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.
US consumer spending rebounded strongly in January as the government doled out additional pandemic relief money to low-income households and new Covid-19 infections dropped, setting up the economy for faster growth in the first quarter.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 2.4 percent last month after decreasing 0.4 in December, the Commerce Department said on Friday. Personal income shot up 10 percent last month.
Economists polled by Reuters had forecast consumer spending rebounding 2.5 percent in January and income accelerating 9.5 percent.
By Lucia Mutikani; Editor: Alex Richardson
The company has continued to struggle with growing “at scale” and issued a warning in February that revenue may not start increasing again until the fourth quarter.
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.