Aug
 10
 2018



Christopher

Hello,

TGIF and welcome to this new edition of The Spin. Topshop is divorcing its business partner in China as Ikea takes its first step to conquering India. There are executive changes and Pandora and Rag & Bone and guess what, online retailers? You'll lose customers if your checkout isn't efficient and easy. Enjoy the read, your weekend and, as always, feel free to share The Spin with colleagues and friends. Best, Christopher



retail

Sino setback. Arcadia Group, the parent company of Topshop and Topman, has prematurely ended its association with its Chinese franchising partner Shangpin, an online retailer. Shangpin has sold Topshop merchandise since 2014 and was supposed to open up to 80 physical Topshop stores starting in 2017 but none ever appeared. The site will stop selling Topshop products in November. Arcadia said it is currently exploring new options to successfully crack the Chinese market.



Passage to India. Ikea, unlike Topshop, is finding success in another huge foreign market. The Swedish retail chain debuted its first store in India yesterday. Located just outside the southern city of Hyderabad, India's fourth largest, the store is expected to draw up to 7 million visitors per year. In keeping with local religious beliefs the onsite cafe serves Swedish meatballs made with chicken or fish, but no red meat. Ikea plans to have 25 stores in India by 2025.



Final sale. Afound, a multibrand off-price retailer that H&M launched in Sweden in June, will sell the final leftover pieces from Colette, the famed Parisian concept store that closed at the end of 2017. The discounter announced that the sale will take place later this month on Instagram and invited customers to sign up for a newsletter to get the exact start date.





people

Adieu, Anders. The CEO of Pandora has stepped down in the wake of a distressing profit warning issued earlier this week that included the news that the Danish jewelry brand would be cutting about 400 jobs. Anders Colding Friis, who has held the title since 2015, will depart after August 31. Until a successor is named Pandora's new COO and CFO will jointly manage it.



Welcome, Stefanie. Stefanie Strack, a longtime veteran executive at Nike, will officially become the CEO of the New York-based contemporary line Rag & Bone on September 10. She replaces (press release) Marcus Wainwright in the role, who will change his title to founder and chief brand officer.





brands

Sneaker sting. US federal authorities have arrested five people in connection with a counterfeiting ring of Nike Air Jordans said to be worth $73 million. The five New Yorkers are accused of importing nearly 400,000 pairs of the fake footwear from China, adding the Air Jordan logo and then selling the shoes. If convicted they could serve up to 20 years in prison.





tech

Checking out of the checkout. In not so surprising news, a newly released study says that 87 percent of online shoppers will not complete their purchase if the checkout process is too lengthy and/or cumbersome. It also says that 55 percent would never return to the site. Overall, cart abandonment rates currently stand at about 70 percent.





last

Unforgiving calendar (Part II). As we reported on Wednesday, the Jewish holiday of Rosh Hashanah will land during New York Fashion Week next month, which will cause headaches for designers and visitors. Now the event has an additional calendar conflict come February: The Oscars. The film awards will take place two weeks earlier than usual next year, on February 9, which will be the fourth day of NYFW. Some fear that it will draw attention away from NY and put too much on American designers' plates at once. However, the news probably pleased French designers as The Oscars previously overlapped with Paris Fashion Week.







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