Feb
 21
 2018



Christopher

Hello,

Welcome to this Wednesday edition of The Spin. Today there are major executive changes at Fendi and The Gap as well as another VF Corp brand sell-off. Please enjoy the read as much as the people who witnessed Queen Elizabeth II take in her first London Week Fashion show! Best, Christopher



people

Fendi's fresh face. LVMH has chosen Serge Brunschwig, who has been with the luxury conglomerate since 1995 and who mostly recently headed Christian Dior's menswear arm, as the new CEO and chairman of Fendi, following a reshuffling of the LVMH executive team that was announced in November. Brunschwig assumes (press release) the title immediately and succeeds Pietro Beccari, who was named the new head of Dior in the switch-up.


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Goodbye, Gap. Jeff Kirwan, who became president and CEO of the Gap brand, the namesake and once jewel-in-the-crown of Gap Inc, which also includes Old Navy, Banana Republic and Athleta, is stepping down after failing to revive the label. He was appointed to the role in November 2014 by Art Peck, the incoming CEO of Gap Inc. The move reflects the company's intentions to focus on the Old Navy and Athleta brands in the coming years.



Time out. After being accused of sexual harassment by model Kate Upton and other women, Paul Marciano, the chairman of Guess, is giving up his day-to-day duties with the company until an investigation about his actions is concluded by two overseeing independent directors. The leave will be unpaid until the inquiry is completed via a "thorough investigation."





brands

Untying the boat. American apparel giant VF Corp released its Q4 2017 numbers ($3.6 billion in revenues) yesterday, which were a bit below expectations. It also announced that it is putting its Nautica brand up for sale, which it has owned since 2003. The American conglomerate is counting on its North Face brand to raise revenue in the months ahead. It purchased Nautica in 2003 for $600 million.



Sneaker stars. Although the most recent NBA All-Star Weekend, a gathering of basketball's best that took place in Los Angeles this season, is meant to highlight basketball's best players, showcasing their footwear is becoming an increasingly more important aspect of the event. This latest one included sneaker drops, customization options and collaborations with local sneaker-based stores.





retail

Tough competition. China's two biggest tech companies, Tencent and Alibaba, have spent more than $10 billion to extend their reach both online and via brick-and-mortar. They are now forcing retailers to take sides before or after affiliating themselves. Retailers can access the two competitors' payment, logistics and social media platforms, among others.



Walmart woes. Walmart released its Q4 figures and analysts did not approve. That said, same-store sales and revenue were both up for the retail giant. Shares of the company, which also reported slower online sales, fell nearly 10 percent after the news.





last

Queen of Fashion Week. Queen Elizabeth II attended her first ever London Fashion Week Show yesterday and sat front row (surprised?) next to fellow "royalty," Anna Wintour, at the Richard Quinn show. She later gave Quinn the first ever Queen Elizabeth II Award for British Design.







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