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.
DALLAS, United States — Neiman Marcus Group Ltd. bonds surged after the department-store chain posted a smaller sales decline over the holidays than in the previous three months.
Same-store sales — a closely watched measure — fell 2.4 percent in the second quarter, which ended Jan. 30, the Dallas-based retailer said in a statement Tuesday. The decrease by that measure was 5.6 percent in the previous quarter.
The department-store industry had a lackluster holiday season, and investors have been bracing for dismal results. Macy’s Inc., the market leader, posted a 4.8 percent same-store sales drop in its latest quarter. A warm winter contributed to the slump by hampering demand for coats and boots.
Neiman’s $960 million of 8 percent bonds coming due in 2021 jumped 11.5 cents to 87 cents on the dollar as of 9:27 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
By Nick Turner and Sridhar Natarajan; editors: Mark Schoifet.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
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