Feb
 06
 2018



Ulrike

Hello,

Welcome back to The Spin! Today, we decipher the scattered schedule of New York Fashion Week, which started on Monday with the men’s shows to be followed by Women’s on Thursday. We also tell you, which retail CEO has just been let go due to poor conduct, and which department store operator has named a former pharmacy chain executive its new CEO. Then, there is the story of the rise and fall of a social media follower factory. Enjoy the read and feel free to share! Best, Ulrike



markets

New order. New York Fashion Week, which started Monday with Men's, continues to be challenged by the singular moves of designers who experiment with new formats and schedules. This season, a whole slew of names including DVF, Altuzarra and Victoria Beckham have replaced shows with presentations, parties or private appointments, while Alexander Wang changed his showtime to the pre-order schedule. Others like Rodarte, Kanye West, Rebecca Minkoff and Marchesa are opting for digital presentations. Find the official NYFW schedule here.


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people

Protecting the culture. Laurent Potdevin, CEO of Canadian yoga wear retailer Lululemon Athletica, has relinquished his position. According to the Vancouver-based company, the executive fell short of Lululemon's standards of conduct, although the firm did not give any details. According to a SEC filing, Potdevin receives $5 million in severance and his non-compete has been extended to 24 months. The Board of Directors has already initiated the search process for a new CEO.


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From CVS to HBC. Canadian department store operator Hudson's Bay Company (HBC) has appointed Helena Foulkes CEO. Foulkes succeeds Jerry Storch, who left the Brampton-based company in November 2017. Storch's duties had temporarily been assumed by HBC Chairman Richard Baker. Foulkner comes from US pharmacy chain CVS, where she served (press release) as EVP of CVS Health and President of CVS Pharmacy. HBC operates department stores in North America and Europe including Saks Fifth Avenue, Lord & Taylor and Galeria Kaufhof.


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The last Dassler. An era has ended at German sports giant Adidas, which was incorporated in 1948 by the late Adolf "Adi" Dassler. When Frank Dassler, General Counsel and Chief Compliance Officer, went (paywall; in German) into retirement on December 31, the last member of the founder family left the Herzogenaurach-based company. Frank Dassler is the grandson of Adi Dassler's estranged brother Rudolf, who in 1948 founded rival sports company Puma across town. After working for Puma in the 1980s, Frank joined Adidas in 2004 as General Council.


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retail

Correction course. After a dismal holiday season, US department store chain Bon-Ton Stores has filed for chapter 11 bankruptcy protection. The Pennsylvania-based company, which operates about 260 stores under the Carson's, Elder-Beeman, Herberger's and Younkers labels, already announced 47 store closures. After a planned restructuring, Bon-Ton plans to tighten inventory, expand private-labels, refresh store interiors and strengthen eCommerce. The company also considers the sale of its assets.



Macy's modest. US department store chain Macy's has launched a modest fashion brand, which will be available at macys.com starting (press release) February 15. In addition to a broad selection of hijab, the Verona Collection includes floor length dresses, pants, jumpsuits, workout tops and long-sleeved cardigans retailing from $12.95 to $84.95.





tech

Fan factory. Social media growth accelerator Devumi strongly denies allegations that the company has been selling fake social media followers. According to an exposé by the New York Times, a large percentage of the multi-million strong following on social media is made up by bots. Illuminating the inner workings at Devumi, which markets about 3.5 million automated accounts to about 200,000 paying clients, the article allows for a glimpse into social media's black market.



Fleeing fakes. According to experts, as many as 48 million Twitter and 60 million Facebook accounts could be fake, affecting payments for endorsements since an influencer with a million followers sells promotional posts for a lot more than a person with 100,000 followers. Following the NY Times article, the New York attorney general opened an investigation into Devumi. The following night, millions of Twitter accounts mysteriously vanished from cyberspace.







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