Feb
 14
 2018



Christopher

Hello,

Welcome to this Valentine's Day edition of The Spin. Today we'll tell you why Kering loves Gucci and shoppers adore Milan. We'll also explore three fashion breakups: Jason Wu and Hugo Boss, Myer and its CEO and Norma Kamali and her amazing design archive. Enjoy the read and have a lovely day! Yours, Christopher



brands

Good on Gucci. Luxury conglomerate Kering has announced a 27.4 percent revenue growth (to €4.26 billion) for Q4 compared to 2016, spurred greatly by the outstanding performance of Gucci, whose comparable sales growth was nearly 43 percent for the quarter. The label's overall revenue last year was €6.2 billion. Revenue for Kering's luxury brands in 2017 – its most profitable year on record – was more than €10 billion.


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markets

Dolce Via. Milan's famous Via Montenapoleone leads (paywall) the list of the top European fashion shopping destinations that has just been released by tax-free shopping agency Global Blue. The company says that the average amount (in Italian) spent on fashion goods there is €1,809. Coming in at second and third place are Avenue Montaigne in Paris (€1,729) and Madrid's Calle de Ortega y Gasset (€1,602).





retail

Change of plan. H&M has decided to scrap its original plan to issue new shares to investors rather than pay out dividends. Citing technical difficulties and time constraints, the Swedish retail giant abandoned the reinvestment plan, which would have helped it invest in analytics and technology to improve its increasingly poor performance.



Closer to that IPO? In the latest news regarding the Farfetch IPO that everyone says will happen soon (but still hasn't been formally announced all these months later), CNBC is now reporting that the luxury e-tailer is preparing to interview bankers to take it through the process. It says the company could be publicly listed on the New York exchange as soon as this year. Farfetch recently partnered with Chalhoub Group to expand its presence in the Middle East.





people

Ousted Umbers. Richard Umbers, CEO of struggling Australian department store chain Myer, has stepped down effective immediately after the company issued its third consecutive profit warning on Friday. Garry Hounsel, the store's chairman, will lead Myer until a new CEO is named. Umbers had held the position since 2015. Shares in the company rose 5.6 percent in the wake of the news.



Bye, Boss. Designer Jason Wu, who served as the artistic director of womenswear for Hugo Boss for the last five years, has left that role to focus all of his attention on his 10-year-old eponymous label. He showed his final collection for Boss during New York Fashion Week yesterday and the split is apparently an amicable one. Wu's replacement has not yet been named.



Norma clean. Legendary designer Norma Kamali is marking her 50th anniversary in the fashion business this year by unloading what remains of her design archive and selling it through renowned vintage dealer What Goes Around Comes Around. She thought she had gotten rid of everything when she turned 50 but recently came across these 70 pieces in a different warehouse. "I don't keep anything that I'm not using," she says about her new minimalist attitude.





last

Sterile style. With a particularly nasty strain of the bug on the rise this year, flu masks emerged as a hot accessory at New York Fashion Week this season. Of course, ordinary models would not suffice so health-conscious hipsters created their own personalized models by bedazzling them with designer logos or wearing highly decorated ones offered by brands and DIY sites such as Etsy.







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