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.
NEW YORK, United States — Department store operator Macy's Inc said Executive Chairman and former Chief Executive Terry Lundgren would retire from the board at the end of January, completing the handover of both his roles to chief executive Jeff Gennette.
Gennette, who has been CEO of the US retailer since March, was widely expected to become chairman as part of a succession plan announced in June last year.
Shares in Macy's, which have gained about 25 percent since the holiday shopping season began at Thanksgiving, were up 2.5 percent after the bell on Friday.
Like other traditional brick-and-mortar retailers, Macy's has been struggling to fend off competition from online retailers such as Amazon.com Inc .
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Before he stepped down as CEO, Lundgren pioneered a sweeping turnaround at Macy's, closing underperforming stores and separating real estate assets from its retail business to better monetize its physical stores.
By Siddharth Cavale and Richa Naidu; editors: Anil D'Silva and Rosalba O'Brien
The British musician will collaborate with the Swiss brand on a collection of training apparel, and will serve as the face of their first collection to be released in August.
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.