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.
The apparel retailer skyrocketed Monday, extending its meteoric rally with record volume as retail investors touted the company across various social media platforms including Reddit message boards.
Shares of Columbus, Ohio-based Express rallied about 123 percent in early trading after gaining for a third week. The stock had advanced 97 percent this year through Friday. More than 90 million shares have traded so far today — about 10 times the amount that change hands in an average day for Walmart Inc. — after trading a record 77 million on Friday.
Express has been the subject of Reddit boards where users speculated whether it could be the next GameStop, the video-games retailer that is surging again today. GameStop, together with other heavily shorted stocks like Bed Bath & Beyond Inc. and AMC Entertainment Holdings Inc. all surged last week as they continued to gain popularity among retail investors.
Express short interest stands at about 14 percent of the free float, according data from S3 Partners.
By Divya Balji and Janet Freund.
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.