Oct
 11
 2017



Ulrike

Hello,

Welcome back to The Spin! Today, we check out how Canadian Hudson's Bay Company intends to improve earnings at its German subsidiary, Galeria Kaufhof. We also tell you which retailer is about to fold, and which one is starting with outlets. You might also be surprised by the newest trend coming out of Silicon Valley. Enjoy the read and have a great day, Ulrike



retail

Taking a breather. Hudson Bay Company's German department store chain, Galeria Kaufhof, is working on a temporary wage agreement with employees. According to Wolfgang Link, CEO of HBC Europe and head of Galeria Kaufhof, the company does not plan to exit the collective wage agreement or the German HDE trade organization, but needs (in German) substantial contributions from its 21,000 employees to improve earnings. Plans include the reduction of salaries by 3 to 5 percent, cuts in holiday and Christmas bonuses for three years as well as an increase in hours.


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Joining the crowd. By the end of November, French department store Printemps chain will open (paywall) its very first outlet store. Located at the McArthurGlen Designer Outlets shopping center near Aix-en-Provence in Southern France, the 600m2 outlet will carry (in Italian) a selection of discounted designer products including womenswear, menswear, accessories and shoes.



Ready to liquidate. After failing to find a buyer, Sears Canada is going out of business. The Toronto-based company, which was spun-off from US-based Sears Holding Corporation in 2012 and has been operating under bankruptcy protection since June this year, has requested court permission to liquidate all of its about 130 remaining stores. About 12,000 employees are affected. Liquidation sales will start on October 19th.





tech

Down with digital. Following a fiscal year of sinking sales and larger losses, Neiman Marcus is looking to the Internet for a turnaround. According to the Dallas, Texas-based luxury retailer, online sales have been growing. Building on that momentum, the company has launched a "Digital First" initiative to enhance the company's position in the luxury retail space by anticipating customers' needs and engaging them more deeply to drive traffic online and in stores. Specific details have not yet been released.



Fruitful innovations. In 2016, UK consumers alone bought about 1.13 million tons of apparel, with about $40 billion worth of clothing hanging unused in their closets. To balance the global oversupply, the fashion industry is looking for new sustainable fibers and fabrics, with innovations like apple, grape and other bio leathers, brewed spider silk and 3D-printing currently generating most of the excitement.





people

Sustainable status. According to Tom Ford, who took home the Green Carpet Fashion Award for Best International Designer Supporting "Made in Italy" this September, consciously produced luxury products are not destined to end up in a landfill. Instead, his "slow-fashion" items are meant to be used by their owner and then re-used over and over again as vintage fashion, thus reducing the impact on the environment.



Saving Marchesa. Amidst evolving scandal, Georgina Rose Chapman, co-founder and designer of the Marchesa label, is leaving her movie mogul husband, Harvey Weinstein. As reported, Weinstein is accused of sexual assault and misconduct and has already been forced out of his own company. Marchesa was launched in 2004 and has long been a favorite on the red carpet, especially since Chapman married Weinstein in 2007.





last

Bio hacks. The current fasting craze in Silicon Valley might indicate how ascetic self-denial is becoming one of the elites' newest indulgences. The ultimate goal is to increase ketone levels and improve cognitive performance during the fasting process, but most participants also lose some weight thus increasing the likelihood of having to buy a few new outfits...







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