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.
Wu’s departure comes after a leaked email published by Axios showed her downplaying racism in the US and calling Black Lives Matter “the true racists.” In a statement, VF Corp., owner of brands including Vans, The North Face, and Supreme, said Wu had decided to step down from the board immediately and that the decision “was not the result of any disagreement with VF on any matter relating to VF’s operations, policies or practices.”
Wu, a Silicon Valley-based venture capitalist, joined VF’s board in March 2019. At the time, VF’s chief executive, Steve Rendle said her experience in technology and knowledge of the Chinese consumer landscape would be a “significant addition” to the company. With her departure, VF said it will reduce the size of its board from 12 members to 11 until it can find a new director.
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Why Supreme Sold to VF Corporation
In a deal that values the New York streetwear brand at $2.1 billion, Supreme picks up a long-term partner with back-end prowess and ambitions to scale it past $1 billion in annual sales.
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.
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.