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.
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.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.