THE CHEAT SHEET

The Talk of Paris Fashion Week: Prada and the Coronavirus

Miuccia Prada and Raf Simons, the co-creative directors of Prada | Source: Courtesy

• Paris Fashion Week runs Feb. 24 through March 3
• Sunday's announcement that Raf Simons will be joining Prada is sure to spark conversation on the front rows this week
• With dozens of coronavirus cases now reported in Italy, fashion businesses are no doubt monitoring the situation closely, though aside from six Chinese designers who had to cancel their shows, the outbreak hasn't impacted the Paris schedule as yet.

Paris Fashion Week usually commands the fashion world's attention for its nine-day run, but the outside world is threatening to overshadow the proceedings. Giorgio Armani's last-minute decision to stage his Milan show in an empty room, following reports of coronavirus outbreaks in the region, has not been repeated by other designers in Milan. However, the virus had already cast something of a pall over fashion month, given the absence of Chinese editors, buyers, influencers and designers who have played an increasingly important role in the proceedings. Many of the brands showing may also be uncertain about who will buy their clothes as Chinese retail sales have plunged and fewer tourists are visiting Europe's luxury boutiques.

Then there's the news today that Simons is joining Prada, where he'll serve as co-creative director alongside Miuccia Prada. This unusual arrangement is guaranteed to shake up the luxury landscape.

The Bid to Take Saks' Owner Private: Take Two

Signage outside the Saks women's store at Brookfield Place in New York, which closed in 2019 | Source: Allison Joyce/Bloomberg via Getty Images

• Saks owner Hudson's Bay Company's shareholders will vote on a C$2 billion ($1.5 billion) bid to take the company private on February 27
• A major shareholder that scuttled an earlier bid supports the new offer
• Saks comparable sales fell 2.3 percent in the most recently reported quarter, and HBC reported a loss

A Trio of Fashion Start-Ups Report Results

A graphic in The RealReal's Soho store illustrates how resale can encourage circularity. | Source: Courtesy

• Revolve and The RealReal report quarterly results on February 25; Farfetch reports February 27
• The three companies, along with Stitch Fix, are the biggest fashion start-ups to go public in the last few years.
• Shares of the three companies reporting this week are down sharply as investors worry about the long-term viability of the current retail playbook

SUNDAY READING

Professional Exclusives You May Have Missed: 

• How brands go viral on TikTok
• Outdoor Voices CEO Tyler Haney steps down as losses mount.
• How Daniel Lee reinvented Bottega Veneta.
• Victoria's Secret's new owner has a history with troubled brands.
• Glossier presses pause on "Play," rethinks its makeup strategy.
• One year after Karl, where do Chanel and Fendi go from here?
• Coronavirus is disrupting fashion's supply chain. Here's what brands can do.
• Can fashion's new activists make sustainability sexy?
• Drunk Elephant got the big fancy exit. Now what?
• Why Tommy Hilfiger is still standing.

The Week Ahead wants to hear from you! Send tips, suggestions, complaints and compliments to brian.baskin@businessoffashion.com. 

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