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 NRF announced an increased sales forecast on Wednesday, a number that would reflect a 10.5 percent to 13.5 percent bump compared to retail sales in 2020. The updated forecast reflects the optimistic pace of stateside retail recovery as vaccine rollout and reopenings continue.
Despite worker shortages and tax increases, “Overall households are healthier, and consumers are demonstrating their ability and willingness to spend,” NRF president and chief executive Matthew Shay said in a statement.
The NRF’s previous projection of 2021 sales — 6.5 percent growth — was made in February, when there were still doubts about vaccine distribution and consumer spending, the organisation said. It added that 2021 online sales are slated to grow even faster than overall sales — between 18 and 23 percent.
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.