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.
LVMH has closed two boutiques in the city’s Times Square mall after a reported rent dispute with its operator, Wharf Real Estate Investment Corporation. Spokespeople from both brands have confirmed the news, SCMP reports.
Louis Vuitton had reportedly been in negotiations with Wharf to lower the rent on its prime second-floor space, which cost it an estimated $5 million HKD ($650,000) per month. The brands aren’t the only luxury players rethinking their footprints in the city, which was a luxury retail mecca before pro-democracy protests and Covid-19 dealt harsh blows to tourism flows and sales: Prada, Valentino and Chloé have also closed boutiques in its major shopping districts.
Times Square still houses boutiques for LVMH brands Dior, Celine, Loewe and Givenchy.
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.