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.
Across the board, American stocks closed at new highs Wednesday after the inauguration of Joe Biden as the 46th US president. Both the S&P 500 and the Dow Jones Industrial Average saw their best Inauguration Day gains in four decades, since Ronald Reagan was sworn in for his second term in 1985.
The S&P 500 rose about 1.4 percent Wednesday, and the S&P Retail Select Industry Index increased about 0.4 percent in the same period. Major chains including Nike, Gap, Walmart and Lululemon all posted gains in the low single digits.
Typically it’s Republican presidents who drive the market upward after being elected, but analysts say Biden’s much anticipated $1.9 trillion coronavirus relief package as well as his pandemic task force will protect businesses struggling after nearly a year of disruption.
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.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
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.