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.
The Japanese apparel chain will be launching its sister brand GU in the US later this year, targeting younger consumers with lower prices and a curated selection of trendy wares.
Canada, France and Ireland are among the countries working with home-grown fashion talent to create uniforms for their teams at this summer’s Olympic Games. For these small labels, it’s an unprecedented opportunity to capitalise on one of sports’ largest events.
The online fashion retailer plans to update China’s securities regulator on the change of the initial public offering venue and file with the London Stock Exchange as soon as this month, a person with knowledge of the matter said.
The company, under siege from Arkhouse Management Co. and Brigade Capital Management, doesn’t need the activists when it can be its own, writes Andrea Felsted.