Executive Officer Michele Norsa said the Italian fashion brand’s strongest sales growth among major economies this year has been in Mexico, where the wealthy spent more at home as the peso fell.” Asos benefits from overseas sales (FT) “In a statement ahead of its annual shareholder meeting, Asos said
LONDON, United Kingdom — She may have given up the boyfriend and lost the company, but Noelle Reno, the founder of Degrees of Freedom with ex-boyfriend Matthew Mellon, has retained her love of working in fashion. After a year hiatus in the wake of the separation (during which she filed suit against Mellon in Manhattan Superior Court), she’s back in London and hard at work on her next fashion project—trying to grow Zandra
Marks & Spencer to Cut 1,230 Jobs (WWD) Marks & Spencer’s chairman expects its “gross profit margin to be 1.75 percentage points lower than the previous year,” and plans to cut 1,230 jobs. New Year, bad news (Just Style) The “disastrous holiday sales will spark a domino effect of store closures and bankruptcy filings over the next couple of months.” Calvin Klein, Michael Kors Confirmed For New