May
 03
 2018



Christopher

Hello ,

Welcome today's edition of The Spin. There's big news on the retail front from House of Fraser and Macy's and signs that Hugo Boss is getting its act together again. You'll also hear about the latest designer exit from a major fashion brand and learn who is the new toast of British fashion. There's also the latest example of how clothing choices these days can prompt PC outrage. Enjoy the read.... Best, Christopher



retail

Cleaning House. British retailer House of Fraser announced yesterday that Chinese firm C.banner was acquiring a 51 percent majority stake in chain for £70 million and that it would be closing some of its 59 physical stores as part of the new deal. Although the exact number of closures was not revealed, analysts believe that at least 20 doors will be shuttered. C.banner also owns the British toy-store chain Hamleys.



Story time. American department store giant Macy's has acquired Story, a six-year-old concept store in NYC's Chelsea neighborhood that sets itself apart by completely switching up its theme and thus the inventory of the shop about every three months. Rachel Shechtman, Story's founder and CEO, will join Macy's as a brand experience officer while continuing to run the concept store, which is now expected to be spun off to other locations.



Financial modesty. As reports emerge that H&M's chairman Stefan Persson may be artificially driving up the price of its stock by investing millions in it in the last year alone, only two out of 34 financial analysts polled by Bloomberg recommend purchasing stock in the Swedish retailer. In other H&M news, the chain is releasing a new line of modest fashion tomorrow called H&M LTD Collection that includes kaftans and maxi dresses in its mix.





brands

Boss back on track. Hugo Boss is experiencing a turnaround. The German label released its Q1 financials yesterday which showed a 5 percent increase in sales for the quarter thanks to growth in China and the Americas, two regions where sales previously fell, and a 43 percent rise in online sales overall. The positive numbers allowed the company to confirm its outlook for 2018.





people

After 'while, crocodile. Felipe Oliveira Baptista has left Lacoste after serving as the French sportswear brand's creative director for eight years. No immediate replacement has been named and according to Lacoste Group CEO Thierry Guibert an in-house creative team will design the spring 2019 collection, which will again be shown at Paris Fashion Week.



Magnificent Molly. Molly Goddard, whose signature frilly tulle frocks are favorites of Rihanna, won the prestigous BFC/British Vogue Designer Fashion Fund in London last night. The prize includes £200,000 in cash and a year's worth of mentoring. Goddard, 29, launched her eponymous label in 2014 and was one of six finalists vying for the award this year.





markets

No mo' mohair. Fashion giants such as Gap Inc. and Arcadia Group have announced that they will soon be banning mohair from their collections after seeing a graphic video distributed by PETA that showed animal abuse of goats on mohair farms in South Africa, the world's biggest supplier of the luxury fiber. The move comes five years after a similar PETA video of tortured rabbits in China prompted many companies to stop using angora fur.



Divisive dress. A white teenager in Utah's decision to wear a traditional Chinese qipao dress to her prom has sparked outrage and fury on social media. After 18-year-old Kecia Daum tweeted photos of herself in the dress she received thousands of responses that accused of her cultural appropriation. Daum defended her choice in the wake of the viral storm saying that she wore it to show her appreciation of Chinese culture and noted: "It is a f---ing dress. And it's beautiful." Interestingly, most people in China supported Daum's choice after the story broke there.







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