Nov
 15
 2017



Christopher

Hello,

There's quite a bit of retail news in this Wednesday edition of The Spin, including the latest ranking of the world's costliest retail streets, another possible data hack and mixed signals about the public's view of Black Friday. In addition, you'll learn about the latest CEO change at an LVMH brand, Puma's inadvertent vandalism and an unexpectedly silly incident starring Victoria Beckham. Enjoy the midweek read... Best, Christopher



retail

Expensive addresses. Real estate company Cushman and Wakefield has released its annual ranking of the world's most expensive retail streets and New York's Upper Fifth Avenue again tops the list with an annual average rent of $3,000 per sq. foot. Hong Kong's Causeway Bay also retains its second-place ranking. This year however, London's New Bond Street, which has seen rents rise 37.5 percent this year, overtook the Champs Elysées for third. The famous Paris boulevard has is now number five, just below Milan's Via Montenapoleone.


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Lazada's extended holiday. Lazada, the South Asian e-commerce platform that is 83 percent owned by Alibaba, is continuing the momentum it got from its best-ever Singles' Day numbers (US$123 million) with its own holiday initiative. Launched on 11/11, the new monthlong promotion is called "Online Revolution" and will offer special deals through 12/12, Indonesia's national online shopping holiday, another Lazada creation.


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Another data hack? Retailer Forever 21 suspects its payment-card data from certain sales made in its physical stores between March and October may have been hacked and said Tuesday that it is investigating the potential attack. The extent of the possible digital break-in was not revealed. Last year data breaches rose by 40 percent overall and nearly 40 major companies have been affected by them in 2017 thus far.



Bah humbug, Black Friday! Newly released data from consumer analyst company GPShopper says that 81 percent of people feel stress associated with holiday shopping and 45 percent call Black Friday week the most stressful time to shop. As a result, retailers are generally moving away from a "do all your shopping in one day or weekend" push. That said, another just released study says that 69 percent of Americans, or 164 million people, plan to shop next week between Thanksgiving and Cyber Monday.





people

JW Anderson CEO exiting. Simon Whitehouse, who has served as CEO of LVMH-owned label J.W. Anderson since 2014 will be leaving (paywall) the company at the end of the year for personal reasons. His replacement has not yet been named. The move comes a week after LVMH reshuffled its executive team including switching out the CEO of Christian Dior and about a month and a half after designer Jonathan Anderson debuted his limited edition men's and women's collection for Uniqlo at the vertical retailer.



Gerry Weber COO exiting? David Frink, finance director and COO of German womenswear house Gerry Weber might leave the company (in German). In an ad-hoc message (in German) the board of directors stated to decide on short notice whether or not the manager will exit.





tech

Fashionable funding. Poshmark, a US-based fashion consignment app, is getting $87.5 million in funding from Temasek in Singapore and as a result will be looking to expand from the US into Europe and Asia next year. The startup, which uses a social marketplace model, has raised $160 million in its six-year existence and currently has 25 million items for sale. It also launched a voice-enabled styling engine yesterday, accessible through Amazon's Alexa, that will offer users curated complete looks to consider.





markets

Deeper in debt. Household debt in the United States has reached a record high according to figures released by the Federal Reserve Bank of New York yesterday. It was $13 trillion in the third quarter ended September 30, nearly a one percent rise from Q2 and the 13th consecutive quarter it has risen. Credit card balances rose by $24 billion to $808 billion in the period and 4.6 percent of them are delinquent by more than 90 days.





brands

Graffiti gaffe. Puma is under fire by architecture preservationists in India after it spray-painted murals on 17th-century buildings in Delhi for its "Suede Gully" (gully is the Hindi word for street) sneaker campaign, which it released last week. The creative agency behind the campaign said it was unaware the sites were heritage properties and has promised to restore them.





last

Advice is cheap. In a project with Vanity Fair writer Derek Blasberg, Victoria Beckham recently dispensed virtual fashion advice to people in New York from a $2 advice booth that Blasberg hauled around Central Park. Speaking from an iPad he also carried, she delighted fans by answering such hot-button $2 fashion questions as whether it is OK to wear white after Labor Day.







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