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.
Welcome to News Bites, BoF's regular compilation of the stories that have got the industry talking.
Avenue 32 facing challenges, puts itself up for sale.
The online luxury retailer founded eight years ago by Roberta Benteler is offering itself for sale after a “strategic review of the business earlier this year,” according to a statement from the company. According to market sources, the company was underperforming.
“Upon the conclusion of the sales process, I look forward to perusing individual projects and continuing to work with the innovators of this ever-inspiring category,” said Bentler. Known for championing emerging designers, Avenue 32 now operates mostly on a wholesale model and brought on Liberty head of fashion buying and merchandising Stephen Ayres as fashion director in 2015.
ADVERTISEMENT
The news comes amidst a luxury e-commerce market that is growing fast, but becoming increasingly crowded and competitive, as new entrants like LVMH's 24 Sèvres prepare for battle with major platform players like Farfetch, traditional e-tailers like Yoox Net-a-Porter and Matches Fashion, and luxury incumbents like Neiman Marcus. The portion of personal luxury goods purchases that happen online — now about 7 percent of total — is expected to hit 20 percent by 2025, according to Bain & Company. — Chantal Fernandez
Do you have a story for News Bites? Email newsbites@businessoffashion.com.
Fast-growing start-ups like Hettas, Saysh and Moolah Kicks created sneakers designed specifically for active women. The sportswear giants are watching closely.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.