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.
An attack on short positions by Reddit users continued for some stocks Thursday, sending their valuations soaring once again, while others trimmed recent huge rises.
The share prices of headphone-maker Koss Corp. and swimwear manufacturer Naked Brand Group Ltd. more than doubled in premarket trading, having already gained 1,538 percent and 203 percent, respectively, this week as hedge funds scrambled to close short trades on a number of companies touted on the WallStreetBets forum.
The most-prominent example of the recent short squeeze mania, GameStop Corp., see-sawed in premarket trading and was down 12 percent at 9:02 a.m. in New York. The stock has surged 1,745 percent this year.
XpresSpa Group Inc., an airport spa operator that pivoted to Covid-19 testing, surged as much as 48 percent as Reddit users dubbed it the “next short squeeze.” Other short favourites rising included biotech Cel-Sci Corp. and miner First Majestic Silver Corp.
ADVERTISEMENT
Cinema group AMC Entertainment Holdings Inc., meanwhile, was down 20 percent, having erased its pandemic-induced plunge Wednesday with a 300 percent surge. Retailer Express Inc. slipped too following a surge this week, while Bath & Beyond Inc., and fashion firm Fossil Group Inc. erased declines ahead of the open.
By Joe Easton
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.