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.
SEATTLE, United States — Nordstrom Inc. will close its three high-end Jeffrey fashion boutiques and announced the departure of its fashion director for designer goods.
Jeffrey Kalinsky, who joined Nordstrom in 2005 and subsequently led its merchandising across all designer categories, will retire, the company said in a statement.
The department-store operator also said that the decision to close the stores in New York, Atlanta and Palo Alto was to ensure that the company has the “right footprint” of physical locations as it navigates the coronavirus pandemic that has kept much of US retail paused for the past two months.
Earlier this month, Nordstrom said it would close 16 of its full-line shops, more than 10 percent of its department store network.
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Luxury goods have been walloped by shutdowns, with stores that don't sell essential items shut since mid-March. They're just beginning to reopen as parts of the US emerge from lockdown measures. The personal luxury goods market could contract by 20 percent to 35 percent for the full year, according to a report by Bain & Co.
Some high-end retailers and fashion labels are struggling to stay afloat during the health crisis. Department store Neiman Marcus, designer denim brand True Religion and menswear label John Varvatos have all filed for bankruptcy in the past five weeks.
By Kim Bhasin.
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.