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 Jun
 08
 2018



Ulrike

Hello,

Happy Friday and welcome back to The Spin! The news that House of Fraser plans to close more than half of its stores sent shock waves through the industry. Over in the US, Target makes great strides in the delivery wars with Amazon and Walmart. There are also new fashion lines by Ikea and Cynthia Nixon, aka Miranda Hobbes from Sex & The City, who's running for Governor of New York. Enjoy the read - and your weekend! Best, Ulrike



retail

Closing time. In a devastating blow to the British retail landscape, department store group House of Fraser is going to close 31 of its 59 stores, including the flagships on London’s Oxford Street and in Plymouth. According to the company, which tries to avoid bankruptcy by a CVA, the store network created an unsustainable cost base. About 6,000 jobs could be affected.


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Ready, steady... A highly optimized, multi-tier supply chain has allowed Target to offer its customers free two-day deliveries, which brought an immediate increase in orders, basket size and sales. To compete with Amazon and Walmart, the retailer has repositioned its physical locations as hubs, remodeled stores which now bring in 2-4 percent more sales, and added a new distribution center in New Jersey, reducing out-of-stock by 40 percent.





markets

The heat is on. The EU is fighting back, raising import tariffs for fashion from the US by 25 to 50 percent, affecting items like jeans, T-Shirts, vests and shorts. Currently, import tariffs on US garments are about 12 percent, 8 percent for shoes. Despite the heated debate, which threatens to stoke populist fires in Europe, retail imports to the US have reached record numbers this summer.





brands

Quantum leap. Without offering a specific time frame, Gucci has set (paywall) a new sales target of €10 billion, which would put the brand in the same ballpark as Louis Vuitton. Gucci plans to reach that goal by increasing both store space and same-store sales. In the last five years, the brand grew more than 70 percent, from €3.6 billion in 2012 to €6.2 billion in 2017.



New chapter. To grow (press release) sales at a compound annual rate in the low to mid-digits, US fashion house Ralph Lauren plans a targeted expansion in select regions and channels, putting consumers at the center of its business. The company also aims to elevate its brands while balancing productivity. As reported, Etsy COO Linda Kozlowski is joining the company’s board.



Pushing the limits. Possibly inspired by Balenciaga’s ironic copy of its signature blue Frakta bag, Swedish furniture retailer Ikea has released its first streetwear line, Spänst. Offering Hoodies, T-Shirts, bags and caps priced from $7 to $35, the collection has been designed by Chris Stamp.





people

Miranda's rights. Just in time for the 20th anniversary of "Sex and the City," Cynthia Nixon aka Miranda Hobbes has teamed up with Chelsea Fairless of @EveryOutfitOnSATC, who created the original "We should all be Mirandas" T-shirt. Together, they have launched a line of merchandise for Nixon’s gubernorical campaign. The collection includes T-shirts, tote bags and a baseball cap with slogans like "I'm a Miranda and I'm voting for Cynthia."





last

Fit to print. Today, luxury e-tailer Mytheresa launches (paywall) its bi-annual magazine featuring both creative and promotional content, but no advertising. As an antidote to the digital information age, The Album (image gallery) contains style forecasts from the buying team, flanked by interviews with designers Dries van Noten, Kym Ellery and Natacha Ramsey-Levi. To celebrate the launch, luxury brands including Gucci, Versace and Lenny Niemeyer have created exclusive limited-edition items for MyTheresa.







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