Older consumers control a huge percentage of global spend. Can fashion retailers tap the opportunity?
Black Friday, the annual rite of retail that commands American attention the day after Thanksgiving, is catching on around the world. People from London to Leipzig to London, Ontario are starting to rush big box stores the next day.
BoF compiles the most important professional moves of the week.
As the art world congregates in London for the Frieze art fair, fashion businesses stand to profit.
In the fight for consumer dollars, department stores have lost significant ground to monobrand stores, specialty retailers and e-commerce players. Can they regain their relevance?
Chinese are up to speed with life in the fast lane (LA Times) “Companies obsessed with China a few years back for its flagrant counterfeiting now see it as their most promising customer, especially at a time when so many other nations are scrimping. Gucci’s sales in China in the first half of 2011 were up 39%;Bottega Veneta’s more than 80%. Prada plans to open 50 shops over the next three years.” Russians
Equity turns fashionable (Fashion United) “Investing in something more than a covetable wardrobe is turning to be a trend that arrived to stay. Even more equity and investment firms are looking for opportunities to enter the fashion business, which is proving to be resilient to crisis and financial turmoils.” Coach to Move Production From China (WSJ) “Leather-goods maker Coach plans to gradually move some
Profiling the Value Retailers (WWD) “Stores, like people, have personalities. Whether that personality determines the customer, or the customer the personality, is one of those chicken versus egg questions that’s a matter of perennial debate (well, at least among retail nerds).” Selfridges and Dolce & Gabbana in ‘giant falling out’ (Telegraph) “From next spring, the chain’s department stores
Tommy Hilfiger Replants His American Flag (NY Times) “Once a preppy kingpin and then a megabrand designer of urban streetwear, with over $1.9 billion in sales… at his peak, Mr. Hilfiger, in the 1990s, was very cool. But then, about 10 years ago, he just wasn’t…When did Tommy Hilfiger become cool again?” H&M Examining Latin America, Australia for Openings (Bloomberg) “Hennes & Mauritz, Europe’s
As Sales Vanish, Skins Stay on Alligators (NY Times) “If alligator is still popular but is simply unaffordable… why are thousands of the reptiles sitting unwanted in Louisiana? And why have prices for the raw product dropped so low? He says Hermès is hoarding the skins, forcing other fashion houses to pay dearly and leaving the farmers with few other options.” US shoppers discount driven on Black Friday (Drapers)
Bulgari sees improvement in April after Q1 loss (Reuters) “Italy’s Bulgari posted improved sales in its own stores in April after a first-quarter net loss, hurt by the financial crisis sapping demand for luxury jewellery, watches and perfumes.” Fashion icon pays up in copycat spat (Toronto Star) “A struggling Toronto fashion label is getting an undisclosed financial settlement from fashion icon Diane von