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 retailer, which acquired the off-price site for $270 million in 2011 at the height of the flash sales boom, said in a presentation to investors on Thursday that it would “sunset” the brand as it focuses on Nordstrom Rack. (It did not give a time frame for the closure.)
The company said Hautelook gave it an early advantage online in off-price as many competitors are only now ramping up their digital presence. Nordstrom generates more than $1 billion a year in off-price e-commerce.
The news follows Hudson’s Bay Co.’s 2018 decision to sell off Gilt Groupe, which it bought for $250 million just two years earlier, to competitor Rue La La.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.
The performance coach and Allbirds’ co-founder discuss the transformative power of togetherness in fostering a culture of excellence.