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ANZEIGE



 May
 24
 2018



Caroline

Hello,

Happy Thursday. Welcome back to a new edition of the Spin. Today we'll take a closer look at the fashion industry initiatives. Triple Five plans to build the biggest ever mall in Miami. Good old brands Target and Ralph Lauren find their way back to success. Ralph Lauren works closely with his new CEO to elevate the label.Target improves its traffic while pushing Internet solutions; A strategy that could inspire Britain's Marks&Spencer, which according to its CEO is condemned to change or die. Enjoy the read, Caroline.



markets

Mall resistance. After 2 years of extensive lobbying, Canadian developer, Triple Five got the green light of the Miami-Dade County Commission for its $4 billion American Dream Miami project. There are still 32 local and federal permits to win but the county's approval clears a major hurdle.The Miami project with its indoor ski slope and submarine lake would be the largest mall in the US, even bigger than the mall of America in Minneapolis, another property of Triple Five .


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Help wanted. French contemporary brand Carven just (paywall) filed for bankruptcy with the commercial court in Paris. Since the departure of creative director Guillaume Henry in 2014, its finances have steadily declined . The final nail in the coffin was the delayed production of the spring 2018 collection that cost several million euros in cancelled orders. Carven, owned by 8 shareholders (Bluebell, Sebaoun, Turenne Capital...) is looking for a buyer. The company joins a long list of brands, victims of financial hardship.



Save the oceans. BBC's Blue planet gave British prime minister Theresa May the will to eliminate plastic waste that wash up on ocean shores by 2042. The Treasury launched a public consultation which attracted more than 100 000 responses. Greenpeace and Green Alliance suggested new taxes on clothes made from polyester and nylon. These garments produce tiny fragments of plastic that are later found in oceans to be then eaten by marine animals. The Treasury will present its package of new taxes in November.





retail

Change or die. Venerable UK retailer Marks&Spencer must accelerate its evolution or die. That's the conclusion of Steve Rowe, the CEO of the company, after announcing a 62% annual pretax profit drop to £66.8 million and a flat revenue of £10,7 billion. M&S confirmed that it was booking a £321 million charge to close 100 stores by 2022. The CEO wants to create a faster group, with lower costs and much more digital sales. He expects to sell at least one third of clothing and home products online.



Online push. On the other side of the Atlantic, Target did push its online initiatives so as to drive sales. The company slashed in half next day delivery fees and promised to bring same day delivery to major US markets for holiday shopping. It worked: digital revenue grew by 28% during first fiscal quarter and customer traffic increased 3.7%, the best performance in more than a decade. But gross margin (paywall) declined to 29.8%, the price of better digital fulfillment.





brands

MeToo bras. L Brands, the owner of Victoria's Secret and Bath and Body Works just announced its first quarter earnings results and it's not good for Victoria. The company 's net income of $47.5 million declined 49% compared to last year. Victoria's Secret, which used to be the jewel of specialty retail, suffered a 5% decrease in comparable sales. Following the MeToo movement, most women no longer seem to dream of the impossible bombshell lingerie. They still want to be seductive, but they also look for inclusive, comfortable underwear.



Getting there. Ralph Lauren likes his new CEO. The duo "developed a strong partnership", said the founder of the brand, when he was releasing Polo Ralph Lauren's 4th quarter. The alliance at the top produced encouraging results: a net income of $41.3 million. Comparable sales in Ralph Lauren stores still fell 1%, but analysts were projecting worse. The Wall Street pros appreciate the efforts: Ralph Lauren share jumped 15% on Wednesday, its highest level in 3 years.





people

Stay put. When other designers play musical chairs, Nicolas Ghesquière (paywall) stays put . The Luxurious House of Louis Vuitton has renewed his contract as artistic director of women's collections. Nicolas Ghesquière first signed with Vuitton in 2013, when he was succeeding Marc Jacobs. The creator has given a more upscale image to the brand. Its new bag, the boxy Petite Malle brings a welcome change after excessive variations on the theme of monogrammed canvas.







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