Aug
 02
 2017



Ulrike

Hello,

Welcome back to The Spin! Today we look at Under Armour's plan to reorganize, check out where Amazon plans to disrupt traditional retail next, and why Chinese consumers have warmed to homegrown brands. Enjoy the read and feel free to share! Best, Ulrike



brands

Chipped Armour. Even though Under Armour just beat Q2 expectations, the sports giant has lowered its sales forecast due to falling footwear sales. As part of a resulting restructuring plan, the Baltimore-based company will curb its expansion and cut about 280 jobs, representing about 2 percent of its global workforce. About half of the job eliminations will occur at its headquarters.


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Back on track. Prior to its Investor Day German fashion house Hugo Boss reported better-than-expected second-quarter sales. While business in Europe remains difficult, the Metzingen-based company gained market-shares in the US and Asia.



Teaming up. To finance (paywall) the expansion of Stone Island, its holding Sportswear Company Spa has sold a 30 percent stake in the Italian sportswear brand to Singapore-based investment giant Temasek, which also holds stakes in Italian luxury sportswear brand Moncler and Swiss travel retailer Dufry.



Upping the ante... Global Brands Group has increased its offer for BCBG Max Azria by $4.2 million and will now pay a total of $27.4 million for the operations of the bankrupt fashion company. The intellectual property rights of the Los Angeles, California-based brand go to Marquee Brands for $108 million.



...and getting even. Before those deals were finalized, BCBG Max Azria filed a lawsuit against NYAM LLC, alleging that the distributor failed to pay royalties and continued selling the brand after their contract expired.





retail

Feeling the heat. The battle between Asia’s home-grown eCommerce platforms and Amazon is heating up as Amazon launches its Prime service in Singapore and sets its eyes on South Korea where the US online giant is currently only present with its web services and cross-border shopping via Amazon Global Selling.



Tipping point. Etsy’s investors urge (paywall) the online platform for arts and crafts to stop spending like a start-up and behave like a retailer. The new CEO, Josh Silverman, already named (paywall) a new Chief Technology Officer and started slashing expenditures, but experts allege that the company failed to prioritize its marketplace.



JCPenney’s Runway. US retailer JCPenney has partnered with the "Project Runway" TV show to create a contemporary women's fashion label of the same name. First test items for summer were inspired by Season 15 winner, Erin Robertson. The full line will roll out on September 8th with the start of New York Fashion Week.





markets

The rise of Jiao pinchers... Since 2015, the share of Chinese consumers who favor Chinese apparel brands has more than doubled to 46 percent. As Chinese consumers have become more price conscious, negativity towards homegrown brands has dropped from 24 percent to 10 percent.



...amidst price increases for luxury goods. In China, the price of luxury goods rose 16 percent so far this year, compared to an increase of 13 percent in 2016. Foreign brands are still widely perceived to have better quality and design, but Chinese brands are thought to offer more "value for money".





last

Fashion movement. In his live art exhibition at London's Barbican Center, dancer and choreographer Trajal Harrell explores the relationship of runway movements with vogueing and classical dance moves. Until August 13th, Harrell and his 17 dancers perform (video) in the gallery while the audience is free to move around.







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