Nov
 09
 2018



Christopher

Hello,

Here's one more edition of The Spin to read and enjoy before you welcome the weekend. There's a whole lot of news about brands today. Many have released their latest financial results, another is accused of being clueless in 2018 and another is being honored with an exhibition. Retail-wise, the acquisition and closure trends continue. And filmmakers are setting their sights on the world of style. TGIF! Best, Christopher



brands

Give it time. Two luxury powerhouses – Burberry and Michael Kors – have reported weaker first half financial results but both have hope for improvement thanks to their recent and respective headline-making moves. Burberry's revenue was down 3 percent but the company said the recent acclaim and buzz about Riccardo Tisci's first collection for the brand will certainly spur increased profits in the coming months and beyond. Likewise, Michael Kors missed analysts' quarterly expectations because sales in Europe were down. However, it too predicted future growth thanks to its recent acquisition of Versace.



Ups and downs. Several other big fashion company also revealed financial results this week, resulting in an overall mixed bag. Revenues at Farfetch, which only went public in September, rose 52 percent to over $132 million and Crocs made a comeback with both sales and profits rising and outpacing expectations. Things were less rosy in Italy though: Tod's nine-month sales were down and earnings at Ferragamo also dropped 17.5 percent due to slower footwear sales.



Bra burning. Victoria's Secret held its annual fashion show in New York yesterday, which will be televised next month. However, many believe that staging it yet again is a poor business decision by the brand, which is now struggling. In light of lower TV viewership, a waning interest in supermodels and a societal cry for more women's empowerment, one financial analyst called the brand "out of touch" while Quartzy characterized the the 23-year-old event as "porny."



That settles it. The terms of the agreement are not being revealed but Puma and Forever 21 have settled the long running lawsuit that the former brought against the latter for allegedly copying three shoe models in from its Fenty collection. The grievance was filed in April 2017 and accused Forever 21 of copyright infringement and lifting patented designs. Forever 21 argued that the designs were not unique to Puma and should never have been granted patents.



Rodarte retrospective. The National Museum of Women in the Arts in Washington, DC will open its first fashion-themed exhibition tomorrow and the show is devoted entirely to Rodarte. The showcase features 90 creations grouped in eight themes by designer sisters Kate and Laura Mulleavy, who founded their award-winning brand 13 years ago. To mark the honor, the sisters have designed a few special items that will be sold in the museum's gift shop during the show's run.





retail

Bebe's buying spree. Bebe Stores, which bought the Brookstone brand less than two weeks ago, already has made another retail purchase. Yesterday it announced that together with Great American Group LLC it has acquired (press release) Charles Vögele GmbH, the European fashion chain that filed for insolvency in Austria in July and that has stores in Slovenia, Hungary and Austria. The financial price of the deal was not revealed.



Add 40 to that.... Bankrupt retailer Sears Holdings said yesterday that it will shutter 40 more Sears and Kmart stores in addition to the 142 it previously announced as being on the chopping block. Liquidation sales at the doomed locations will start next week and the 40 will all be shuttered by February. After this latest round of closures, the chain will operate fewer than 500 stores in total.





last

Filming fashion. Two major fashion-related film projects have just been announced. Gus Van Sant will direct Will Ferrell in "The Prince of Fashion," a film based on a 2016 GQ magazine article by Michael Chambon about his true-life experiences of bringing his 13-year-old son to Paris Men's Fashion Week. In addition, a new TV drama series called "Made in Italy" that chronicles the Italian fashion industry in the 1970s is currently being shot in Milan.







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