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.
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.