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.
While other tenants of Trump’s properties are looking to distance themselves from the business dealings of the controversial former president, the Kering brand cut a deal to extend its lease beyond the original 2026 end date at the bottom of Trump Tower on Fifth Avenue in Manhattan. The New York Times reported that Gucci’s rent was reduced when it agreed to stick with the building, where the brand is the largest commercial tenant.
Its continued presence is good news for Trump’s business, as other tenants plan to exit amid an already soft market brought on by the pandemic. Tiffany & Co., currently around the corner at another Trump property, will leave that space in 2022 after completing renovations on its flagship location, according to Bloomberg.
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.