Aug
 15
 2018



Christopher

Hello,

Welcome to today's edition of The Spin. Kate Spade's parent company Tapestry has posted positive Q4 and year-end results and Perry Ellis finally seems to have settled on a buyer to take it private. The steep drops in the value of cryptocurrencies has those companies sweating while the declines of Turkey's lira and India's rupee have had some surprisingly positive effects in the fashion world. And just like professional stylists, the general public has learned how to borrow, not buy, clothes for "fashion shoots." Enjoy! Best, Christopher



brands

Moneybags. Tapestry (formerly known as Coach) reported strong Q4 and full year numbers (press release) yesterday boosted in part by a jump in sales of Kate Spade product in the wake of its founder's recent death. The luxury conglomerate, which also owns Coach and Stuart Weitzman, had net sales of $5.88 billion in 2018 and predicted they would rise to between $6.1 billion and $6.2 billion in 2019. CEO Victor Luis also noted that the company now views China as more of a consumer market than a place to manufacture.


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Ellis ends 'em. Perry Ellis announced it has terminated takeover negotiations with suitor Randa Accessories despite the fact that Randa's offer to take the company private outbid the one by Perry Ellis founder George Feldenkreis by $1.40 a share. A precondition stating that Randa would need to speak to a licensor was the ultimate reason the talks crumbled. The company is now likely to accept Feldenkreis' offer.



Kinder kicks. Reebok has just released the first style in its Cotton + Corn series, a collection of shoes made from natural plant-based materials. The eco-friendly unisex sneaker sells for $95 on the brand's website and is only available in a chalk-like white as it employs no dyes. More green styles from the brand will be forthcoming though no release dates have been announced.





tech

The crypt for crypto? After peaking at $829 billion in January, the value of the overall cryptocurrency market has plummeted so massively of late that some analysts describe its current state as "panic mode." Led by a major drop by cryptocurrency bigwig Bitcoin, the decline has resulted in 92 of the top 100 cryptocurrencies taking double-digit losses in a single day. Xapo's president is even predicting that this financial bloodbath could be "an extinction-level" event.





markets

Finns forbid skin. Helsinki Fashion Week will ban leather from being shown on its catwalks as of July 2019. Founder Evelyn Moyer made the decision – an obvious win for animal rights activists – after receiving a letter from PETA, which called the move "groundbreaking." Last month Helsinki Fashion Week became the first 100 percent sustainable fashion week in the world and showcased 30 brands in a zero-waste site.



Exploiting the exchange rate. Although Turkey's government and citizens are not happy about the sudden and dramatic drop in value of its currency, the lira, in recent days other people are: tourists there who are now experiencing an extremely favorable exchange rate. Foreigners, especially those from the Middle East and Asia, are swarming Turkish malls and waiting in line to scoop up luxury brands in the nation that officials are now calling "the most suitable in terms of price."



Silver lining. Like Turkey, India is also currently experiencing a weakened national currency. However, the less valuable rupee has actually been favorable to some industries there as it has resulted in increased exports. India's jewelry sector is flourishing according to a speaker at a recent trade show there and the drop is also expected to be advantageous for Indian textile and clothing manufacturers.





retail

Polishing the crown jewel. Legendary jeweler Tiffany & Co. will embark on a three-year renovation of its flagship store on Fifth Ave. and 57th Street in New York City starting next spring. Tiffany did not say what the work on the 10-story building it owns will cost but Fortune estimates that the bill could be has high as $250 million. The famous site currently generates less than 10 percent of the company's direct sales of $4.2 billion.





last

Practical peacocks. A new study by Barclaycard reveals that one in 10 shoppers in the UK have temporarily purchased clothing to wear in an Instagram photo and then returned it to the store once the image has been posted. Men and women ages 35 to 44 were the group most likely to partake in the practice. Interestingly, the study also said that 10 percent of men would feel ashamed to be seen in the same outfit twice versus 7 percent of women. There was no data about how they would feel getting caught for actually not owning their supposedly fabulous wardrobe....







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