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 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.