The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
THE CHEAT SHEET
Brands Went All-In on Pride
Ralph Lauren introduced a gender-neutral capsule collection for Pride 2019 | Source: Instagram/@ralphlauren
The Bottom Line: Consumers are raising the bar for corporate activism as it becomes more common. Where releasing a rainbow-flag T-shirt might have been seen as progressive a decade ago, consumers now want to know that shirt was made in a country that supports LGBT rights, that the brand's queer employees are treated well and the profits donated to a relevant cause.
Fashion's Many Approaches to Couture
Giambattista Valli is the latest luxury designer to collaborate with H&M | Source: Instagram/@hm
The Bottom Line: High-low fashion pairings have become a lucrative way for luxury brands to find a new audience. It's still rare for a couture-focused designer like Valli to take the plunge, but the twin boosts from a couture week show and a buzzy fast-fashion collaboration make for a compelling combination.
Two Very Different Brands Search for Saviours
Forever 21 store | Source: Shutterstock
Forever 21 is headed down a well-trod path. Besieged by faster, trendier competitors, the chain is struggling to keep its doors open, hiring a small army of advisors. One unique wrinkle: a civil war appears to have erupted within the retailer, with one faction hoping to sell part of the company over to landlords, against the wishes of co-founder Do Won Chang. Handing a financial stake to real-estate interests is an increasingly common path for troubled high street retailers, with Arcadia negotiating such a deal earlier this month.
A Sonia Rykiel knit top might cost 30 times more than a Forever 21 sweater, but the brand is in similarly dire straits. Facing a sharp decline in sales, Sonia Rykiel has closed stores, and entered into the French equivalent of bankruptcy. Ten bidders are interested, and their identities and plans for the brand could be revealed as soon as a July 1 court hearing. Owner First Heritage Brands is eager to unload its troubled property; Roberto Cavalli's success in finding a buyer out of bankruptcy last week is an encouraging sign.
The Bottom Line: While hailing from opposite ends of the fashion spectrum, Forever 21 and Sonia Rykiel risk meeting the same fate. Ultimately their well-known trademarks could be more valuable to buyers than their struggling businesses.
COMMENT OF THE WEEK
Garment manufacturing in Bangladesh | Source: Wikimedia Commons
"A lot of apparel has already moved from China due to losing competitive advantage years ago — this is just the final push to get out." @kellychaykowsky, commenting on "What's Your Plan B for Made in China?"
SUNDAY READING
Professional Exclusives You May Have Missed:
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In partnership with Scott, Audemars Piguet is set to release a limited-edition version of its Royal Oak watch and a capsule collection of co-branded merchandise from the watchmaking house and Cactus Jack Records.
Farfetch’s chief executive José Neves is reportedly conferring with top shareholders, including Richemont and Alibaba, and JP Morgan about delisting the company, The Telegraph reported on Tuesday. A take-private deal could happen imminently as Farfetch’s stock remains under pressure, according to the report. The e-tailer’s share price has plummeted more than 80 percent since its 2018 IPO.
At The Business of Fashion’s VOICES 2023 gathering, Chanel’s global CEO Leena Nair outlined to BoF founder Imran Amed the vision she’s crafted during her first two years leading the iconic brand.
Across its 53-year history, international art fair Art Basel has been quick to innovate, catering to a rapidly developing art market and its customers. Today, it is utilising its expertise to help fashion and luxury do the same.