Apr
 03
 2018



Christopher

Hello,

Welcome to today's edition of The Spin. In less than a week there has been a second major data breach in retail and Berluti already has a new (well, kind of new) artistic director. There's also news from India and China and the latest industry rumor that is apparently not true but quickly made the rounds anyway. (You know how gossipy people are!) Enjoy the read and your day. Best, Christopher



retail

Unlawful entry, Part Two. Just days after Under Armour announced a massive data breach there's now news of another. Hudson's Bay Company said that more than 5 million credit card users may have had their information compromised at North American locations of its Lord & Taylor, Saks Fifth Avenue and Saks OFF 5th department stores. The thefts began in May last year. HBC shares initially plummeted upon the news but were down just 1.7 percent later yesterday.



Downsizing. Walmart has opened its first small format, high-tech supermarket in China, in the city of Shenzhen. The scaled down stores will offer products that can be purchased via smartphone and that are generally already available from China's online store JD.com. The move was made to attract more tech-savvy shoppers who tend to double their purchases when shopping online versus in-store.





tech

E-comm investment. Indian e-tailer Paytm E-Commerce is receiving a financial shot in the arm from Alibaba and Japan's SoftBank: a $445 million investment to improve its online store Paytm Mall, which competes with Amazon in India. SoftBank will put in $400 million and Alibaba, which is already the largest single investor in the company, will add $45 million more. Paytm first partnered with Alibaba last year and has become the giant's official e-commerce venture in India.





markets

The Big (Empty) Apple... With certain retail corridors in Manhattan now having vacancy rates as high as 27 percent, New York Mayor Bill de Blasio is considering implementing a vacancy fee on landlords who allow their spaces to remain empty for a long time in the hopes of getting super high rent. Manhattan's overall vacancy rate doubled between 2012 and 2017, leaving some areas to now resemble ghost towns. But rising rents are not the only culprits – growing competition from online stores is also to blame.



...or not. While the number of NYC stores may be dwindling, the number of residents who will potentially shop at them is doing the exact opposite. New figures reveal that the city's population has reached an all-time high (paywall) of more than 8.6 million, an increase of about 448,000 people since 2010. The fastest growing areas of the city are The Bronx and Brooklyn, respectively.





brands

Zegna on China. In a new interview Ermenegildo Zegna's artistic director Alessandro Sartori explains how the storied luxury Italian menswear brand has made – and continues to retain – China as its biggest market in the world. Its initiatives there have included embracing Chinese celebrities, offering digital advancements to heighten the in-store experience and using more technical fabrics and looks to ride the growing streetwear trend there. And Zegna employing the hugely popular WeChat app there caused a sneaker model to sell out in under five minutes.





people

Musical chairs. Kris Van Assche is the new creative director at Berluti, which announced on Friday that Haider Ackermann was leaving the LVMH-owned brand. Van Assche departed from another LVMH brand, Dior Homme, just last month but has clearly decided to stay within the luxury conglomerate's stylish stable.



Exit the queen? Fashion tongues wagged and social media was abuzz yesterday after gossipy "Page Six" ran a story saying that Anna Wintour will exit Condé Nast this summer. Condé vehemently denied the rumors of the impending departure of its iconic artistic director and longtime EIC of Vogue, however... That's all.







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