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.
NEW YORK, United States — US holiday sales rose a less-than-forecast 3 percent, the National Retail Federation said, as merchants coped with unseasonably warm weather and a shift to spending on services.
Holiday spending, which the group had projected to rise 3.7 percent, grew to $625.9 billion in the period, which spans November and December. Non-store sales, an indicator of e- commerce transactions, increased 9 percent to $105 billion, the NRF said. The figures exclude spending on automobiles, gasoline and restaurants.
Retailers faced with mild weather and high inventories slashed prices to lure shoppers in the 2015 holiday season. As consumers shifted spending to experiences and services, such as restaurants, shows and nail salons, more retailers added promotions like free shipping.
Research firm First Data said this month that retail sales increased 3.3 percent from Oct. 31 through Jan. 4, up from a 3.2 percent gain in the year-earlier period. The Thanksgiving holiday weekend dominated spending in the period, with sales rising 6.3 percent, the firm said, while the last two weeks of December also showed a higher concentration of sales.
By: Lindsey Rupp; editors: Nick Turner and 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.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.