Nov
 27
 2018



Ulrike

Hello,

Welcome back to The Spin! The shopping frenzy continued on yesterday’s Cyber Monday, and some US retailers might soon receive a hefty bill for their expanded free-shipping services. We also tell you, which French fashion house is planning to ride the eCommerce wave solo. And then there's a young poster on Instagram, who dolls out a continuous stream of cool items providing a seismograph for Millennial cool. Enjoy the read and feel free to share with friends and colleagues! Cheers, Ulrike



markets

Testing the limits. With about 75 million shoppers, yesterday’s Cyber Monday provided a glimpse into the digital capabilities of US retailers - and a test to their rivaling free-shipping initiatives. Following Friday’s glitches (paywall) at Google and Facebook, US eCommerce performed smoothly on Monday, with retailers on track to generate record sales of $7.7 billion - about a quarter of Alibaba's $30.8 bilion on Singles Day. In total, US holiday sales are expected to reach $124 billion.


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Beyond burqas. Pakistan Fashion Week, which is held in London to escape religious and political tensions at home, has become a battleground for the country’s cultural identity - and a stronghold for the power of Pakistani women. New York is also in on the game. Last September, Pakistani designer Sania Maskatiya debuted her Spring 2019 collection at NYFW.





tech

Taking control. In a blow to its current eCommerce partner, Richemont’s Yoox Net-a-Porter, Kering has announced plans to develop its own luxury online shopping sites by early 2020. As part of the in-house initiative, the French fashion conglomerate is already working with Apple on apps for improved customer service on Apple devices. Kering also plans to build a dedicated team for its digital initiatives in China.



Overstock's overdrive. Following an interview with the Wall Street Journal, where Overstock CEO Patrick Byrne announced his plan to sell the company’s retail business to focus on blockchain, the $2 billion retailer’s stock surged 26 percent - only to crash back down on Monday. Overstock, which was one of the first US merchants to accept Bitcoin, owns 83 percent in the tZero blockchain trading system





brands

Dramatic downsizing. To bring Esprit back to profitability, the embattled company's new CEO Anders Kristiansen plans (paywall; in German) to cut about 500 jobs, close underperforming stores, expand in Asia, and reposition the brand. As part of the initiative, the assortment's share of basics will be increased (in German) from twelve to 30 percent, with improvements in quality and fits.



Victoria's spectacles. British designer Victoria Beckham has tapped (press release) Marchon Eyewear Inc for her expanded line of sunglasses and optical frames. For the past ten years, the former Spice Girl has done eyewear in-house. Retailing between $250 and $500, the new collection is scheduled (paywall) to launch globally for fall 2019.





people

From Fox to Adidas. Fumbi Chima has been named (paywall; in German) head of IT at Adidas. On January 1, the Nigerian-born executive will take over from Michael Vögele, who is leaving the German sports company. Chima is currently Chief IT Officer at the US media company Fox Network Group, and has previously worked for Burberry and Walmart Stores Asia. Her responsibilities at Adidas also include operational risk management and IT security.





last

Millennial mood board. Lil Jupiter’s Instagram page is currently one of the top indicators of what’s cool. Reflecting the mood on the street as well as the hottest items and brands in athletic and urban wear, this semi-anonymous account has turned into an everlasting stream of cool - watched by over 316k followers.







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