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.
Paperwork was filed earlier this week by Peck with the Securities and Exchange Commission to raise money for a special purpose acquisition company (SPAC). Peck’s SPAC, Good Commerce Acquisition Company, plans to buy companies that sell apparel, accessories, and home goods, amongst other products.
”Our objective is to create a next-generation consumer holding company by combining exceptional brands and leadership teams in the apparel & accessories, outdoor, health and wellness, home and other consumer-related industries to create long-term value for our shareholders,” Peck wrote in the filing, which was first reported on by Seeking Alpha.
SPACs have become a hot Wall Street trend. These companies are founded to gather funds in order to buy or merge with other companies.
Peck, who had a long career at Gap before serving as chief executive from 2015 through 2019, will serve as chief executive of the new venture. Peck has also brought on Abinta Malik, another former Gap executive, as President. Malik worked at the retail giant for over 20 years, most recently as an executive vice president.
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.