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.
Adidas and PVH are among the latest companies to close stores and pause commercial activities in Russia, joining a growing list of Western companies suspending business in the country following its invasion of Ukraine. Estée Lauder Companies, which suspended its business investments in Russia last week, has now also closed directly operated stores, brand websites, and shipments to Russian retailers, the company said in a statement. All three companies said their Russian employees would continue to receive compensation.
Elsewhere, Procter & Gamble, which counts beauty names SKII and Olay among its stable of brands, is “significantly reducing our product portfolio to focus on basic health, hygiene and personal care items needed by the many Russian families who depend on them in their daily lives,” president and chief executive Jon Moeller said in a letter to employees posted to the company’s website. The company has also ceased all new capital investments and suspended media and advertising activity in the country, it said.
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Ukraine War: Fast Retailing Pledges to Stay in Russia
The Uniqlo owner said it will continue to operate in Russia, even international pressure in response to the country’s invasion of Ukraine sees waves of companies pull out.
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.