Nordstrom 2Q Profit Drops 27% But Raises Full-Year View (WSJ)
“Nordstrom Inc.’s fiscal second-quarter profit decreased 27 percent as the high-end clothing retailer reported lower same-store sales. But disciplined inventory and expense management helped the company report results in line with Wall Street’s expectations, and Nordstrom became slightly less downbeat about the same-store sales decline this year.”

Escada Denies Herz Brothers Turnaround Coup as Company Crumbles (Bloomberg)
“Billionaire brothers Wolfgang and Michael Herz learned the hard way today that investment prowess doesn’t necessarily run in the family. The brothers, heirs to the fortune of Hamburg coffee retailer Tchibo Holding AG, saw their investment in fashion house Escada AG crumble to little over 3 million euros ($4.3 million) from about 75 million euros in mid-2008.”

American Apparel Q2 beats St, cuts 2009 sales view (Reuters)
“American Apparel Inc posted a second-quarter profit that beat market expectations, but said it might post a full-year loss as the clothing retailer sees lower sales.”

What is Harrods’ secret? (Retail Week)
“Iconic department store Harrods provided a rare glimpse of hope in retail as it recorded a 9 percent uplift in sales in its full year accounts to £752m. It seems Harrods’ clientele are not letting the recession stop them splashing the cash.”

Even creative minds need a head for business (Retail Week)
“Fashion Fringe at Covent Garden is helping new designers learn about the world of retail and supply chain – an area many know little about.”

Kenzo S/S 09 Ad campaign by Mario Sorrenti

Kenzo fashions its global comeback (Business24-7)
“Heading into the hot seat during a global downturn isn’t always easy, but if there are any stylised butterflies in James Greenfield’s stomach as he spearheads a revival of Kenzo, he isn’t letting it show.”

11.8 million worldwide job losses in textile & garment sector (Fibre2Fashion)
“The impact of the economic crisis on the textile, garment, leather and footwear sectors has been dramatic. Since June 2008, over 8,200 factories have closed and an estimated 11.5 million workers have lost their jobs.”

Nordstrom March same-store sales down 13.5% (WSJ)
“Nordstrom Inc. on Thursday said March sales at stores open at least one year fell 13.5%.”

Takashimaya Full-Year Net Profit Drops 37% (WWD)
“It was a tough year for Japanese department store operator Takashimaya Co., which saw declining profits and sales for its fiscal year ended Feb. 28, 2009.” (Subscription required)

Prices to decline at Nordstrom

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 Eastern Europe (Just-Style)
For years, Eastern Europe has been a growth region for manufacturers, but now several countries in the region are facing significant declines of their GDP in 2009.

H&M Plans to Open First Store in South Korea (WWD)
The Swedish fast fashion retail giant, H&M, will open a South Korean outpost. (Subscription required)

A toast to the New Year

New Year’s Resolutions for the Luxury Market (US News & World Report)
With the luxury market “receiving a beating this year,”the US News & World Report lists strategies for the industry to “resuscitate itself and land firmly on its feet.”

Anthropologie Engages Shoppers With Craft Workshops (WWD)
Anthropologie, the U.S. specialty store chain, holds a series of events to “teach women how to get more out of their existing wardrobes.”

Designer Kids’ Wear a Growing Market (WWD)
Up market children’s wear is a burgeoning fashion category expecting bullish year-on-year growth.

Nordstrom, Kohl’s — Most “Buzzworthy” Retailers in 2008 (WSJ)
“If shoppers could vote, Nordstrom and Kohl’s would be the likely winners of a popularity contest among retailers,” reports The Wall Street Journal.